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ECON-1010-A-Introduction to Microeconomics

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Production & Cost: The following cost data however some values are missing. Answer the questions below.

TP	AP	MP	TFC	AVC	ATC	MC
20	20	--	C	4.00	12.40	--
60	30	40	C	2.67	5.47	2.00
120	40	60	C	2.00	3.40	1.33
200	B	80	C	1.60	2.44	1.00
270	54	70	C	1.48	2.10	E
324	54	54	C	1.48	2.00	1.48
364	52	40	C	D	2.00	2.00
384	48	20	C	1.67	2.10	4.00
A	44	12	C	1.82	2.24	6.67
404	40.4	8	C	1.98	2.40	10.00

9. The minimum of the ______________ is the break-even point.

3. The Value for C is ____________________________.

4. The Value for D is _________________________.

1. The Value for A is _______________________.

10. If the last worker hired is contributing more than the previous work hired, then the ______________ curve will be falling when the additional cost of this worker is falling.

8. When MC is at rising, then _____________ is falling when the additional workers productivity diminishes.

6. AFC is the vertical distance between ATC and _____________.

5. The Value for E is ______________________________.

2. The Value of B is ________________________.

7. When MC is greater than AVC, then in production MP is less than _________________.

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In 2016, Jane taught music and earned $30,000. She also earned $4,000 by renting out her basement. On January 1st, 2017, she quit teaching, stopped renting out her basement, and began to use it as the office for her Web site design business. She took $2,000 from her savings account to buy a computer.

During 2017, she paid $1,500 for the lease of Web server and $1,750 for high-speed Internet service as well as $300 for office supplies. Her total revenue from Web site designing was $45,000 and she earned interest at 5% on her saving account balance. A the end of 2017, Jane could have sold her computer for $500.

Answer the following Questions:

9. Total Opportunity Cost recorded by an Economist is equal to ______________________.

1. Revenue Recorded by an Accountant is ______________.

7. Forgone Interest is equal to ________________________.

3. Accounting Profits are equal to ____________________.

4. Revenue Recorded by an Economist is ______________.

6. Forgone Rent is equal to ___________________.

5. Forgone Wages are equal to ___________________.

2. Total Costs Calculated by an Accountant are _________________.

10. Economics Profits are equal to ______________________.

8. Economic Depreciation is equal to _____________________.

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8. The substitution effect is the movement from Point _________ to Point _________.

10. The income effect is the movement from Point _______ to Point __________.

7. If the substitution and income effects went in the opposite direction in the graph, then good X would be a/an _____________ (Normal/Inferior) Good.

2. MRS at Point B = _____________.

9. The quantity of good X that is the substitution effect is _________.

1. MRS at Point A = ____________.

3. The Relative Price Ratio at Point C = ____________.

6: With the change in the price of good X, the consumer can now _________ (Increase/Decrease) the quantity of good Y they can purchase.

4. This graph illustrates an _______________ (Increase/Decrease) in the price of good X.

5. This graph shows good X is a/an _____________ (Normal/Inferior) Good.

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When is an indifference curve tangent to the budget line? - Quora

4. The consumer is indifferent between Point X and Point U. (True/False)

1. The consumer would prefer Point Z to Point X. (True/False)

7. The MRS at Point X is equal to 2. (True/False)

5. The consumer spends all their income at Points S, X and V, therefore any one of these points is their equilibrium solution. (True/False)

10. At Point V the marginal utility of the last dollar spent on skiing is greater than the marginal utility of the last dollar spent on horseback riding. (True/False)

8. At Point X the marginal utility of the last dollar spent on skiing equals the marginal utility of the last dollar spend on horseback riding. (True/False)

3. The consumer is indifferent between Point S and Point T. (True/False)

9. At Point S the marginal utility of the last dollar spent on skiing is greater than the marginal utility of the last dollar spent on horseback riding. (True/False)

6. Since Points X and Y are both on Curve A, the consumer can chose either point as their equilibrium. (True/False)

2. The consumer would prefer Point T to Point U. (True/False)

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In the long run, what is the price charged by a monopolistically competitive firm?

The firm produces the output at which price equals