微观经济学试题英文版

微观经济学试题英文版微观经济学试题英文版微观经济学试题英文版微观经济学试题英文版编制仅供参考审核批准生效日期地址：电话：传真:邮编:ManagerialEconomicsPart1:1.ThepriceofgoodAgoesup.AsaresultthedemandforgoodBshiftstotheleft.Fromthiswecaninferthat:a. goodAisanormalgood.b. goodBisaninferiorgood.c. goodsAandBaresubstitutes.d. goodsAandBarecomplements.e. noneoftheabove.Choose:d)thedefinitionoscomplements2.Joe'sbudgetlineis15F+45C=900.WhenJoechooseshismostpreferredmarketbasket,hebuys10unitsofC.therefore,healsobuys:a.10unitsofFb.30unitsofFc.50unitsofFd.60unitsofFe.NoneoftheaboveChoose:b)WeassumethatJoewillspendallhisincome.IfC=10,then15F=900–45(10)=450,soF=450/15=30.3.Kimonlybuyscoffeeandcompactdiscs.Coffeecosts$percup,andCDscost$each.Shehas$18perweektospendonthesetwogoods.IfKimismaximizingherutility,hermarginalrateofsubstitutionofcoffeeforCDsis:a.0.05b.20c.18d.Choose:a)AtKim'smostpreferredmarketbasket,herMRSequalsthepriceratio(Pcoffee/PCD),whichequals12or.4.Thebandwagoneffectcorrespondsbesttowhichofthefollowinga. snobeffect.b. externaleconomy.c. negativenetworkexternality.d. positivenetworkexternality.Choose:d)5.AGiffengooda. isalwaysthesameasaninferiorgood.b. isthespecialsubsetofinferiorgoodsinwhichthesubstitutioneffectdominatestheincomeeffect.c. isthespecialsubsetofinferiorgoodsinwhichtheincomeeffectdominatesthesubstitutioneffect.d. musthaveadownwardslopingdemandcurve.Choose:c)thedefinitionofGiffengood6.AnEngelcurveforagoodhasapositiveslopeifthegoodis:a.aninferiorgood.b.aGiffengood.c.anormalgood.d.a,b,andcaretrue.e.Noneoftheaboveistrue.Choose:c)InferiorandGiffengoodshavenegativelyslopedEngelcurves.7.ThepriceofbeefandquantityofbeeftradedareP*andQ*,respectively.Giventhisinformation,consumersurplusisthearea:a.0BCQ*b.ABCc.ACP*d.CBP*e.0ACQ*Choose:d)Consumersurplusistheareabetweenthedemandlineandtheprice.8.InFigure1,holdingincomeconstant,whatchangemusthaveoccurredtorotatethebudgetlinefromtheoldline(1)tothenewline(2)(1)(1)(2)PizzaCokeFigure1a.ThepriceofCokefellb.Thepriceofpizzafellc.Thepriceofpizzarosed.ThepriceofCokewentupe.bandcChoose:b)Thehorizontalintercept,I/PC,isunchanged,whichimpliesthatPCcouldnothavechanged(holdingincomeconstant).SincetheslopeisPP/PC,theslopechangemeansthatthepriceofpizzamusthavefallen.ThiscanalsobeseenintuitivelyfromFigure1,sincetheconsumercannowbuymorepizzathanbeforeifhespendsallhisincomeonpizza.9.Andybuys10poundsofonionspermonthwhenthepriceis$perpound.Ifthepricefallsto$perpound,hebuys30poundsofonions.Whatishisarcelasticityofdemandoverthispricerangea.-b.–2c.–d.-6Choose:c)Usingthearcelasticityformula,Thenexttwoquestionsrefertothefollowinginformation:OpieandGomeraretheonlytwoconsumersinthevideocassetterentalmarketintheMayberry.TheirdemandcurvesperweekarepicturedinFigure2.10.Ifrentalscost$each,thetotalquantitydemandedeachweekinthemarketis:a.3b.6c.15d.10e.Choose:b)Addhorizontallytogetthemarketdemandcurve.AtP=$,QO=3andQG=3foratotalof6unitsdemanded.11.Foradecreaseinpricefrom$to$,marketdemandis:a.elastic.b.unitelastic.c.inelastic.d.perfectlyinelastic.e.Moreinformationisneeded.Choose:a)Demandispriceelastic:EP=%ΔQ/%ΔP=[(15-6)/6]/[=OPIEOPIE38Quantity(numberofcassettes)DoPrice($/unit)(a)Price($/uniPrice($/unit)37Quantity(numberofcassettes)COMERDG(b)Figure212. AspresidentandCEOofMegaWorldindustries,youmustdecideonsomeveryriskyalternativeinvestments:ProjectProfitifSuccessfulProbabilityofSuccessLossifFailureProbabilityofFailureA$10million.5-$6million.5B$50million.2-$4million.8C$90million.1-$10million.9D$20million.8-$50million.2E$15million.4$0.6Thehighestexpectedreturnbelongstoinvestmenta.A.b.B.c.C.d.D.e.EChoose:b)Ea=2Eb=Ec=0Ed=6Ee=613. Anindividualwithaconstantmarginalutilityofincomewillbea. riskaverse.b. riskneutral.c. riskloving.d. insufficientinformationforadecision.Choose:b)Anindividualwithaconstantmarginalutilityofincomeisriskneutral.14.Inthefigurebelow,whatistrueaboutthetwojobsJob1hasalowerstandarddeviationthanJob2.Alloutcomesinbothjobshavethesameprobabilityofoccurrence.Arisk-aversepersonwouldpreferJob2.Arisk-neutralpersonwouldpreferJob1.Job1hasahigherexpectedincomethanJob2.Choose:a)Job1hasalowerstandarddeviationthanJob2.ExpectedincomeofJob1equalstoJob2.Part2:Thedemandcurvesforsteak,eggs,andhotdogsaregiveninthetablebelow.Thecurrentpriceofsteakis$5.Thepriceofeggsis$,andthepriceofhotdogsis$.Fillintheremainingcolumnsofthetableusingthisinformation.Indicatewhichgoodsaresubstitutesandwhichgoodsarecomplements.GoodDemandEquationSteakPriceElasticityofDemandEggPriceElasticityofDemandHotdogPriceElasticityofDemandSteakEggHotdogSolution: GoodDemandEquationSteakPriceElasticityofDemandEggPriceElasticityofDemandHotdogPriceElasticityofDemandSteakEggHotdogSteakandeggsarecomplements.Steakandhotdogsandeggsandhotdogsaresubstitutes.Part3:Drawindifferencecurvestorepresentthefollowingdescriptionsofconsumerpreferences:a.Ican’ttastethedifferencebetweenappleandgrapejelly,butIlikethemboth.b.Ionlylikegrapejellyandnevereatapplejelly.c.Appleandgrapejellyarebettermixed,althoughIdon’tcaretoomuchabouttheproportions.Answer:a)SeeFigure7(a).Sincetheconsumercannottellthedifferencebetweenthetwoflavors,allhewouldcareaboutisthetotalamountofjellyhehas.b)SeeFigure7(b).Anincreaseintheamountofapplejellydoesnotaffecttheconsumersincehenevereatsit.c)SeeFigure7(c).Here,amixedbundleisbetterthananextremeone,buttheconsumeriswillingtotradeoffthedifferentflavors.FigureOuncesofGrapeJellyOuncesofGrapeJellyOuncesofAppleJelly(a)OuncesofGrapeJellyOuncesofAppleJelly(b)(c)OuncesofGrapeJellyOuncesofAppleJellyPart4:Therearereasonsotherthanfads,fashions,andconsumerinsecurityforbandwagonandsnobeffects.Varioustypesofexternalitiesintheconsumptionofcertaingoodsalsoexist.Explainwhichtheseeffects(bandwagonorsnob)mightbepresentinthefollowingcases:a.Arestaurantthatisoftencrowdedb.Apersonalcomputersoftwareproductc.ArockconcertAnswer:Apricedecreasewillattractmorecustomers,butthecrowding(longerlines,poorerservice)willdiscourageothers.Thiswouldresembleasnobeffect.Themorepeopleyouexpecttobuyasoftwareproduct,themorelikelyyoucanfindanotherexperiencedusertoaskquestionsaboutit.Also,themorelikelyitisthatacomputerbookstorewillcarrypublicationsabouthowtousethesoftware.Thus,wewouldexpecttoseeabandwagoneffect.c)Here,crowdingmightdiscouragesomecustomers.But,sincepartoftheenjoymentofaconcertisseeingthebandwithotherfans,wemightobserveabandwagoneffect.Part5:TomWilsonistheoperationsmanagerforBiCorp,arealestateinvestmentfirm.TommustdecideifBiCorpistoinvestinastripmallinanortheastmetropolitanarea.Iftheshoppingcenterishighlysuccessful,aftertaxprofitswillbe$100,000peryear.Moderatesuccesswouldyieldanannualprofitof$50,000,whiletheprojectwilllose$10,000peryea