Economics -Q56 online

Economics -Q56 Online Services

1. Bubba’s budget for beer and lunch $24. The price of beer is $4 and the price of lunch is $8.
a) What combinations of beer & lunch can Jane afford?

# Beer # Lunch # Beer # Lunch
______ _______ ______ _______
______ _______ ______ _______
______ _______ ______ _______

b) What is the relative price of a beer? _________________________________

2. The table below shows Larry’s total utility from wings & beer. The price of an order of wings is $10, the price of beer is $5, and his weekly budget is $25. Use this information to answer the questions.

Quantity per week
Wings utility
Beer utility
0
0
0
1
15
25
2
25
45
3
31
60
4
36
70

a) What is the marginal utility from wings when he buys 1 per week: _____?
b) What is the marginal utility per dollar from wings when he buys 1 per week: _________?
c) What is the marginal utility from beer when he buys 2 per week: ______?
d) What is the marginal utility per dollar from beer when he buys 2 per week: __________?

3. During 2016 Donald maximizes his utility when he plays golf 25 times @ $50 per time and skis 10 times @ $100 per time.

a) If the marginal utility of golf is 1.0, what is the marginal utility from skiing? _________
TEST 2: CH. 13-18

4. After managing a local hamburger stand for 5 years, Tom decided to buy the business January 1, 2016. As manager Tom made $45,000/yr. At the end of 2016 Tom gave the following data for analysis

 Purchased building & equipment for $50,000
 Paid $75,000 in wages
 Used $20,000 from mutual fund that averaged 5% annual return
 Borrowed $30,000 from bank at 10%
 Sales revenues = $250,000
 Normal profit = $40,000
 Operating expenses $25,000
 Market value of building increased $5,000 during 2016

a) What is the economic profit? ______________
b) What is the accounting profit? ______________
5. Julio has a small organic soap manufacturing business. He hires workers to make & package the soap. The table below shows the productivity schedule per 4-hour shift (the only shift).

Labor
Total Product
0
0
1
100
2
225
3
375
4
550
5
700
6
750

a) What is the marginal product of the 4th employee? _____________________
b) What is the average product of the 4th employee? ________________
c) Over what range of labor does marginal product increase? ______________
d) At what level of labor does average product become greater than marginal product? _______

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TEST 2: CH. 13-18

6. A manufacturer has the following information

 Building lease is $20 per day
 Each employee makes $60 per day
 Equipment is leased at $10 per day

Using the above information and the following output table, answer the questions.
Labor
Total Product
0
0
1
100
2
225
3
375
4
550
5
700
6
750

a) What is the total cost of 550 units? _____________
b) What is the average cost of 550 units? ___________
c) What is marginal cost of going from 2-3 employees? _____________
d) At what level of output is average total cost the lowest? _____________

7. Mushroom growing is a perfectly competitive industry and all growers have the same costs.

 Market price = $20/lb.
 Average total cost = $17
 Average variable cost = $10
 Minimum average total cost = $15
 Profit is maximized by each grower at 1,000 lbs. per week

a) What is each growers’ economic profit/loss in short-run? $ ____________
b) In the long-run, what is the price & grower’s economic profit? Price = $________ Economic profit = $ __________

8. Jimbob’s Moonshine is a single price monopoly. Table below shows the demand and total cost schedules. Use this information to answer the questions.

Price
Quantity
Total cost
$15
0
2
14
1
5
13
2
10
12
3
20
11
4
35
10
5
55

a) What is the profit maximizing level of output? _________
b) What is the profit maximizing price? $ ________
c) What is the economic profit? $ __________

9. 2 Bears is a local Native American bracelet distributor in a monopolistic competitive market.
 Office/warehouse rent = $200/month
 Cost per bracelet = $10
Use the above information and the following demand schedule to answer the questions.

Price
Quantity
$50
0
40
10
30
20
20
30
10
40
0
50

a) What is the profit maximizing output? ___________
b) What is the profit maximizing price? $ __________
c) What is the economic profit? $ __________

TEST 2: CH. 13-18

10. Humboldt County has 2 wind turbines run by 2 separate companies. Each turbine has a valve that controls the flow of electricity. Marginal cost of producing power is $0. Use this information and the following demand schedule to answer the questions. (hint: oligopoly)

Price
Quantity Demanded
$100
0
90
10
80
20
70
30
60
40
50
50
40
60
30
70
20
80
10
90
0
100

a) If the 2 companies form a cartel and maximize their joint profit, what will be the price and quantity produced?
Price = $________ Quantity = ______
b) b) If forced to sell at the perfectly competitive price, what will be the price & quantity purchased?
Price = $___________ Quantity = ________

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