Econ 202 Midterm Studyguide

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Which change causes a movement along the demand​ curve?

price of the good itself

Which consumers will buy an electric car when the price is ​$50​,000?

1, 3, and 4.

What is meant by comparative statics? Explain with an example.

A change in an outcome, such as work, that results from a change in a factor such as the wage

The diagram on the right shows the demand and supply for sneakers. Calculate consumer​ surplus, producer​ surplus, and social surplus in this market.

Consumer surplus is ​$1800 Producer surplus is ​$1200 Social surplus is ​$3000

Which of the following equations measures price elasticity of​ supply?

Percent change in quantity supplied/ percentage change in price

Which of the following represents how you would calculate the present value of a future​ payment?

Present value= Payment T periods from now/(1+interest rate)^T

A budget constraint represents _____

The bundles of goods or activities that a consumer can choose given her limited budget

In which of the following examples is the cause and the effect hard to untangle

The relation between dense forests and heavy rain

Suppose you have a flashlight that takes three batteries to power it. If you buy the batteries one at a​ time, for which purchase will diminishing benefits set​ in?

When you buy the fourth battery.

You should collect _____ amount of data to create ______ to test the _______ indicated by the economic model

a large, empirical evidence, hypotheses

All of the following could cause an increase in producer surplus​ except:

an upward shift in the marginal cost curve.

The discount weight is used to​ ___

compare delayed utils and immediate​ utils; it is usually less than 1.

Economists mostly use optimization in​ differences, as opposed to optimization in​ levels, because​ ___

comparing different features of alternatives is simple.

A difficult problem for central planners is bringing together those economic agents whose interests coincide in order to trade. This is known as the​ ____________ problem

coordination

Consider whether the Law of Demand holds in the following situations. The price of insulin injection kits​, used by diabetic patients​, increased from​ $45 to​ $52, but consumption has still remained the same. In this​ situation, the Law of Demand​ __________.

does not​ hold, since the product sold is required for​ survival, so increasing the price did not affect consumption.

Economists use the concept of utility to measure​ _____

general​ well-being, and it is not measured in terms of dollars.

The​ gambler's fallacy occurs when gamblers​ __

ignore the independence of outcomes in some games and believe they are on a hot streak.

Once planners have successfully brought economic agents​ together, a second problem of aligning the interests of the economic agents must be solved. This is known as the​ ___________ problem.

incentive

Two outcomes are said to be independent when​ ___

knowing about one outcome does not help you predict the other outcome.

Consider a market with many firms that have different cost structures. Unless shutdown or exit is​ optimal, every firm expands production until​ ___

marginal​ revenue, marginal​ cost, and price are all equal ​(MR ​ = MC​ = P​).

Most decisions have costs and benefits that occur at different times. To value the delayed​ benefits, economists weight the reward by​ ___________.

multiplying the reward by a positive factor that is less than 1. This process implies that future rewards are worth less than current rewards.

The statement that the United States saw the unemployment rate peak at 10 percent in 2009 is a ______ statement since it describes what people ______

positive, actually do

The amount of money the firm brings in from the sale of its outputs is called ______ while the change in total revenue associated with producing one more unit of output is called _________

revenue, marginal revenue

Purchasing an extended warranty is worth considering when

the net present value of the warranty is positive.

In the long​ run, the supply curve for a perfectly competitive firm is represented by​ __________

the portion of the marginal cost curve above average total cost.

Social surplus is the​ _______

total value from trade in a market.

Which firms will produce an electric car if the price is ​$50​,000?

​B ,C, and D.

Click on the table icon that shows the fixed​ costs, variable​ costs, and total costs for different output levels. Then use this data to help fill in the missing information in the table below. Using the same table what is the marginal cost of the first unit​ produced?

5

The demand curve for insulin injection kits is​ _____

near​ vertical, since even if the price rises diabetics will be willing to buy the same quantity.

In terms of economic​ profits, early market entrants earn __________ economic profits and the last entrant earns _______ economic profits.

positive, zero

You and your​ friend, Jim, have just moved out of your dorm and into a new apartment. Both of you decide that you need to get a couch. Jim thinks you should get a new one from a furniture store nearby. You feel​ that, given your​ budget, it is best to buy a used one. Your other options are to buy one online or get a couch​ custom-made at the same furniture store. How would you arrive at an optimal solution​ here? Assume that your opportunity cost of time is​ $5 per hour. You and Jim would need to consider​ ____

The direct costs and the indirect opportunity cost of your time required to shop. Now suppose that you have a summer job that pays you​ $15 per hour. How would your analysis​ change? With a​ $15-per-hour summer​ job, the opportunity cost of your time would increase.

The ethical implications of a hotly debated government policy would be considered a ______

normative question, since it deals with a subjective issue based on personal preferences

The statement that the United States should legalize same-sex marriage is a _____ statement since it describes what people ______

normative, ought to do

Suppose that in your senior year you find that you need to take out a student loan for the first time. You borrow ​$20,000 from a bank that gives you the option to make no payments now but to pay the entire amount back plus interest in 20 years.

If the interest rate is 10 ​percent, then the amount of money due after 20 years is ​$134,549 ​(Enter your response as an integer​.)

Which of the following statements regarding marginal analysis is​ true?

If total cost is​ rising, marginal cost could be falling.

An argument against evidence-based economics would be:

It is only an approximation, often based on averages

Which of the following supports the characteristics of optimization?

Selection of the option that fits the budget at the time of the decision

How would the equilibrium price in a market be affected if there were a large decrease in demand and a small decrease in supply​?

The equilibrium price decreases.

How would an increase in demand affect the equilibrium price in a​ market?

The equilibrium price increases.

How would the equilibrium price in a market be affected if there were a large increase in demand and a small increase in supply​?

The equilibrium price increases.

The concept of opportunity cost is a measure of _____

The value of the best alternative use of a resource

If the graph on the right represents the market supply and demand curves for​ pizza, what do we know about the demand curve for an individual pizza shop if the pizza market is in perfect​ competition?

The​ shop's demand curve is horizontal at exactly​ $8.

Empiricism is a principle in economics that ______

Uses data to test economic models

Which of the following would maximize social​ surplus?

Trade at the competitive market equilibrium.

Which of the following is an example of a rational action by an individual

Walking down from the 5th floor of a building during an earthquake

Which of the following questions is not an example of an issue a researcher could stud to contribute to the welfare of society?

