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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 |
Julia's favorite hockey team is playing Saturday night. Julia usually works on Saturday nights at a restaurant where she earns $16.50 per hour and she works for six hours. A ticket to the hockey game will cost $137 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 $24. To get to either the game or to work she will have to pay $3.70 for the bus. What is Julia's opportunity cost if she goes to the hockey game?