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# Micro test #2 review questions.docx

5 Pages
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School
Western University
Department
Economics
Course
Economics 1021A/B
Professor
Bruce Hammond
Semester
Fall

Description
Question #1 Utility Fishing Tennis Hours TU MU MU per Hours TU MU MU per \$ \$ 1 31 1 38 2 60 2 72 3 87 3 102 4 111 4 130 5 131 5 152 6 149 6 170 7 161 7 184 8 167 8 194  Fishing costs \$4 per hour  Tennis costs \$3 per hour  Complete the table above and determine how many hours of each activity a person with \$27 will undertake (assume they want to spend all their money. Question #2 – Costs of Production The producer leases their equipment and space for \$50/day and labour costs \$160/day. Complete the following table. Quantity of Total Daily Output Average Product Marginal Product Labour 0 0 - 1 200 2 600 3 900 4 1000 5 1040 Complete the following table: Total TVC TFC TC MC AVC AFC ATC Daily Output 0 200 600 900 1000 1040 Competitive Markets (Perfect Competition) The following table shows information for a firm that operates in a competitive market. Q AVC ATC TC MC 1 100 200 200 2 95 145 290 3 90 123.33 370 4 92 117 468 5 95 115 575 6 100 116.67 700 7 110 124.28 878 8 120 132.50 1060 Given the prices in the following table, fill in the Q and Profit columns.
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