What combination of colors can one use to paint his bedroom wall

Would a​ profit-maximizing firm continue to operate if the price in the market fell below its average cost of production in the short​ run?

Yes, but only if price stayed above average variable cost.

Therefore, the​ short-run supply curve for a perfectly competitive firm is represented by​ _

the portion of the marginal cost curve above average variable cost.

​Debbie, a member of your​ team, advocates finding random people and then breaking them up into two groups. Group A would be shown an increase in the price of gas before taking the survey. Group B would be told there was no increase in the price of gas before taking the survey.​ Troy, another member of your​ team, recommends finding two groups of people already sorted by whether or not they have recently noticed an increase in the price of gas. ​Debbie's method is a ______ and​ Troy's method is a ________. Group A is the _______ and Group B is the ________

controlled experiment, natural experiment, treatment group, control group

Which of the following scenarios represents the concept of diminishing marginal​ benefit?

​Sam's willingness to pay for additional units of apples declines as he receives more of them.

All else being​ equal, the flatter the demand​ curve, the ______ the social surplus in a market. All else being​ equal, the flatter the supply​ curve, the ________ the social surplus in a market.

smaller, smaller

You are considering renting a city apartment with​ 1,000 square feet for ​$1,500 per month. The monthly rent on a​ larger, 1,500-square-foot city apartment is ​$1,950.

The marginal cost of renting an apartment with 500 additional square feet is ​$0.90 per square foot per month. ​(Round your response to two decimal places.​)

All of the following would fall under the study of microeconomics except: A. A labor union strike B. The stock market's response to an interest rate increase C. An international trade dispute D. A factory polluting a lake used for fishing

B. The stock market's response to an interest rate increase

Which of the following statements regarding the principle of optimization is​ true? ​(Check all that apply.​) A. It means always choosing the best feasible option. B. It applies only in the case of monetary and financial matters. C. It takes into account and evaluates multiple​ trade-offs. Your answer is correct. D. It is the unifying principle that connects various seemingly unrelated decisions.

C. It takes into account and evaluates multiple trade-offs D. It is the unifying principle that connects various seemingly unrelated decisions

Which of the following is not one of the three key principles of economics? A. Empiricism B. Optimization C. Resource allocation D. Equilibrium

C. Resource allocation

Larry Krovitz is a salesman who works at a​ used-car showroom in​ Sydney, Australia.​ It's the last week of​ July, but he is yet to meet his sales target for the month. A​ customer, Harold​ Kumar, who wants to buy a Ford​ Fiesta, walks into the showroom. After taking one of the cars for a test​ drive, Harold decides to buy it. While ​$11,000 was the least that Larry would have been willing to accept for that​ car, he quotes a price of ​$19,000. After some​ bargaining, the car is sold for ​$12,000. In this​ case, the producer surplus is ​$1,000. If the cost of the car to Larry is ​$11,000​, his profit is ​$1,000. Is producer surplus always equal to​ profit?

Producer surplus equals profit when marginal cost and average total cost can be represented with the same curve.

The concept of diminishing marginal benefits means that​ ____

each additional unit consumed is worth less to you than the previous one.

In a perfectly competitive​ market, a firm with multiple production plants will minimize total costs of production when

each plant produces where marginal revenue equals marginal cost.

The concept of diminishing marginal benefits _______ for goods that you like a lot.

holds true

The long-run supply curve in a perfectly competitive market is _______

horizontal

If opportunity cost were to suddenly​ increase, total cost would

increase and net benefit would decrease.

To construct the supply curve in a market with many firms with different cost​ structures, the​ ___

individual supply curves for each firm are added together.

A newly married couple plans to go on a trip to Hawaii on their third wedding anniversary. The total approximate cost for a trip after three years is ​$10,000. Their relative is willing to make them a future payment of ​$10,000 in 3 years if the couple lends him ​$8,000 today. The next best option available for the couple to raise ​$10,000 is to invest in a​ risk-free investment for 3 years with an interest rate of 4.5​%. When the newly married couple lends money to their relative the discounted value of the future payment exceeds the upfront cost. Therefore in this​ case, the net present value is positive The newly married couple will gain by​ ___

lending ​$8,000 to their relative and receiving a positive net present value

The equilibrium price is the​ _____

long-run average total cost of the last entrant into the market.

Assume that you are buying a​ $200 iPhone from Verizon. The phone automatically comes with a​ 1-year warranty. Suppose that you can extend that warranty to cover years two and three. Now suppose that you decide to purchase the extended warranty that costs ​$100—the typical cost of an extended warranty on a​ $200 iPhone. This example demonstrates​ ____________.

loss aversion.

(216 continued) Using the information given​ above, the equilibrium quantity is 2 units. Suppose the market is in equilibrium. Using the equilibrium​ price, the social surplus is ​$6. What if in your​ experiment, seller X and buyer C agree to a price of​ $2.50, seller Y and buyer B agree to a price of​ $4.50, and seller Z and buyer A agree to a price of​ $6.50? All participants have managed to find a trade that benefits them individually. Given this​ information, the new social surplus will be

lower than the social surplus at the market equilibrium.

A perfectly competitive firm will choose to shut down when the ______ intersects the marginal cost curve below the ______

price (marginal revenue), average variable cost curve

Suppose conditions arise in the sugar market that would lead to a competitive equilibrium price that is below 18.75 cents per pound. In this​ situation, sugar mills will​ __

not sell to private buyers at this lower price and will sell to the government​ instead, which will drive up the domestic price until it reaches 18.75 cents per pound.

