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ECON 545 Week 2 Quiz
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ECON 545 Week 2 Quiz

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  • ECON 545 Week 2 Quiz.docx
  • ECON 545 Week 2 Quiz 1.docx

 
 
1)   Consider the market for ping golf clubs.
Suppose the price of memberships at local golf courses increases. Use the line drawing tool to show how this affects the demand for ping golf clubs by drawing a new demand curve. Assume memberships at local golf courses and ping golf clubs are complements. Properly label this line.
Instead, suppose the price of tennins rackets decreases. If tennis rackets and goal  substitutes, then the demand for ping golf clubs will ………..
 
2) State whether each of the following events will result in a movement along the demand curve for McDonald’s Big Mac hamburgers or whether it will cause the curve to shift
a) The price of Burger King’s Whopper hamburgers declines. This will cause
b) McDonald’s eliminates $1.00 off coupons. This will cause
c-d) KFC raises the price of a bucket of fried chicken. This will
e) The U.S economy enters a period of decline in incomes. This will cause
 
3) Imagine that the table on the right shows the quantity demanded of UCG boots at fine different prices in 2014 and in 2015. 
Which of the following variables could cause the demand for UCG boots to change as indicated from 2014 to 2015?
 
4) Imagine that the curves shown in the accompanying figure represent two demand curves for traditional wings (basket of six) at Buffalo Wild Wings.
The movement from point A to B on Dl is caused by
Indicate which of the following would cause a movement from point A to C. (Check al that apply)
The difference between a change in supply and a change in the quantity supplied is that the latter is
 
5) Suppose the curves in the figure to the right represent two supply curves for traditional wings (basket of six) at Buffalo wild Wings
The movement from point A to B os S1 is caused by
Indicates which of the following would cause a movement from point A to C
 
6) Suppose that the table on the right shows the quantity supplied of UCG boots at five different prices in 2014 and in 2015
Refer to the table to the right note the change in the quantity supplied of UCG boots from 2014 to 2015
Which of the following variables could explain the change in the quantity supplied observed in 2015?
If the market price ‘Pmkt’ is equal to the price ‘Po’, then quantity supplied is ……. Quantity demanded and the market is in …….
 
7) Consider the market for gasoline, illustrated in the figure to the right.
The equilibrium quantity of gasoline is … million gallons and the equilibrium price $......per gallon
If instead the market price were $1.75, then there would be a …….. of … million gallons
 
8) If a 22 percent increase in the price of cheerios causes a 27 percent reduction in the number of boxes of cereal demanded, the price elasticity of demand for cheerios is - ……….
The demand for cheerios is ……
 
9) The following table gives data on the price of rye and the number of bushels of rye sold in 2013 and 2014
a) Calculate the change in the quantity of rye demanded divided by change in the price of rye. Measure the quantity of rye demanded in bushels. The change in the quantity of rye demanded divided by the change in the price of rye in bushels is………
b) Calculate the change in the quantity of rye demanded divided by change in the price of rye, but this time  measure the quantity of rye demanded in million of bushels. The change in the quantity of rye demanded divided by the change in the price of rye in million bushels is………
Compare to part a, the answer to part b is ……. In absolute terms
c) Finally assuming the demand curve for rye did not shift between 2013 and 2014, use the information in the table to calculate the price elasticity of demand for rye. Using the midpoint formla, the price elasticity of demand for rye is ….
 
10) Suppose the price elasticity of demand for cereal is -0.83. 
If so then the price for demand for cereal is…..
In another example, assume the price elasticity of demand for a particular magazine is …….
The price elasticity of demand for the magazine is ….
 
11) Consider the polar case where the price elasticity of demand is perfectly inelastic
Use the line drawing tool to draw a perfectly inelastic curve.
 
12) Consider the two demand curves illustrated in the figure to the right
Which of the two is relatively more elastic?
 
13) Suppose that Bill owns an automobile collision repair shop and the table below shows the quantity of cars repaired per month according to how many workers Bill hires. Assume he pays each worker $6,000 per month and his fixed cost equals $5,000 per month
 
14) Suppose a pizza parlor has the following production costs: $5.00 in a labor per pizza, $4.00 in ingredients per pizza, $0.80 in electricity per pizza, $1,000 in restaurant rent per month, and $5550 in insurance per month
Assume the pizza parlor produces  6,000 pizzas per month
What is the variable cost of production is ….?
What is fixed cost of production
The fixed cost of production is $...
 
15) The table below shows the quantity of workers and total output for a local pizza parlor. Answer the following questions based on this table
a) When the owner hires 4 workers, the average product of labor is ….. pizzas
b) The marginal product of fifth worker is
c) If the marginal product of the second worker is 6, then total number of pizzas produced when 2 workers are hired is ,,, pizzas
d) Assuming the marginal product of the second worker is 6, the law of diminishing marginal returns set in with the
 
16) What are the three conditions for a market to be perfectly competitive?
 
17) What is a price taker?
 
18) Consider the graph below showing the market demand and supply for com. Use the line drawing tool to graph the demand for com produced by one farmer, properly label this line
 
19) Which of the following are perfectly competitive markets?
 
 
20) Refer to the following table?
Suppose the price of what rises to $5.00 per bushel. Farmer parker will maximize profits by producing…. Bushels of wheat.
He will make a profit of $.........
 
21) The following table shows Farmer Parker’s revenue, cost, and profit from wheat farming
Farmer parker’s fixed costs are $
Suppose that fixed cost increase by ……
Farmer parker’s new profit-maximizing level of production after the increase in fixed cost is ….
The amount of profit that farmer parker will earn after increase in fixed cost is …..?
 
22) Sophia grows Christmas tree. Her cost of production is shown in the table below
Suppose the market for Christmas tree is perfectly competitive and that market price for Christmas tree is $152 per tree
How many Christmas tree should Sophia grow?
What is Sophia’s profit?
 
23) Frances sells earnings in the perfectly competitive earning market. Her output per day and costs are seen in the table to the right.
a) Of the current equilibrium price in the earing market is $1.80, what price will Frances charge?
b) Find the correct quantities for the missing values in the table
c) What quantity of earings will maximize France’s Profit?
 
24) The fig to be illustrates the average total cost (ATC) and marginal cost (MC) curves for an orange farmer in California. Assume market for oranges is perfectly competitive
Suppose the market price of orange is $28.00 per crate
 
25) Which of the following is an expression of profit for a perfectly competitive firm?
Profit for a perfectly competitive firm can be expressed as
 
26) Farmer brown grows a peaches. The average total cost and marginal cost of growing peaches for an individual farmer are illustrates in the graph to right
Assume the market for peaches is perfectly competitive and that the market price is $38 per box. Also assume that farmer Brown is producing the amount of peaches that maximizes profits.
 
27) Lauren grows grapes. Her average variable cost (AVC), average total cost (ATC), and marginal cost (MC) of production are illustrated in fig to the right
Assume the market for grapes is perfectly competitive and the market price is $4.00 per crate
Characterize Lauren’s economic profits. Assume she produces such that she maximizes profits in short run

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