Econ 202 Final Exam Study Guide

. Refer to Figure 9.1. This farmer's shutdown point is at a price of _______; this farmer will continue to produce at any price above ________, but will not produce below that price.

C=7

Assume Tom's budget constraints is AC. At which point does Tom consume only hamburger

C=c

Refer to Figure 8.4. Micro Oven's average fixed costs of producing two units of output are

A= 150

When the price of the fresh increase 10% quantity demanded decreases 5%. The price elasticity of demand for fresh fish is and total revenue from fish sales will

A= Inelastic: increrase

Refer to Figure 8.6. Curve 1 is Outdoor Equipment's

A= Marginal cost curve

Which of the following would be most likely to cause to demand for Dr. Pepper to shift from D0 to D1?

A= decrease in income, assuming that Dr. Pepper, is normal good

Refer to Figure A, the movement from point a to point b reflects?

A= decrease in the price of pizza

Refer to Figure 8.4. If two microwave ovens are produced, average variable costs are

A=150

Refer to Figure 7.2. The average product with two workers is ________ lawns mowed?

A=4

Refer to Figure 8.4. If two microwave ovens are produced, average variable costs are

A=75

4. Refer to Figure 8.4. Micro Oven's total fixed costs of producing two units of output are

B= $300

Using the midpoint formula, the price elasticity of demand between point c and D is

B= -0.294

Refer to Table 6.1. The marginal utility of the third hamburger per day is

B= 15

Refer to Table 6.1. If the price of a soda is $2, the price of a hamburger is $6, and George has $14 of income, George's utility-maximizing combination of sodas and hamburgers per day is

B= 4 sodas and 1.5 hamburgers

Refer to Figure 7.2. The marginal product of the second worker is ________ lawns mowed.

B= 5

Refer to Figure 8.6. Curve 2 is Outdoor Equipment's

B= Average fixed cost

Refer to Figure 8.6. The vertical distance AB is Outdoor Equipment'

B= Average fixed cost

The government setting the price of pencils at $0.40 would be an example of an effective

B= Price ceiling

Assume that figure shows the market for laptops. Which of the following shifts the supply curve from S to S2

B= a decrease in the cost of hard drivers

Assume that Figure describes the market of pizza. In the figure, the shirts in the supply curve from S to S1 reflects?

D= Decrease in the supply of pizza

The rising part of a perfectly competitive firm's ________ cost curve is the firm's short-run ________ curve.

D= Marginal; supply

When the price of coffee decreases 5%, quantity demanded increase 5%. The elasticity of demanded for coffee is and the total revenue from coffee sale will

D= Unit elastic, not change

Refer to the above Figure. Assume Tom's budget is AC. At which point does Tom spend exactly his income?

D= all of the above

Refer to Figure 8.8. What is the total cost of producing the profit-maximizing level of output?

D=9,000

Refer to Figure 8.8. This farmer's profit-maximizing level of output is ________ units of output.

C=1,000

Refer to Figure 9.1. For this farmer to maximize profits he should produce ________ bushels of wheat.

C=12

Refer to Table 8.3. What is the total cost of producing fourth units of output?

C= $140

. Refer to Table 8.3. The marginal cost of the fourth unit is ________ and the average total cost of four units is ________.

C= $30

Refer to Table 8.3. What is the total fixed cost of producing zero units of output

C= 60

The equilibrium quantity and equilibrium price for a cellular telephone is

C= 60,000 and $50

AC represents Tom's budget constraint. Point D from represent a point that is

C= Not available because it represents a combination of hamburgers and dogs that he cannot purchase with income

If the store currently charges a price of $3, then decrease the price to $2, what will happened to the total revenue from the dining room lunch sales ?

C= Total revenue will fail

If the government will not allow retailers to change more than $0.40 for a pencil. Which of the following will happen?

C= a Non price rationing system such a queuing must be used to ration the available supply of pencil

Refer to Figure 8.6. Curve 3 is Outdoor Equipment'

C= average total cost

Refer to Figure 9.1. This farmer would be breaking even if price was

C=10

Refer to Figure 8.8. If this farmer is producing the profit-maximizing level of output, her profit i

C=3,000