In a market​ economy, the alignment of interests is accomplished through the use of

prices

When one of the four major factors​ changes, causing an increase in​ supply, the supply curve shifts

rightward

Economists have done numerous studies on how much risk people willing to take in a variety of situations. They have found that in most situations people overall are​ ____.

risk averse

Given your response to the previous question and the fact that most extended warranties that are offered on smaller electronic purchases tend to cost more than the benefits they provide it is likely true that firms​ ____

sell many extended warranties since people are willing to pay extra to avoid the risk of a loss

The long-run supply curve in a perfectly competitive market states that​ __

the long-run quantity can vary while the equilibrium price returns to the price at the minimum of the average total cost

You are interested in playing a card game. The rules of the game are such that you pick a card from a deck of cards and if the card is a​ diamond, you win ​$20. The catch​ is, every time you want to pick a card you have to pay the dealer a fee of ​$8. A standard deck of cards consists of 52​ cards, with 13 diamonds in the deck of cards. The probability of picking a diamond is​ ___________ and the probability of not picking a diamond is​ ___________

1/4​; 3/4. The expected value of this gamble is ​$−3.00

There are many identical firms with a simple cost​ structure: Total cost for Q​ = 0 is​ $6 and total cost for Q​ = 1 is​ $8. Each firm is incapable of producing anything​ more; in other​ words, total cost is infinite for any Q larger than 1. In the given​ scenario, the fixed cost for each firm is ​$_____ In the short​ run, the equilibrium price will be $_______ If firms are free to enter and exit this​ market, the​ long-run price will be $______

6,2,8

Which of the following statements are​ true? ​(Check all that apply.​) A. Equilibrium is attained when prices are allowed to respond to market pressure. B. A binding price ceiling will always cause the quantity demanded to exceed the quantity supplied. C. A government price control can be used to bring markets into equilibrium. D. A government price control will always cause the quantity demanded to exceed the quantity supplied.

A. Equilibrium is attained when prices are allowed to respond to market pressure. B. A binding price ceiling will always cause the quantity demanded to exceed the quantity supplied.

Which of the following statements are true regarding the present​ value? ​(Check all that apply.​) A. Compounding brings back money to the present. B. Discounting brings back money to the present. C. It involves an increase in magnitude. D. It involves a reduction in magnitude.

B. Discounting brings back money to the present. D. It involves a reduction in magnitude.

In the given​ graph, the horizontal price line intersects the demand curve at a point labeled with a dot. At this​ intersection, where the quantity demanded of the product is 40​ units, the​ buyers' willingness to pay is equal to the market price of the product. For a quantity below 40 units the​ buyers' willingness to pay is above the market​ price, so the buyers would gain by purchasing more of the product. For a quantity above 40 units the​ buyers' willingness to pay is below the market​ price, so the buyers would lose by purchasing more of the product. In which of the following​ examples, will the demand curve shift to the​ right? ​(Check all that apply.​) A. ​Mike's willingness to buy beer increases due to a decrease in its price. B. ​Jason's demand for butter increases due to a decrease in the price of bread. C. ​Robert's demand for a normal good increases due to a decrease in his income. D. ​Ron's demand for an inferior good increases due to a decrease in his income.

B. ​Jason's demand for butter increases due to a decrease in the price of bread. D. ​Ron's demand for an inferior good increases due to a decrease in his income.

Suppose the market price of corn is​ $5.50 per bushel. Which of the following is not one of the three conditions that will need to be satisfied for the corn market to be in equilibrium at this​ price?

Both the buyers and sellers of corn could benefit by making small changes to their market behaviors

In a command​ economy, a planning agency sets prices for various inputs and final goods. In a market​ economy, supply and demand decide the prices of various goods. In both​ cases, there is a set of prices operating in the economy. Then why are market economies considered more efficient than planned​ economies? A. The prices set by central planners tend to be​ inflexible, responding to changing conditions only when planners recognize that circumstances are changing and then figure out the significance of the underlying change. B. The price mechanism utilized by market economies reflects all that is collectively known and thus ensures that economic agents make trades that are in their best interest and maximize social surplus. C. The prices set by central planners reflect their very incomplete knowledge regarding the multitude of factors that determine the interests and decisions of economic agents. D. All of the above.

D. All of the above.

There are four consumers willing to pay the following amounts for an electric​ car: There are four firms that can produce electric cars. Each can produce one car at the following​ costs: Each firm can produce at most one car. Suppose the market for electric cars is competitive. Why is the equilibrium price in this market ​$50​,000? A. At this​ price, the quantity demanded​ (three cars) equals the quantity supplied​ (three cars). B. At this​ price, three consumers are willing to buy an electric car and three firms are willing to sell an electric car. C. At ​$50​,000, three consumers have reservation values equal to or above ​$50​,000 and three firms have reservation values equal to or below ​$50​,000.

D. All of the above.

Imagine you are a buyer in a double oral auction with a reservation value of $14 and there is a seller asking for $8. If you accept this​ offer, you will gain ​$6. ​(Enter your answer as an integer​.) If you are the only​ buyer, and you know that the lowest ask price is $3​, should you accept this​ offer? A. ​Yes, accepting an offer from any other seller will reduce your surplus. B. ​No, as the only buyer you can extract a lower ask price. C. ​Yes, since you will gain $11. D. Both A and C are correct.

D. Both A and C are correct.

Social surplus is maximized when the​ _____ A. buyers and sellers as distinct groups are doing as well as they possibly can. B. ​highest-value buyers are making a purchase and the​ lowest-cost sellers are selling. C. competitive market is in equilibrium. D. all of the above.

D. all of the above.

Suppose you have been hired as a management consultant by a major oil company to help it optimally price gasoline at its service stations. Your client would like your team to perform a study on​ customers' gasoline purchasing habits when they notice price increases. You suggest that the team​ _____

Design and execute an experiment

Suppose you had information on the sales of similar homes just east and just west of the boundary between two school districts. Also suppose schools on one side of the school boundary are better than the schools on the other side in terms of test scores. You could estimate the average value that parents place on a​ one-point increase in test scores by​ ____

Dividing the difference in the prices of similar homes between districts by the difference in test scores between districts

Suppose Sam is considering whether to eat junk food. It offers him an immediate pleasure of​ 20 utils and a delayed cost of 36 utils. He always discounts in the following special​ way: This type of preference pattern is called present bias. ​Today, Sam decides to eat junk food. From​ today's perspective, the value of eating junk food tomorrow is −8. ​Therefore, today Sam decides not to eat junk food tomorrow. Which of the following statements is true for Sam when tomorrow actually​ comes?

He eats junk food because the net benefit is positive.

Suppose you and your friend decide to gamble on the roll of a​ single, six-sided dice. If it lands on an even​ number, you must give your friend​ $10, and if it lands on an odd​ number, your friend must pay you​ $10.

