中级微观经济 考试试题2

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9) Suppose the total cost of producing T-shirts can be represented as TC = 35 + 4q2+2q. The marginal cost of the 5th T-shirt is A) 10
schedule exhibits A) increasing marginal product B) increasing returns to scale Cl constant returns to scale ~iminiShing marginal product
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3310: Intermediate
Microeconomics
Exam 2, Fall 2009 NAME:
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MULTlPLE CHOICE (3 pts. each). Choose the one alternative that best completes answers the question. Record your answer on your scantron AND on this exam.
4) Consider the following estimated regression equation, where the natural log of organic apple consumption is a function of the natural log of organic apple price and the natural log of regular apple price: InOrgApple = 2 - I.3lnOrgPrice + .33RegPrice. Choose the FALSE statement. A) a I % increase in the price of organic apples leads to a 1.3% decrease in consumption of organic apples. B) organic apple consumption is price elastic @ a 10% increase in the price of organic apples leads to a 1.3% decrease in consumption of organic apples. D) organic apples and regular apples are substitutes 5) At current levels of workers and axis), A) MPL increases by 4 when capital e fInn must give up 4 machines C e fInn must give up 4 machines output decreases by 4 when both ~ capital, a fInn faces a MRTS of -4. Thus (picture capital on the yincreases by one machine. to keep MPL constant when labor increases by one worker. to keep output constant when labor increases by one worker. inputs are increased by one unit.
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3) In the above figure, Graph A with Capital on the vertical axis and labor on the horizontal axis implies that A) the capital and labor B) the marginal product gthe marginal prodnct ~apital and labor are are perfect substitutes. of labor is decreasing as less labor is employed. of labor is increasing as more labor is employed. used by the firm ID fixed proportIOns.
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II) In response to an increase in the wage rate, the income effect (assume leisure is a normal good) will cause a person to --A) supply more hours oflabor. ~ supply the same hours oflabor. ~supply fewer hours oflabor. D) have a horizontal labor supply curve.
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13) Rational responses to making decisions in the face of uncertainty include A) buying insurance diversification both A) and B) ~ ) none ofthe above 14) In the 1970's the federal govt. auctioned off oil leases in the Gulf of Mexico. The oil leases fetched prices that were too high, and the winning bidders, who paid millions, would have earned a higher return if put their money in ~ savings account. This scenario is an example (at least in part) of _ . l,{)'l1ney1S CUYSe the Allais Paradox ,q,d F ',gil'" 1=t05pee:.t T1l.eoni 0) sunk costs J 15) The Allais Paradox illustrates how human behavior does not always conform to the predictions of ____ theory; an alternative theory that has been proposed is _ A) consumer; firm theory expected utility maximization; prospect theory C) prospect theory, expected utility maximization D) firm; prospect theory 16) Ifthe price of gas rises 12%, and as a result the quantity demanded falls by 3%, the price elasticity of demand for gas is (l = 0 /0 l\./.') - 3 11/ elastic B) -4 C _~/I 'I <-J
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~uppose a frrm faces the followmg pro uclton functIOn: f{K,L) = L + K Jabol!:. A e fInn faces decreasing returns to scale and decreasing marginal product of capital The fInn faces increasing returns to scale and increasing marginal product of labor C) The fInn faces increasing returns to scale and d'll'.,!,asin&,marftin."~pj'oduct oflabor D) "hac is lIa! cnallg!l infe""elieR Ie ans"'er. l>KT5 rr't'L
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D) not known from the information provided. 2) The above figure shows the short-run production function for Carla's Cookies. This production
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10) Sven and Martha live for two periods. Sven's indifference curves over consumption today and consumption tomorrow are much steeper than Martha's (picture consumption tomorrow on the y-axis, as usual). As a result, Sven is more likely to ----
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8) In the short run, decreasing marginal costs can occur because of costs usually occur because of _ A) increasing returns to scale; diminishing marginal product of capital increasing returns to scale, decreasing returns to scale pecialization; diminishing marginal product of labor ~ ) specialization; constant returns to scale
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2ure shows the short-run production function for Carla's Cookies. The marginal ductiVity of labor for the 5th worker is
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cake. Given this infonnation, a point on the market demand curve for cakes will consist ofp = 10 and A) Q =100 B2O=50
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6) Suppose, for simplicity, that there are two people in the market for cakes. Person I 's demand for cakes if given by
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12) When a worker is maximizing his utility and choosing how much he will indulge in leisure and how much he will consume, ifhe has Cobb-Douglas preferences, his MRS =-(I+r) CiJ!,Jhis MRS = -wage C) his MRS = 0 D) his utility function is not differentiable