ECON 710 Midterm: ECON 710 UW Madison Midterm 2001a

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31 Jan 2019

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1. You are told that the economy is producing efficiently and has chosen to produce and consume 6 units of X and 16 units of Y. At this point on the production possibilities frontier, you can use calculus to obtain the opportunity cost of X as: A) 2 B) 1/2 C) 1 D) 3/2 E) 2/3 F)3 G) 1/3 H) 4 1) 1/4 J) 8/3 K) 3/8 L) 5/2 M) 2/5 N) 4/3 0) 3/4 P) 6 Q) 1/6 R) 8 S) 1/8 T) none of the above

1. You are told that the economy is producing efficiently and has chosen to produce and consume 12 units of X and 128 units of Y. At this point on the production possibilities frontier, you can use calculus to obtain the opportunity cost of Y as: A)-12 B)-6 C) 0 (D) 1/6 E) 3 F) 4 1/3 G) 5 H) 6 J) none of the ahove 1) 8

If a 10 percent increase in the price of good Y brings forth a 25 percent increase in the quantity demanded for good X, then the cross-price elasticity of demand is equal to ____, and good Y and good X are ____.

Select one:

a. 2.5; substitutes

b. 0.4; substitutes

c. unit-elastic; not related

d. 0.4; complements

e. 2.5; complements

Figure 28-7

Labor	Total Product
0	0
1	3
2	18
3	43
4	55

In Figure 28-7, assume that the resource and output markets are perfectly competitive. If the wage rate is $60 per unit of labor and the output price is $5 a unit, the MRP of the third laborer is

Select one:

a. $5.

b. $125.

c. 25 units.

d. 43 units.

e. $215.

ECON 710 Midterm: ECON 710 UW Madison Midterm 2001a

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