If you play the game many​ times, then the average​ payoff, or expected​ value, from this bet is ​$0. ​(Enter your response as an integer​.) Suppose instead you play this same game with two of your friends​ (resulting in three total players in the​ game). Each player is assigned 2 numbers from the dice. If either of your numbers is​ rolled, then each player must pay you​ $10, and if either of your numbers are not​ rolled, then you must pay the winning player​ $10. If you play the game many​ times, then the average​ payoff, or expected​ value, from this bet is ​$0. ​(Enter your response as an integer​.) Suppose that after playing the game several times you were unable to​ win, so your friends made a new rule that if you win each player must give you​ $20 (which would result in a total winning of ​$40​) and if you lose you still only have to pay​ $10. If you play the game many​ times, then the average​ payoff, or expected​ value, from this bet is ​$6.66 ​(Round your response to two decimal places.​)

In which of the following examples is prescriptive economic analysis necessary?

Jay chooses to go to Europe rather than China because of the huge discounts

Assume that the market for chocolates is perfectly competitive. Which of the following statements would be true in this​ case?

Jill starts to produce chocolates​ today, but the addition of her supply into the market does not decrease the market price

The graph on the right shows the cost curves for a random firm competing in a perfectly competitive market. Given the shape of the​ curves, we know that curve A represents​ __________, curve B represents​ __________, and curve C represents​ _________.

MC; ATC; AVC

In a perfectly competitive​ market, all of the following statements are true​ except:

Marginal revenue is equal to price times quantity.

Suppose one firm accounts for 55 percent of the global market share for a​ product, while 147 other firms account for the remaining 45 percent of the market. With such a large number of buyers and​ sellers, is this market likely to be​ competitive?

No, even though there are many firms in the​ market, there is one firm large enough to influence the market price.

Does price gouging have the same effect as setting prices above equilibrium​ level?

No, price gouging is actually an equilibrium​ outcome, while the setting of prices above equilibrium is not.

Are all markets perfectly​ competitive?

No, there are other market types where firms have considerable power to control the price

Sofia, a political science​ student, thinks that the government should intervene to revive declining industries like video stores and print newspapers. The​ government, she​ reasons, can resolve the coordination problem of getting the agents in these markets to trade. Do you agree with​ her? Explain your answer.

No, these industries are declining not because of coordination problems​ but, rather, because of falling demand.

Suppose Sarah is out at a local club with her friends and finds out that it is​ "Ladies' Night" and that all women can drink for free. She knows that if she drinks it will give her immediate pleasure equal to 70.00 ​utils, but she also knows that if she drinks she will feel bad the next morning and will therefore have a cost of drinking equal to 160.00 utils. If​ Sarah's discount weight for tomorrow is 0.50​, will she drink at the​ club?

No​, her net benefit from drinking is negative​; ​therefore, the costs of drinking outweigh the benefits.

Determine if the following statements better describe optimization in levels or optimization in differences. John is attempting to decide on a movie. He determines that the new Batman movie provides him with​ $5 more of a net benefit than the new Spiderman movie.

Optimization in​ differences, since he is calculating the change in net benefits between alternatives.

In equilibrium, everyone _____

Simultaneously optimizes, so that nobody benefits by changing his or her own behavior

Consider a perfectly competitive market as shown in the given graph. Suppose the initial price of a product is​ $1.40 per unit. At this​ price, the marginal revenue​ (MR) curve faced by a firm is MR1. If the market price increases from​ $1.40 to​ $2.70 per​ unit, the firm would increase production from 272 to 350 units. If the market price decreases from​ $1.40 to​ $0.80 per​ unit, the firm would produce 200 units because at this price MR2=MC. Which of the following statements is not​ true?

The short-run supply curve of a firm is the portion of its marginal cost​ (MC) curve that lies below AVC.

You are a professor of economics at a university.​ You've been offered the position of serving as department​ head, which comes with an annual salary that is ​$9,500 higher than your current salary.​ However, the position will require you to work 200 additional hours per year. Suppose the next best use of your time is spending it with your​ family, which has value of ​$50 per hour. What is the difference in the net benefit from becoming the department​ head?

The change in net benefit is ​$-500. ​(Enter your response as an integer.​) To​ optimize, you should not become a department head.

During the process of optimization economists believe that people are considering ______.

The feasibility of a choice, given the information available at the time

Which of the following is not one of the four major factors that shifts the supply curve when it​ changes?

The income of consumers.

Compared to the market for​ cars, the market for vintage buttons has fewer buyers and sellers. Social surplus is likely to be higher in the market for cars than in the vintage button market. Using the concept of Pareto​ efficiency, which of the following statements is likely to be​ true?

The outcome in the market for cars is Pareto efficient because it is a perfectly competitive market.

Allison bought a​ Blu-ray DVD player from the store for ​$300 that came with a​ one-year warranty. At​ checkout, she was asked if she would like to buy a​ two-year extended warranty that would replace her DVD player with an identical one if it broke down. The extended warranty costs ​$50​, and Allison expects that the DVD player will depreciate in value by​ $50 every year as new models come out​ (this means a replacement would cost ​$200 after 2 years and ​$150 after 3​ years). Suppose Allison pays for the purchase of the extended warranty with her credit​ card, which has a 15 percent interest rate. Also assume that Allison knows there is a 10 percent chance that the DVD player will break in any given year.

The present value of buying the extended warranty is ​$-24.79. ​(Round your response to two decimal places and use a minus sign if necessary.​) Based on this​ information, Allison should not buy the extended​ warranty, since the expected value to Allison from buying the warranty is negative.

According to reports in the Chinese​ media, commuters in Beijing are facing a somewhat paradoxical​ situation: They find it difficult to get a cab while hundreds of cabs lie idle during rush hour. The demand for taxis in Beijing has increased as average incomes have risen.​ Government-determined gasoline prices have also increased. But the​ government, worried about rising prices for cab​ rides, has left the​ cabs' base fare unchanged. Which of the following statements is true of the market for cabs in​ Beijing? Based on your understanding of how the invisible hand​ works, which of the following decisions is likely to correct the problem of shortages of cabs in​ Beijing?

There has been a rightward shift of the demand​ curve, while the supply curve has remained unchanged. The government should lift the price control imposed on the base fare of cabs.

Are all efficient outcomes also​ equitable? Explain.

There is really no definitive answer to this question since issues surrounding efficiency and equity are the domain of normative​ economics, where subjective value judgments are made.

Land in​ Sonoma, California, can be used to either grow grapes for pinot noir wine or to grow Gravenstein apples. Given this​ information, what is the relationship between pinot noir wine and Gravenstein​ apples?

They share a common input.

The greater your discount​ weight, the more your current decisions are driven by the future consequences of those decisions. Do you​ agree? Explain.

