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ECC1000 - Principles of microeconomics - S1 2025
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Consider the following plot representing a firm selling cars. Q represents the quantity of cars they’re selling and P represents the price they can charge. The plot shows three isoprofit curves and the demand curve they face. At the profit-maximizing point, which of the following is true?
Consider the following plot representing a firm selling cars. Q represents the quantity of cars they’re selling and P represents the price they can charge. The plot shows three isoprofit curves and the demand curve they face. At the profit-maximizing point, which of the following is true?
Suppose a firm’s profit function is given by the equation:
What is the firm’s average cost when Q=5?
The figure shows a demand curve for Cheerios. Based on this figure, which of the following statements is correct?
Suppose that the marginal cost of producing a pound of cereal is $2, irrespective of the level of output, but there are also some fixed costs of production. Which of the following statements is correct?
A shop produces and sells 100 luxury hampers a day at £80 each. When it cut the price to £64 it increased its sale to 116 hampers a day. Based on this information, read the following statements and select the correct one.
Consider a firm producing output level Q. It incurs a positive fixed cost F and a positive unit cost of production C. Based on this information, read the following statements and select the correct one.
To calculate employment rent, which of the following factors are necessary to consider? Select all that apply.
If unemployment benefits increase:
Maria earns $15 per hour in her current job and works 40 hours per week. Her disutility of effort is measured as $1 per hour of work. In the case that she loses her job, she receives $5 per hour unemployment benefit. Additionally, being unemployed has psychological and social costs which is a disutility equivalent to $2 per hour. She expects to find a job at the same wage and disutility of effort after 44 weeks, and her planning horizon is 100 weeks. Which of the following are true?