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Posted: February 8th, 2019

Consider a market where demand is D: P

PART A – Questions 1 – 7Consider a market where demand is D: P = 30 – Q and supply is S: P = 0.5Q.1. Equilibrium quantity Qe isa. $17b. $18c. $19d. $202. Equilibrium is price Pea. 10b. 11c. 12d. 133. Consumer surplus CS isa. $199b. $200c. $201d. $2024. Producer surplus PS isa. $98b. $99c. $100d. $1015. Total surplus TS isa. $220b. $300c. $323d. $4446. When the government imposes a price floor = $20, disequilibrium between quantitydemanded and quantity supplied results ina. Deficit = 10b. Surplus = 10c. Deficit = 30d. Surplus = 307. Total surplus TS’ with the price floor isa. $220b. $225c. $230d. $235PART B – Questions 8 – 28Consider a market where demand is D: P = 40 – Q and supply is S: P = Q.8. Equilibrium quantity Qe isa. 16b. 18c. 20d. 229. Equilibrium price Pe isa. $18b. $20c. $22d. $2410. Consumer surplus CS isa. $198b. $199c. $200d. $20111. Producer surplus PS isa. $198b. $199c. $200d. $20112. Total surplus TS isa. $390b. $394c. $396d. $400Impose a specific tax T = $4 on each unit sold in the above market.13. Post-tax quantity Q’ isa. 16b. 18c. 20d. 2214. Post-tax price P’ isa. $18b. $20c. $22d. $2415. Consumer surplus CS’ isa. $156b. $158c. $160d. $16216. Producer surplus PS’ isa. $156b. $158c. $160d. $16217. Tax revenue TR of the government isa. $68b. $70c. $72d. $7418. Total surplus TS’ isa. $390b. $394c. $396d. $400Consider a market where demand is: P = 70 – Q and supply is S: P = Q.19. Equilibrium quantity Qe isa. 35b. 36c. 45d. 5620. Equilibrium price Pe isa. $34b. $35c. $36d. $3721. Consumer surplus CS isa. $610b. $612.5c. $615d. $64822. Producer surplus PS isa. $610b. $612.5c. $615d. $64823. Total surplus TS isa. $1,222b. $1,223c. $1,224d. $1,225Construct a budget neutral subsidy in the above market.24. Post-subsidy quantity Q’ isa. 35b. 36c. 45d. 5625. Post-subsidy price P’ isa. $34b. $35c. $36d. $3726. Consumer surplus CS’ isa. $610b. $612.5c. $615d. $64827. Producer surplus PS’ isa. $610b. $612.5c. $615d. $64828. Total surplus TS is (do not forget to account for the subsidy expenditure SE)a. $1,222b. $1,223c. $1,224d. $1,22529. The basic characteristic of the long run is that:A. barriers to entry prevent new firms from entering the industry.B. the firm has sufficient time to change the size of its plant.C. the firm does not have sufficient time to cut its rate of output to zero.D. a firm does not have sufficient time to change the amounts of any of the resources itemploys.30. The law of diminishing returns indicates that:A. as extra units of a variable resource are added to a fixed resource, marginal productwill decline beyond some point.B. because of economies and diseconomies of scale a competitive firm’s long-runaverage total cost curve will be U-shaped.C. the demand for goods produced by purely competitive industries is downsloping.D. beyond some point the extra utility derived from additional units of a product will yieldthe consumer smaller and smaller extra amounts of satisfaction.31. Variable cost is:A. the cost of producing one more unit of capital, say, machinery.B. any cost which does not change when the firm changes its output.C. average total cost multiplied by the firm’s output.D. any cost that rises with output in the short run.32. In the above figure, curves 1, 2, 3, and 4 represent the:A. ATC, MC, AFC, and AVC curves respectively.B. MC, AFC, AVC, and ATC curves respectively.C. MC, ATC, AVC, and AFC curves respectively.D. ATC, AVC, AFC, and MC curves respectively.33. Refer to the above data. If product price is $60, the firm will:A. shut down.B. produce 4 units and realize a $120 economic profit.C. produce 6 units and realize a $100 economic profit.D. produce 3 units and incur a $40 loss.34. Refer to the above diagram for a pure monopolist. Monopoly price will be:A. e.B. c.C. b.D. a.35. Refer to the above diagram for a pure monopolist. Monopoly output will be:A. between f and g.B. h.C. g.D. f.Consider a market with the market demand D: P = 100 – Q, which is served by two Cournotduopolistic producers with the constant marginal cost MC = $10 and no fixed cost.36. In Nash equilibrium, the output of each firm, isA. 20B. 30C. 40D. 5037.A.B.C.D.In Nash equilibrium, the market output is40608010038. In Nash equilibrium, the market price isA. $30B. $40C. $50D. $6039. In Nash equilibrium, profit of each firm isA. $900B. $1000C. $1100D. $120040. When these two firms collude to form a cartel, the market output isA. 10B. 20C. 35D. 4541. When these two firms collude to form a cartel, the market price isA. 45B. 55C. 60D. 7042. When these two firms collude to form a cartel, the profit of each firm isA. $1012.50B. $1450.50C. $1560.25D. $1860.2543. Under pure competition a large number of identical firms in this market would produce aA.B.C.D.market output of809010011044. Under pure competition the market price in this market would beA. $10B. $14C. $15D. $18

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