微观经济学作业答案3.doc

微观经济学作业答案3.doc

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ManagerialEconomics

HOMEWORKSET#3

Name:

Class:

Student#:

（Dueday:

Nextclass）

Part1:

1.Whentheaverageproductisdecreasing,marginalproduct

a. equalsaverageproduct.

b. isincreasing.

c. exceedsaverageproduct.

d. isdecreasing.

e. islessthanaverageproduct.

Choose:

e）

Thenexttwoquestionsrefertoafirminaconstant-costindustrywithATC（q）=2,000/q+100+5qandMC（q）=100+10q.

2.Thelong-runequilibriumpriceequals:

a.$100b.$200c.$300d.$500e.Noneoftheaboveiscorrect.

Choose:

c）FindminimumATCbysettingATC=MC;thisyieldsq=20.Plugq=20intoATCtofindthelong-runequilibriumpriceof$300.

3.Demandforindustryoutputhasjustincreased.Ifthemarketpriceinitiallyrisesto$600,eachfirminthelongrunwillproduce:

a.20unitsb.50units.c.88.7unitd.100units.

e.Moreinformationisneeded.

Choose:

a）Thelong-runequilibriumwillagainhaveeachfirmproducingatminimumATC.Eachfirmproduces20units,asinQuestion3.

4.Astraight-lineisoquant

a. isimpossible.

b. wouldindicatethatthefirmcouldswitchfromoneoutputtoanothercostlessly.

c. wouldindicatethatthefirmcouldnotswitchfromoneoutputtoanother.

d. wouldindicatethatcapitalandlaborcannotbesubstitutedforeachotherinproduction.

e. wouldindicatethatcapitalandlaborareperfectsubstitutesinproduction.

Choose:

e）

5.AfarmerusesMunitsofmachineryandLhoursoflabortoproduceCtonsofcorn,withthefollowingproductionfunctionC=L0.5+M0.75.Thisproductionfunctionexhibits

a. decreasingreturnstoscaleforalloutputlevels

b. constantreturnstoscaleforalloutputlevels

c. increasingreturnstoscaleforalloutputlevels

d. noclearpatternofreturnstoscale

Choose:

b）2L0.5+2M0.75=2C

6.Thedifferencebetweentheeconomicandaccountingcostsofafirmare

a. theaccountant'sfees

b. thecorporatetaxesonprofits

c. theopportunitycostsofthefactorsofproductionthatthefirmowns

d. thesunkcostsincurredbythefirm

e. theexplicitcostsofthefirm

Choose:

c）

7.Priceceilingareinefficientbecause:

a.bothproducersandconsumerslose.

b.Producerslose,consumersmaygainorlose,butalossoccursonnet.

c.Producerslose,consumergain,butalossoccursonnet.

d.Producersandconsumermaygainorlose,butalossoccursonnet.

e.Noneoftheaboveiscorrect.

Choose:

b）Consumersgainfromalowerprice,butlosebecausetheyareabletobuyless.Producesclearlylosefromtheregulatedprice.Thereisalwaysawelfarelossfrompriceceilings（assumingthatthepriceceilingisbinding）.

8.Assumethatafirmspends$500ontwoinputs,labor（graphedonthehorizontalaxis）andcapital（graphedontheverticalaxis）.Ifthewagerateis$20perhourandtherentalcostofcapitalis$25perhour,theslopeoftheisocostcurvewillbe

a. 500.

b. 25/500.

c. 4/5.

d. 25/20or1/4.

Choose:

c）20L+25C=500,C=-4/5L+20

9.Supposethatthepriceoflabor（）is$10andthepriceofcapital（）is$20.Whatistheequationoftheisocostlinecorrespondingtoatotalcostof$100?

a. PL+20PK

b. 100=10L+20K

c. 100=30（L+K）

d.

e. noneoftheabove

Choose:

b）

ThenextthreequestionsrefertothealfalfamarketdescribedinFigure1.

S

D

16

20

25

TonsofAlfalfa

（millions）

30

50

75

Price（$/ton）

F

Figure1

10.Ifthegovernmentpurchasesenoughalfalfatoraisethepricefrom$50/tonto$75/ton,thecostoftheprogramwillbe:

a.$100million.b.$225million.

c.$315million.d.$675million.

e.Noneoftheaboveiscorrect.

Choose:

d）Thegovernmentpays$75/tonforthesurplusof25–16=9milliontons:

75（9）=$675.

11.Ifthegovernmentraisesthepriceto$75/ton,producersurpluswillincreaseby:

a.$400million.b.$500million.

c.$562.5million.d.$1,875million.

e.Noneoftheaboveiscorrect.

Choose:

c）ProducersurplusincreasebytheareaofthetrapezoidbetweenP=$50andP=$75,andQ=20andQ=25million:

$25（20+25）/2=$562.5million.

12.Supposethegovernmentdecidestosupportapriceof$75/tonbypayingproducersnottoproducetheexcesssupplyofalfalfa（whichis25–16=9milliontons）.Theminimumcostofthisprogramwillbe:

a.$157.5million.b.$202.5million.

c.$315million.d.$1,875million.

e.Noneoftheaboveiscorrect.

Choose:

b）Toidleacreage,producersmustbepaidatleasttheshadedareainFigure1:

0.5（25–16）（75-30）=$202.5million.

S

Price（$/unit）

75

50

16

25

D

30

Ton（millions）

20

13.Producersurplusinaperfec