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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.***
Gains from trade occur only when one trading partner derives a greater benefit from the trade than the other trading partner.
Consider the following function:
x = 0.2y - 9
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.***
A market for a good is considered efficient when both producers and consumers have used up every possible opportunity to make themselves better off without making anyone worse off.
Your roommate has an extra ticket for a concert that they are willing to give you for free. Going to and attending the concert will take a total of five hours and cost $15 for transportation. If you do not go to the concert, you would work at your job for $8 an hour. What is the cost if you go to the concert?
Consider the following function:
x = 349 - 0.4y
What is the value of y when x = 58?
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 $0.59, 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 |
*** 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.