Yes, a larger discount rate results in a larger weight on the utils you receive from future events.​ Thus, you will consider future consequences more when making decisions.

Suppose your utility function exhibits diminishing marginal utility of consumption. Should you buy this insurance​ policy? Defend your answer.

Yes, buying the policy gives you wealth of ​$747,500 with​ certainty, which is the same as the expected value of wealth you get without insurance and thus added risk. If your marginal utility of consumption​ declines, you would prefer the certainty over the risk.

Your house is worth ​$500,000 and you have ​$250,000 in a savings account. There is a 1 percent chance of a fire in your house. If the fire​ occurs, there will be ​$250,000 of damage. Suppose you do not have fire insurance. If the fire​ occurs, you will have to pay​ $300,000 to repair your house. The expected value of your wealth​ (including both the value of your home and your savings​ account) at the end of the year is ​$747500 We will say that an insurance policy is fair insurance if the premium for the policy equals the expected value of the claims the insurance company will have to pay. An insurance company offers you a fire insurance policy. If a fire​ occurs, it will pay to repair your home. The premium for the policy is ​$2,500. Has the insurance company offered you fair​ insurance?

Yes, the premium is exactly equal to the expected value of the claim the insurance company would have to pay in the event of a fire.

A drought in the grape growing regions of the country increases the cost of producing jelly. At the same​ time, we see the price of peanut butter falls. Suppose that after both of these events the consumption of jelly is left unchanged. In this​ situation, the Law of Demand​ _________

holds, since the demand curves for both jelly and peanut butter are​ downward-sloping; it is their shifts that are determining the impact on the quantity consumed.

Suppose Louis Corporation could increase its profits considerably if it decided to shift from the clothing industry to the IT industry. In this​ case, the economic profits of Louis Corporation in the clothing industry are ________. In​ contrast, suppose Louis Corporation​ wouldn't be able to increase its profits if it decided to shift from the clothing industry to the IT industry. In this​ case, the economic profits of Louis Corporation in the clothing industry are ________.

negative, zero

What is the difference between the industry demand curve for a typical good and the demand curve for an individual firm in the​ market, assuming the market is in perfect​ competition? ​1.) Using the line drawing​ tool, draw the industry demand curve for a typical good in a perfectly competitive market. Label your curve​ 'Demand'. Carefully follow the instructions above and only draw the required object. Using your​ graph, the slope of the industry demand curve demonstrates​ __________.

the realistic assumption that the Law of Demand holds for the good under consideration.

Suppose there is a firm in a perfectly competitive market that has a market equilibrium price of ​$6. Use a graph to show the demand curve faced by this perfectly competitive firm. ​1.) Using the line drawing​ tool, draw the demand curve for a firm in a perfectly competitive market where the market price is ​$6. Label your curve​ 'D'. Carefully follow the instructions above and only draw the required object. Using your​ graph, demand for this perfectly competitive firm is perfectly elastic. This occurs because​ ______

there are many producers all selling identical​ goods, meaning no one firm can impact the market price

Martha runs a business that makes designer jeans. Each of the seamstresses she employs uses one of the sewing machines on the factory floor. In the short​ run, the seamstresses are a _______ factor of production and the sewing machines are a ______ factor of production. The output of each seamstress is considered the ________ product.

variable, fixed, marginal

Fixing up old houses requires plumbing and carpentry. Jack​ (who is a jack of all trades but is a master of​ none) is a decent carpenter and a decent​ plumber, but is not particularly good at either. He can fix up two houses in a year if he does all of the carpentry and plumbing himself. His wage is ​$50,000 per year.

​Jack's average total cost of fixing up two old houses is ​$25,000 ​(Round your response to the nearest dollar.​) George is an excellent plumber and Harriet is an excellent carpenter. George can do all of the plumbing and Harriet can do all of the carpentry to fix up seven houses per year. Each earns a wage of ​$50,000 per year. If George and Harriet work together and fix up seven old houses each​ year, their average cost is ​$14,286 ​(Round your response to the nearest dollar.​) This problem tells us that one of the sources of economies of scale is specialization.

You have been invited to play a​ 4-hour round of golf that has a value to you of ​$70. The total price to play the round of golf is ​$45. The net benefit of the round of golf is ​$______. ​(Enter your response as an integer.​) Now assume that you have a job that pays you ​$10 per hour. Would you be optimizing to accept the invitation to play​ golf? To​ optimize, you should ______ golf.

25, not play

Suppose you have been hired as a management consultant by a major oil company to help it optimally price gasoline at its service stations. Your client would like your team to perform a study on​ customers' gasoline purchasing habits when they notice an increase in the price of gas. You have access to the following groups of​ people: To set up your experiment on how​ price-increase awareness impacts customer​ behavior, you would have _____ people in your treatment group and ______ people in your control group.

60, 40

Instead of relying on Debbie's college story to make a conclusion, you decide it is smarter to collect and analyze

A large amount of empirical data

Which of the following statements are true regarding future rewards and risky​ rewards? ​(Check all that apply.​) A. A current reward is worth more than a future reward. B. The economic tools used to value them use weights. C. The value of a future reward is obtained by multiplying the reward by a positive factor that is less than 1. D. The value of a risky reward is obtained by multiplying the reward by a positive factor that is less than 1.

A. A current reward is worth more than a future reward. B. The economic tools used to value them use weights. C. The value of a future reward is obtained by multiplying the reward by a positive factor that is less than 1.

Which of the following does not support the concept of an economic agent? (Check all that apply) A. All economic agents are individuals B. Groups are considered as a single decision maker C. They make decisions by solving choice problems D. Their decisions do not have an effect on the economy of a country

A. All economic agents are individuals D. Their decisions do not have an effect on the economy of a country

Which of the following cases can create a free-rider problem? (Check all that apply) A. The street light on the road B. Opening a savings account in a bank C. Use of personal television b the owner D. Use of public parks by locals

A. The street light on the road D. Use of public parks by locals

Which of the following are addressed in the study of economics? (Check all that apply) A. Inflation Rates B. The benefits associated with a decision C. Optimal tax policies D. Financial markets

All of them

Which of the following statements about the principles of economics is false?

An investor selecting and investing in a stock or a combination of stocks that always earns him​ 15% returns on his investment is an example of optimization.

