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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.***
Adelle loves to run and she needs new running shoes. She has the choice to either buy a new pair or take a pair that her friend is offering for free (her friend bought them but they don't fit well and have therefore not been worn). The shoes she is considering buying will cost $180, are super comfortable, and are a nice blue colour. The free pair is slightly less comfortable, and a weird orange colour. If she chooses to take the free pair her opportunity cost will equal the lost extra comfort of the blue shoes, plus the lost enjoyment of the nicer blue colour.
*** 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.***
Kristin's family loves tomatoes. This summer Kristin must decide whether to buy tomatoes from the store or to grow her own tomatoes. If she buys tomatoes from the store, the cost for the summer would be $120. If she grows tomatoes the seeds will cost $3 and they will taste much better, however Kristin will have to spend about two hours per week taking care of the plants. If Kristin chooses to buy tomatoes from the store her opportunity cost will be the other things she could have bought with $117, plus the lost enjoyment of the additional deliciousness of home grown tomatoes.
What is the slope of the line shown in the diagram below?
If the slope is negative you must enter the - sign.
When answers are not whole numbers you must leave two numbers after the decimal point.
For example, if the answer is 2.7777.... then enter 2.78.
Consider the following function:
x = 392 - 0.4y
What is the value of y when x = 67?
*** 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.***
The following diagrams show the market for a good, as well as the cost curves for an individual firm in the market. Assume that all firms are identical. The green area in the diagram on the left shows the loss for the individual firm, given the current market equilibrium.