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Introduction to Economics (2025_26)

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Consider the following demand and supply curves:

The curves intersect at (Q, P) = (24, 8). Based on

this information, which of the following is correct?

At $8, some of the sellers have an incentive to increase their selling price.

At price $10, there is an excess demand for the textbook.

At $8, the market clears.

40 books will be sold in total.

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As a

student representative, one of your roles is to organise a second-hand textbook

market between the current and former year 1 students. After a survey, you

estimate the demand and supply curves for the textbooks as:

For example, you estimate that

pricing the book at $7 would lead to a supply of 20 books and a demand of 26

books. Based on this information, which of the following statements is correct?

A rumour that the textbook may no longer be on the reading list for the new Year 1 students would be likely to shift the demand curve upwards.

A rumour that the textbook may be required again in Year 2 would be likely to shift the supply curve upwards.

Doubling the price to $14 would double the supply

The demand would be doubled by reducing the price sufficiently along the demand curve.

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You are given the following

data on the market demand for Beautiful Cars

		A		B		E		C		D
Q	9	10	19	20	31	32	39	40	59	60
P	7280	7200	6480	6400	5520	5440	4880	4800	3280	3200

Assume also that the firm's marginal cost is always positive.

Define marginal revenue as the change in revenue resulting from a change in output by 1 unit.

Based on this information, we

can conclude that:

At Q=10, the firm’s marginal revenue exceeds

its marginal cost. Therefore the firm should reduce its output.

The increase in the firm’s profit if it increases output from 19 to 20 cars is $4880.

The

marginal revenue from increasing output from 39 to 40 is $2000

Assume that the profit-maximising output is 32. Therefore the marginal cost of producing the 32nd car is less than or equal to 2960.

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The

following diagram shows (i) the market demand curve of Apple-Cinnamon Cheerios,

(ii) the isoprofit curves of the producer firm, and (iii) the firm’s profit

function curve.

Based

on the graph, which THREE of the following are correct?

The profit maximising choice for the firm is where its marginal rate of substitution between the price charged and the quantity produced equate its marginal rate of transformation.

100%

The profit maximising choice for the firm is where the highest attainable isoprofit curve is tangent to the demand curve.

100%

The profit maximising choice for the firm is at the peak of its profit function curve.

The highest profit that the firm can make is $60,000.

100%

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The

following diagram depicts two demand curves,

blue and red, for a firm's product.

Based on this graph, which FOUR of

the following are correct?

If a firm sells a good which is in some respects distinct from goods sold by other firms, its demand curve will usually slope downwards.

The

firm is able to sell 40 more of the product at price £1,000 on red

than on blue.

On blue, for the price £5,000

the firm is able to sell 15 of the product.

On red, for the output of 70

the firm is able to charge the price £3,000.

Both demand curves imply that the firm is operating in a perfectly competitive market.

Both demand curves imply that at some level of output the firm would simply end up giving its products away

The

firm is able to charge a maximum of £2,000 more for the product at output 30 on red than on blue.

Red implies that the market for the firm's product will disappear if it sets a price of 6,000 or higher.

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Consider a firm whose cost of producing each unit of its output is the same at all output levels. Which of the following statements is correct regarding its isoprofit curves?

The isoprofit curves are upward-sloping.

The higher the price the higher the profit, so constant profits imply constant prices.

The isoprofit curves cannot cross.

Each isoprofit curve depicts the firm’s profit for different outputs for a given price of the output good.

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Consider a firm with fixed costs of production (F). Which FOUR of the following statements are correct?

At Q=0, average cost is equal to fixed costs.

The MC curve cannot be horizontal.

If AC has a minimum, then AC = MC at that point

When AC > MC, the AC curve is

downward-sloping.

When AC > MC, the MC curve is

downward-sloping.

As Q becomes very small, AC becomes very large

As Q becomes very large, AC becomes very small

At Q=1, average costs and total costs are equal

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What does a cost function tell you?

The cost function tells you the firm's total costs for any given market price.

The cost function tells you only marginal cost for any given quantity of production.

The cost function tells you the firm's total costs for any given quantity of production.

100%

The cost function tells you the firm's total costs for any given demand.

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The

following is the table of the total cost

of producing output

for a

particular firm:

Q	10	20	30	40	50	60	70	80	90	100
TC	£140	£210	£265	£310	£360	£420	£490	£570	£660	£760

Based

on this information, which of the following is correct?

If marginal cost is approximated in terms of discrete changes of 10 units, marginal costs equal average costs at Q = 60.

At Q = 80,

marginal cost (defined as the ratio of the change in costs to the change in output)

is £90

The

marginal cost is higher than the average cost at

Q = 50.

100%

The

average cost at

Q = 40 is £7.

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Give the firm's marginal cost function from Q4(b) in the seminar preparation homework.

MC = 40 000 + 20 + 10Q

MC = 20 + 5Q

MC = 20Q + 10Q

MC = 20 + 10Q

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