Which of the following statements explain positive economics? (Check all that apply) A. It is not factual B. It can be rejected or amended depending on the evidence available C. The predictions are testable D. It depends upon value judgements

B. It can be rejected or amended depending on the evidence available C. The predictions are testable

Which of the following statements is not a correct explanation of empiricism? (Check all that apply) A. It involves data analysis and drawing inferences B. It cannot be monitored C. It has nothing to do with optimization and equilibrium D. It tests whether theories are applicable to real life situations

B. It cannot be monitored C. It has nothing to do with optimization and equilibrium

The​ "Rule of​ 70" is a simple way to estimate how long it will take something to double in​ value: divide 70 by the annual percentage growth​ rate; the number you calculate is the doubling​ time, in years. For​ example, 704=17.5​; thus it takes about 17.5 years for a bank account to double in​ value, assuming 4 percent interest.

Based on this​ method, the doubling time given an interest rate of 10 percent is 7 years. ​(Round your answer to 2 decimal places as​ needed)

In the virtual model developed by​ Professor, when demand for a particular share consists of​ 10% of all student​ investors, the share price is ​$10. When demand increases to​ 30% of the student​ investors, the price increases to ​$12. ​However, in an actual stock​ market, it is generally​ noticed, when demand consists of​ 10% of all​ investors, a share price of ​$125 increases to ​$210 when demand for the share is increases to​ 30% of the total investors. ​Therefore, by testing the accuracy of the model and the real​ data, we find that the share prices in the virtual stock market increases by 20​% compared to 68​% increase in actual stock market. ​(Round your answer to the nearest percent​.) ​Therefore, we conclude that the model is inaccurate compared to the actual data. Which of the following are true about a​ model? ​(Check all that apply​.) A. It makes hypotheses on empirical evidence B. It is a simplified description of a theory C. It is not always the exact replica of the data D. The outcomes of the model are used in comparison with the actual data

C. It is not always the exact replica of the data D. The outcomes of the model are used in comparison with the actual data

Assume every semester after finals you fly back to your hometown using a​ $300 ticket you buy online. You have​ 40,000 frequent flier miles. You could exchange your miles for a​ round-trip ticket to Bermuda over spring break. If you choose to exchange your airline miles for a free trip to Bermuda over spring​ break, then your trip​ ______

Cost $300, since your next-best alternative for your miles was to use them to fly home at the end of the semester

Suppose you hear about a business opportunity where you will give a small firm​ $1,000 now to help set up its web platform to sell its items online with the promise that you will receive​ $5,000 back in 10 years. What do you need to take into consideration when deciding whether or not to lend this​ money? A. Prevailing interest rate. B. Opportunity cost of the investment. C. Time value of money. D. All of the above

D. All of the above

Which of the following is not an item studied under microeconomics? A. Individual preferences B. Cigarette taxes C. The well-being of agents D. Economic output

D. Economic output

Which of the following would not be considered one of the possible opportunity costs of a recent high school graduate starting college right away. A. Spending a year backpacking across Europe. B. Getting a full−time job. C. Using your college fund to buy a new car.. D. None of these would be considered an opportunity cost. E. All of these is a possible opportunity cost.

E. All of these is a possible opportunity cost

What tool would you employ to analyze the relationship between gasoline prices and consumer behavior?

Economic models

Suppose you win the Powerball lottery this​ year, which is worth ​$500 million. You can choose to take a lump sum now of ​$475 million or you can​ "annuitize" your winnings. Annuitization means that you will receive the total jackpot money in 5 equal annual payments of ​$100 million starting next year. Assume that your lottery winnings are not taxed.

If the interest rate is 1.0 ​percent, the present value of the 5 equal payments is ​$485.93million. ​(Round your response to two decimal places.​) Given this​ information, you would be more likely to choose the 5 payments.

You win the state lottery jackpot of ​$30,000 and are given the following three​ options: getting a​ lump-sum payment for the entire amount 10 years from​ now, receiving three equal payments of ​$10,000 over 3 years with the first payment starting next​ year, or receiving three equal payments of ​$10,000 with the first payment starting today and the next payments occurring over the following 2 years.

If the interest rate is 5 ​percent, then receiving the​ lump-sum payment 10 years from now would have a present value of ​$18,417.40 ​(Round your response to two decimal places​.) If the interest rate is 5 ​percent, then receiving three equal payments of ​$10,000 over 3 years with the first payment starting next year would have a present value of ​$27,232.48. ​(Round your response to two decimal places​.) If the interest rate is 5 ​percent, then receiving three equal payments of ​$10,000 with the first payment starting today and the next payments occurring over the following 2 years would have a present value of ​$28,594.10 ​(Round your response to two decimal places​.)

Suppose there are four products that Samuel can purchase. Samuel obtains a discount on each of the products. The total benefit obtained by Samuel through discounts is calculated by finding out the difference in the actual price of the product and the discounted price of the product. This is shown on the Y axis of the graph. The X axis of the graph represents the products which Samuel can purchase.

In this​ case, Samuel will purchase product 2 as an optimal product.

Professor Adams decides to teach his 10 students how the stock market works.​ Therefore, he plans to develop a virtual stock market for the class that includes five different shares. Students are given​ $50 each to invest in any of the five shares. This exercise helps the students understand the overall stock market investing process. Which of the following statements is true for the above​ case?

It is a model, and its predictions can be checked with empirical evidence

This chapter discussed natural and randomized experiments. Which of the following is not a characteristic of a natural​ experiment?

It is an inferior approach to a randomized method

Suppose you are on a date with an economics​ major, and you want to impress them by asking good economic questions. Two characteristics of a good economic question​ are

It is important to individuals or society and it can be answered

Which of the following statements regarding risk is not​ true? A. It affects economic value. B. It occurs when all of the costs are predictable. Your answer is correct. C. Both good and bad choices involve risks. D. It means some of the costs and benefits are not fixed in advance.

It occurs when all of the costs are predictable.

Which of the following is not an important property of an economic model

It predicts actual results over half the time

Assume that the average price for a​ 2,000-square-foot house in the city is ​$350,000 and the average rent for a​ 2,000-square-foot apartment in the city is ​$1,500 per month. Also assume that the average price for a​ 2,000-square-foot house in the suburbs is ​$210,000​, the average price for a​ 2,000-square-foot house in the county is ​$336,667​, and the average price for a​ 3,000-square-foot house in the suburbs is ​$450,000. Using comparative statics and the information​ above, what is the best estimate of the effect of living in the city​ (relative to living in the​ suburbs) on home​ prices?

