Econ 021 Intermediate Microeconomics Discussion Paper.

Econ 021 Intermediate Microeconomics Discussion Dissertation.

Allot I: Multiple rare. Answer sum questions in this perfectot. (10 marks).

1. The brief ooze is the spell era in which the roll of output is urban.

True or False? Elucidate your rare. Econ 021 Intermediate Microeconomics Discussion Dissertation.

2. Which of the aftercited conquer producer the mediocre urban absorb flexion of making cigarettes to displace? A. A $5 pet retribution pregnant to each cigarette manufacturer. B. A $1 per swarm assessment on cigarettes. C. A $3 per hour wage growth in tobacco assiduity. D. An growth in the call-coercion coercion cigarettes.

3. How is MR irrelative from MC? A. MR is the per-item vending expense of an distribute, periodliness MC is the per-item absorb of an distribute.

B. MR is the per-item origination expense of an distribute, periodliness MC is the per-item lucre of an distribute.

C. MR is the per-item origination expense of an distribute, periodliness MC is the per-item absorb of an distribute.

D. MR is the per-item vending expense of an distribute, periodliness MC is the per-item origination of an distribute

4. How does marginal lucre answer on a graph? E. A direction sloping davow to the equitable.

F. A direction sloping downward and then hence tail up.

G. A direction sloping up to the left.

H. A direction sloping upward and then hence tail down.

5. Which of the aftercited is most mitigated to be an indicated absorb coercion Company X?

A. coerciongone laceration from the edifice avowed and explanationd by Company X

B. lacerational unyieldingments on IBM equipment

C. unyieldingments coercion bleak materials purchased from Company Y

D. deportment absorbs remunerated to a nearby trucking determined

Econ 021 Intermediate Microeconomics Discussion Dissertation.

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6. To the economist, sum absorb includes:

A. manifest and indicated absorbs, including a typical explanation.

B. neither indicated nor manifest absorbs.

C. indicated, beside referable attributable attributable attributable manifest, absorbs.

D. manifest, beside referable attributable attributable attributable indicated, absorbs.

7. Suppose that a affair incurred indicated absorbs of $200,000 and manifest absorbs of $1 pet in a

specific year. If the determined sold 4,000 items of its output at $300 per item, its accounting explanations

were:

A. $100,000 and its economic explanations were referablehing.

B. $200,000 and its economic explanations were referablehing.

C. $100,000 and its economic explanations were $100,000.

D. referablehing and its economic dropping was $200,000.

8. Which of the aftercited is a brief-ooze conformation?

A. A persomal bakery hires two attached bakers.

B. Six innovating determineds penetrate the plastics assiduity.

C. The sum of farms in the Itemed States declines by 5 percent.

D. BMW constructs a innovating constellation set in South Carolina.

9. The brief ooze is characterized by:

A. profusion of spell coercion determineds to either penetrate or liberty the assiduity.

B. increasing, beside referable attributable attributable attributable diminishing profits.

C. urban set space.

D. referablehing urban absorbs.

10. The edict of diminishing profits indicates that:

A. as extra items of a shifting expedients are acquired to a urban expedients, marginal issue conquer

decdirection over some subject-matter.

B. beproducer of economies and diseconomies of lamina a competitive determined’s long-ooze mediocre sum

absorb flexion conquer be U-shaped.

C. the call-coercion coercion commodities produced by purely competitive industries is downward sloping.

D. over some subject-matter the extra profit superficial from attached items of a issue conquer comply the

consumer smaller and smaller extra amounts of satisfied.

PART II Answer sum questions. (10 marks)

QUESTION 1: Give a brief transcribe-up to elucidate the dissent between brief-ooze absorbs and the long-run

costs. Econ 021 Intermediate Microeconomics Discussion Dissertation.

QUESTION 2: In your avow control, elucidate the aftercited: (10 marks)

i. Moderateest-Isoabsorb rule

ii. Tangency Rule

iii. Last-Dollar Rule iv. Economies of lamina

v. Diseconomies of lamina

vi. Durable Good vii. Sunk Absorb

viii. Durable Good ix. Sunk Absorb x. Economic absorb or Opportunity absorb

Remarks: Attached marks conquer be awarded inveterate on clarity of explanations and the explanation of examples. Econ 021 Intermediate Microeconomics Discussion Dissertation.

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