ECON 2100 Midterm: ECON 2100 Kennesaw State ECON2100 Summer2014 Exam1C Key
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Related Questions
Q7
Marginal cost is
| a. |
total revenue divided by the quantity of output. |
|
| b. |
total profit minus total costs. |
|
| c. |
the change in total cost brought about by selling an additional unit of the good. |
|
| d. |
the change in total revenue brought about by selling an additional unit of the good. |
|
| e. |
the change in total revenue minus the change in total costs. |
4 points
Q8
[Table 1] The dollar amounts that go in blanks (A) and (B) are, respectively,
Table-1
|
(1) |
(2) |
(3) |
|
|
Quantity Sold |
Marginal Revenue |
|
$10 |
10 |
|
|
$10 |
11 |
(A) |
|
$10 |
12 |
(B) |
|
$10 |
13 |
(C) |
|
$10 |
14 |
(D) |
| a. |
$11 and $11. |
|
| b. |
$10 and $10. |
|
| c. |
$10 and $11. |
|
| d. |
$11 and $12. |
4 points
Q9
[Table 1] The dollar amounts that go in blanks (C) and (D) are, respectively,
Table-1
|
(1) |
(2) |
(3) |
|
|
Quantity Sold |
Marginal Revenue |
|
$10 |
10 |
|
|
$10 |
11 |
(A) |
|
$10 |
12 |
(B) |
|
$10 |
13 |
(C) |
|
$10 |
14 |
(D) |
| a. |
$11 and $11. |
|
| b. |
$10 and $10. |
|
| c. |
$10 and $11. |
|
| d. |
$11 and $12. |
4 points
Q10
[Table 1] The demand curve facing the firm represented by the information in this table is
Table-1
|
(1) |
(2) |
(3) |
|
|
Quantity Sold |
Marginal Revenue |
|
$10 |
10 |
|
|
$10 |
11 |
(A) |
|
$10 |
12 |
(B) |
|
$10 |
13 |
(C) |
|
$10 |
14 |
(D) |
| a. |
downward-sloping. |
|
| b. |
upward-sloping. |
|
| c. |
horizontal. |
|
| d. |
vertical. |
4 points
Q11
[Table 2] The dollar amounts that go in blanks (E) is:
Table 2
|
-1 |
-2 |
-3 |
-4 |
-5 |
-6 |
-7 |
|
Quantity Sold |
Marginal Revenue |
Marginal |
Total |
Total |
Profit |
|
|
Price |
Cost |
Cost |
Revenue |
|||
|
$10 |
10 |
80 |
$100 |
$20 |
||
|
$10 |
11 |
(A) |
8 |
88 |
$110 |
$22 |
|
$10 |
12 |
(B) |
(E) |
97 |
(G) |
(I) |
|
$10 |
13 |
(C) |
(F) |
107 |
(H) |
(J) |
|
$10 |
14 |
(D) |
11 |
118 |
$140 |
$22 |
| a. |
$8 |
|
| b. |
$9 |
|
| c. |
$10 |
|
| d. |
$11 |
4 points
Q12
[Table 2] The dollar amounts that go in blanks (F) is:
Table 2
|
-1 |
-2 |
-3 |
-4 |
-5 |
-6 |
-7 |
|
Quantity Sold |
Marginal Revenue |
Marginal |
Total |
Total |
Profit |
|
|
Price |
Cost |
Cost |
Revenue |
|||
|
$10 |
10 |
80 |
$100 |
$20 |
||
|
$10 |
11 |
(A) |
8 |
88 |
$110 |
$22 |
|
$10 |
12 |
(B) |
(E) |
97 |
(G) |
(I) |
|
$10 |
13 |
(C) |
(F) |
107 |
(H) |
(J) |
|
$10 |
14 |
(D) |
11 |
118 |
$140 |
$22 |
| a. |
$8 |
|
| b. |
$9 |
|
| c. |
$10 |
|
| d. |
$11 |