Living in the city changes home prices by ​$140,000.00

What is the difference between marginal values and average​ values?

Marginal values show the additional benefit or cost from consuming an additional unit of a​ good, while average values are the benefit or cost per unit of a good.

How does microeconomics differ from macroeconomics?

Microeconomics is the study of how​ individuals, households,​ firms, and governments make​ choices, while macroeconomics is the study of the economy as a whole.

Suppose you have been hired as a management consultant by a major oil company to help it optimally price gasoline at its service stations. Your client wants to know what will happen to gasoline demand if it increases gasoline prices by one cent higher than its nearest competitors. One of the members of your consulting​ team, Debbie, shares that one time in college she stopped buying gasoline from a service station that was one cent more expensive. Based on this​ story, should you conclude that demand will fall to zero if the client raises gas prices by one​ cent?

No ,since this is an argument by anecdote, which can lead to wrong conclusions

A simple economic model predicts that a fall in the price of bus tickets means that more people will take the bus.​ However, you observe that some people still do not take the bus even after the price of a ticket fell. Is the model​ incorrect? How would you test this model?

No, because it predicts the outcome of increased bus ridership on average You should run a natural experiment by analyzing bus ridership and price changes

Some studies have found that people who owned guns were more likely to be killed with a gun. On this evidence​ alone, do you think there is conclusive evidence in favor of stricter gun control​ laws? _____, because it is possible that the studies may be confusing _______ with ______.

No, correlation, causation

Nikki decided to take the first available parking space as she entered the student lot. She felt that the first available space had a​ $5 premium compared with all other possible spaces since she did not want to risk being late for her exam.

Optimization in​ differences, since she is calculating the change in net benefits between alternatives.

Marcia finds that the net benefit of flying from Chicago to Honolulu on a​ non-stop United Airlines flight is​ $400, and the net benefit for the same trip flying on a​ one-stop American Airlines flight is​ $200.

Optimization in​ levels, since she is comparing the net benefits between alternatives.

Reagan determined that the net benefit of taking the combination of two lecture courses and an online lecture course was​ $100. The same three courses online gave her a net benefit of​ $80, and all three in a​ lecture-based format gave her a net benefit of​ $90.

Optimization in​ levels, since she is comparing the net benefits between alternatives.

The goal of optimization for an individual is to maximize ______

Overall well-being

Which of the following statements, confirmed by empirical research, would you be most likely to trust?

Sales circulars with coupons generate increased sales

Suppose you have just been hired as a management consultant by a major oil company to help it optimally price gasoline at its service stations. In your first presentation to​ management, how would you describe your planned methodology to perform the​ analysis?

Scientific method

Scott loves to go to baseball​ games, especially home games of the Cincinnatti Reds. All else​ equal, he likes to sit close to the field. He also likes to get to the stadium early to watch batting practice. The closer he parks to the stadium the more batting practice he is able to watch​ (the garages all open​ simultaneously). Find​ Scott's optimal seat type and parking garage using the information that follows.

Scott's optimal seat type is Club Seating. ​Scott's optimal parking is East river parking

(Using question 26) Suppose you​ have a two week spring break. Considering the time it takes for each​ activity, if your parents​ allow you to take one vacation with your​ friends, which of the​ following is a feasible and optimized​ bundle left for you to​ choose?

Taking up an economic crash course and volunteering at the old age home

All of the following statements about means and medians are true, except

The median is more skewed by extreme values

You have the option to play tennis or a round of golf​ (but not​ both). The tennis match requires you to take 2 hours off from work and the round of golf requires you to take 4 hours off from work. Playing tennis has value to you equal to ​$50​, while golf has value to you equal to ​$105. Tennis courts are publicly available at no​ cost, but golf costs $40 per round. Suppose your wage from working is $6 per hour.

The net benefit from playing tennis is ​$38 and the net benefit from playing golf is ​$41. ​(Enter your responses as integers.) ​Therefore, you should play golf.

Give an example of a pair of variables that have negative correlation

The number of winter coats sold and the temperature outside

You are planning how to spend your spring break. You have four different​ choices, which will give you the following units of pleasure.

The opportunity cost of planning a vacation with friends is +45 units of pleasure and the opportunity cost of cleaning the room is planning a vacation with your friends

Let's say that you are trying to decide what to do on Friday at 11 a.m. You rank your possible options from the one you value the most to the one that you value the least in the following​ order: going to​ class, sleeping in​ late, going to work​ early, getting​ lunch, going to the gym to​ exercise, and watching television. If you decide to go to​ class, then what do we know about the opportunity cost of your​ decision?

The opportunity cost would be sleeping in late, since it was your next-best option

Which of the following statements regarding economic questions is not correct?

The questions must have implication on individuals' choices and their budget

Suppose you are ready to check out and see two​ lines: Line A has three​ people, while Line B has five people. Assume people choose lines at random and have not yet had a chance to switch lines.

The situation will move toward equilibrium if the last person from the longer line switches to the shorter line. Assume that all eight shoppers are optimizing​ (i.e., they had a chance to switch​ lines) and the situation is in equilibrium. Given this​ information, you could infer that the shorter line will move slower than the longer line. Assume that all eight shoppers are optimizing​ (i.e., they had a chance to switch​ lines) and the situation is in equilibrium. Given this​ information, you could infer that the behavior of the last person in the five-person line is most informative.

Suppose you have a​ part-time job and earn​ $400 a month. Suppose you decide to spend your income buying new shoes and jeans. The chart below shows the possible combinations that could be purchased in a month. Assume jeans cost​ $50 each and shoes cost​ $100 each.

The table above shows that for a given budget if you increase the amount of one type of good that you buy, you must decrease the amount of the other good that you buy. Therefore, a budget constraint implies that the consumer faces trade-offs

Which of the following is not true about economic models?

They are not useful, since they do not include all variables

In which of the following situations is optimization a good description of behavior

Tia is very fun loving person. She chooses to go on a vacation with friends instead of volunteering at NGO as vacation is more enjoyable.

The opportunity cost of an activity is a measure of ______ when you do that activity

What is given up

You are able to collect the following data on the impact of a​ one-cent increase in gasoline prices. Calculate the percentage change in demand for each service station. ​(Round your responses to two decimal places. If the change is​ negative, be sure to include a minus sign.​)

What is the average percentage change in gasoline sold for all four service stations analyzed​ above? The average percentage change is −15.83 percent.

