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Principles of Microeconomics
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*** Correct answers will receive 1 mark. Incorrect answers will receive -0.75 mark. An answer left blank will receive 0 marks. So decide carefully before you answer.***
Suppose Kristin wants a doughnut from Tim Hortons, however when she gets close she sees that the line up is really long, so she decides not to stop. For Kristin this means that the marginal cost of her time waiting in line plus the cost of the doughnut exceeds the marginal benefit of eating the doughnut.
When all of the opportunities to make people better off, without making anyone worse off, have been used in an economy, then the economy:
Consider the following function:
x = 2y - 40
If this function is graphed with y on the vertical axis and x on the horizontal axis, what is the slope of the function?
*** Correct answers will receive 1 mark. Incorrect answers will receive -0.75 mark. An answer left blank will receive 0 marks. So decide carefully before you answer.***
Choices are necessary only when resources are scarce.
Consider the equation y = 8 - 0.4x.
What is the x-intercept?
Jason wants to buy lemons. The benefit to him is $1.90 for the first lemon, and for each additional lemon his benefit decreases by $0.10. If each lemon costs him $0.77, how many lemons will he buy?
| Number of Lemons | Benefit per Lemon |
| 1 | $1.90 |
| 2 | $1.80 |
| 3 | $1.70 |
| 4 | $1.60 |
| 5 | $1.50 |
| 6 | $1.40 |
| 7 | $1.30 |
| 8 | $1.20 |
| 9 | $1.10 |
| 10 | $1.00 |
| 11 | $0.90 |
| 12 | $0.80 |
| 13 | $0.70 |
| 14 | $0.60 |
| 15 | $0.50 |
Julia's favorite hockey team is playing Saturday night. Julia usually works on Saturday nights at a restaurant where she earns $17 per hour and she works for six hours. A ticket to the hockey game will cost $131 and if she goes she will not be able to work at the restaurant. The game will last for two hours. If she goes to work she can eat for free, but if she goes to the game she will have to buy food for $25. To get to either the game or to work she will have to pay $3.80 for the bus. What is Julia's opportunity cost if she goes to the hockey game?