Suppose your firm has a marginal revenue given by the equation MR = 10 − Q​, where Q is the quantity produced and sold. This means that the seventh unit of output brings in 10 − 7 = $3 of additional revenue. The marginal cost for your firm is given by the equation MC = 2 + Q. This means that the seventh unit of output increases the marginal cost by 2 + 7 = $9. If the firm produces the seventh unit of​ output, marginal cost will be greater than marginal revenue. In which of the following​ cases, will the profit of the firm be​ maximized?

When the marginal cost of producing an additional unit equals the marginal revenue from that unit. The​ profit-maximizing level of output is 4 units.

Does the principle of optimization imply that people always make the best choices?

Yes, it is a good approximation for the decisions people make

Suppose there are three activities in which you could​ participate: 1. The opportunity cost of the first activity is missing 3 hours of work. 2. The opportunity cost of the second activity is missing a concert that you have tickets to. 3. The opportunity cost of the third activity is missing the afternoon nap that you take every day. Given this​ information, for which of these activities would you be able to compare opportunity​ costs?

You can compare all the activities after you translate all the missed activities into dollar amounts

Suppose apartments are in four​ locations: Location​ A, Location​ B, Location​ C, and Location D. Location A is in the​ city, where your job is. Location B is 10 minutes farther from your job than Location A. Location C is 10 minutes farther from your job than Location​ B, and Location D is 10 minutes farther than Location C. In​ turn, similar apartments in Location B rent for ​$115 less per month than apartments in Location​ A, apartments in Location C rent for ​$115 less than in Location​ B, and apartments in Location D rent for ​$115 less than in Location C. Suppose the value of your time is ​$24 per hour and you work 21 days per​ month, with each day requiring a​ round-trip commute from your apartment to work. For​ simplicity, assume rent and the opportunity cost of your time commuting to work are the only factors influencing the location in which to rent an apartment.

You should rent an apartment in Location A. Suppose you currently rent an apartment in Location C. By moving to​ optimize, you change your net benefit by ​$106. ​(Enter your response as an integer.​)

Suppose you have been hired as a management consultant by a major oil company to help it optimally price gasoline at its service stations. You have assigned your staff​ member, Troy, to divide a group of survey participants into a treatment group and a control group. The intent is tell Group A that gas prices have​ increased, and group B will be told that gas prices have not changed. Participant members will then be surveyed about their purchasing habits. When you come back from lunch you notice how Troy has set up the​ groups:

You tell Troy that he has done a bad job because the groups are not randomly constructed

The Bureau of Labor Statistics defines the​ labor-force participation rate as the number of people in the labor force​ (those that either have jobs or are actively looking for​ jobs) as a percentage of the​ working-age population. The Organization for Economic Cooperation and Development defines the total fertility rate in a specific year as the total number of children that would be born to each woman if she were to live to the end of her​ child-bearing years. Given the two definitions​ above, let's look at the relationship between the​ labor-force participation rate and the total fertility rate for highly educated women with high earning potential.

You would expect that the​ labor-force participation rate among highly educated women would be higher than average​, since the opportunity cost of not working for highly educated women is higher than that of all women. You would expect that the total fertility rate among highly educated women would be lower than less educated​ women, since the opportunity cost of staying home to raise children is higher for highly educated women.

Suppose you put ​$300 into a bank account that has a 6 percent interest rate. In this​ example, the ​$300 reflects the principal and the 6 percent reflects the time value of money. If you leave your money in the bank for 1​ year, then the future value of your money is ​$318. ​(Enter your response as an integer​.) If you leave all your money in the bank for 5 ​years, then the future value of your money after those 5 years is ​$401.47 ​(Round your response to two decimal places.​) The idea of leaving all the money in an account and earning interest not only on the original deposit but also on the past interest earned is called _____

compounding The graph on the right shows how much an initial deposit grows over time if all the money is left in your account and the interest rate is 5 percent. How would the future value of your deposit be different at a different interest​ rate? ​1.) Using the​ 3-point drawing tool​, illustrate the value of your deposit over time if the interest rate is 8 percent. Label your new curve appropriately.

When you deposit money into a​ bank, you are lending to the bank. This moves your spending from now to later. The interest rates on loans tend to be​ ____________ the interest rates on investments.

higher than

You have already purchased​ (non-refundable and​ unsellable) tickets to a concert on Friday night. A friend also invites you to her birthday party on Friday. While you like your​ friend, you politely decline because you really want to go to the concert. Suppose you learn that your friend is serving flank steak at her​ party; all-you-can eat and at no charge. Flank steak is your favorite food. Your opportunity cost of going to the concert is now _______ than you had previously thought. Suppose instead that you notice that the concert ticket cost you​ $10; previously, you had mistakenly believed the price was​ $100. Should learning this information affect your decision to go to the​ concert? _______

higher, No

Suppose your total benefits of renting x​ DVD's next month​ is: −x2+10x+20 The cost of renting a DVD is ​$2​, and so the total cost of renting x ​ DVD's is ​$2x. Calculate your net benefit from watching​ 1, 2...8 DVDs. Complete column​ (2). ​(Enter your responses as integers.​)

our net benefit is maximized at 44 DVDs. Suppose further that your marginal benefit from watching x​ DVD's is −2x+10. If you follow the Principle of Optimization at the​ Margin, you will rent 44 DVDs. Optimization in levels and in differences always yield the same answer.

Mason and Jack are neighbors. Mason wants to buy a new outdoor grill so he can barbecue. Mason has two​ options, a charcoal grill or a gas grill. By using ______, he chooses to buy a gas grill. Mason knows that Jack would borrow his grill without​ asking; therefore, decides to use ______ in order to prevent his neighbor Jack from becoming a​ free-rider.

prescriptive economic analysis, equilibrium analysis

Suppose a total of​ 2,500 students are allowed in the engineering programs at all of the colleges in a particular city. From the previous three​ years' record, it shows that the number of students who enroll in the entrance exam for the engineering program increases if there is an increase in the number of IT recruiters the previous year. This year there is a total of​ 3,200 students who have enrolled to take the entrance exam of which only up to​ 2,500 of those who passed would get in. Based on either the​ students' perspective or the college​ perspective, what combination of economic key concepts does the situation​ follow?

​Optimization, equilibrium, and empiricism


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