Microeconomics Questions

• 参考教材 ：黄亚钧 郁义鸿主编 《微观经 济学》，高等教育出版社，2003年。
• 参考书目： • [美]H.范里安著 《微观经济学：现代观
点》，上海三联书店 上海人民出版社， 1994年； • [美]平狄克 鲁宾费尔德 著 《微观经济 学》，中国人民大学出版社，1997年。 • 黎诣远 《微观经济分析》，清华大学出 版社
13、He who seize the right moment, is the right man.谁把握机遇，谁就心想事成。21.7.1421.7.1 401:18:2501:18 :25July 14, 2021
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14、谁要是自己还没有发展培养和教 育好， 他就不 能发展 培养和 教育别 人。202 1年7月 14日星 期三上 午1时1 8分25 秒01:18:2521.nomic Man 经济人
• 如果说，稀缺是社会存在的经济概括， 那么，经济人这个概念就是对社会意 识的经济学概括。
• 经济学并不研究稀缺本身，而是研究 在稀缺条件下人的行为，也就是研究 经济人的行为。
© copyrights by Changde Zheng 2004. Economic college，Southwest University For Nationalities.
ii) Scarcity means that to have more of some things there must be less of others (Opportunity Cost): Production Possibilities Frontier
iii) Scarcity implies choice
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15、一年之计，莫如树谷；十年之计 ，莫如 树木； 终身之 计，莫 如树人 。2021 年7月上 午1时1 8分21. 7.1401:18July 14, 2021

Discipline of EconomicsECON 5001: MICROECONOMICSMid-Semester Test(Friday September 10, 2004)Instructions1.The test lasts for 1½ hours. Maximum marks = 40.2.The test consists of two parts. You must answer ALL questions in both parts.(i).Part A Multiple Choice: 20 questions (1 mark each).Answer on the sheet provided.(ii).Part B Problems: 2 problems (10 marks each).Answer in the booklet provided.3.Put your name, SID, and stream on the multiple choice answer sheet, and theexam booklet. Failure to comply may result in a mark of zero.4.This is a closed book exam: no notes are allowed. Non-programmable calculatorsare permitted.5.University of Sydney Examination Regulations apply. No person may leave theexamination room in the first 30 minutes or in the last 20 minutes of the exam. 6.GOOD LUCK!Part A: Multiple Choice (20 marks)1. The slope of an indifference curve reveals:a.that preferences are complete.b.the marginal rate of substitution of one good for another good.c.the ratio of market prices.d.that preferences are transitive.e.none of the above.2. Jane is trying to decide which courses to take next semester. She has narroweddown her choice to two courses Econ 1 and Econ 2. Now she is having trouble.She just cannot decide whi ch of the two courses to take. It’s not that she isindifferent between the two courses, she just cannot decide. An economistwould say that this is an example of preferences that:a.are not transitive.b.are incomplete.c.violate the assumption that more is preferred to less.d.all of the above.3. If a consumer must spend her entire income on some combination of twocommodities and chooses to spend it all on just one of the commodities then:a.the other commodity is an economic bad.b.the other commodity must have zero marginal utility.c.the other commodity generates less utility per dollar spent on the good.d.the two commodities must be perfect substitutes.4. The change in the price of one good has no effect on the quantity demanded ofanother good. These goods are:plements.b.substitutes.c.both inferior.d.both Giffen goods.e.none of the above.5. The income-consumption curve for Dana between Q A and Q B is given by theequation Q A = Q B. His budget constraint is given as:120 = Q A + 4Q BHow much Q A will Dana consume to maximize utility?a.0.b.24.c.30.d.60.e.More information is needed to answer this question.6. Assume that beer is a normal good. If the price of beer rises, then thesubstitution effect results in the person buying ______ of the good and theincome effect results in the person buying ______ of the good.a.more, more.b.more, less.c.less, more.d.less, less.7. Which of the following will cause the price of beer to rise?a. A shift to the right in the demand curve for beer.b. A shift to the left in the supply curve of beer.c.both (a) and (b).d.none of the above.8. Blanca would prefer a certain income of $20,000 to a gamble with a 0.5probability of $10,000 and a 0.5 probability of $30,000. Based on thisinformation:a.we can infer that Blanca neutral.b.we can infer that Blanca is risk averse.c.we can infer that Blanca is risk loving.d.we cannot infer Blanca's risk preferences.Wanting to invest in the computer games industry, you select Whizbo, Yowzo and Zowiebo as the three best firms. Over the past 10 years, the three firms have had good years and bad years. The following table shows their performance:9. Refer to the table above. Where is the highest expected revenue, based on the10 years' past performance?a.Whizbo.b.Yowzo.c.Zowiebo.d.Whizbo and Yowzo.e.Yowzo and Zowiebo.10. The price of good A goes up. As a result the demand for good B shifts to theleft. From this we can infer that:a.good A is used to produce good B.b.good B is used to produce good A.c.goods A and B are substitutes.d.goods A and B are complements.e.none of the above.11. A firm uses two factors of production. Irrespective of how much of each factoris used, both factors always have positive marginal products which imply thata. isoquants are relevant only in the long run.b. isoquants have negative slope.c. isoquants are convex.d. isoquants can become vertical or horizontal.e. none of the above.12. A firm's marginal product of labor is 4 and its marginal product of capital is 5.If the firm adds one unit of labor, but does not want its output quantity tochange, the firm shoulda. use five fewer units of capital.b. use 0.8 fewer units of capital.c. use 1.25 fewer units of capital.d. add 1.25 units of capital.13. If input prices are constant, a firm with increasing returns to scale can expecta. costs to double as output doubles.b. costs to more than double as output doubles.c. costs to go up less than double as output doubles.d. to hire more and more labor for a given amount of capital, since marginalproduct increases.e. to never reach the point where the marginal product of labor is equal tothe wage.14. Which of the following is not an expression for the cost minimizing combinationof inputs?a. MRTS = MP L / MP K.b. MP L / w = MP K / r.c. MRTS = w / r.d. MP L / MP K = w / r.e. None of these.15. A firm wants to minimize the total cost of producing 100 tons of dynamite. Thefirm uses two factors of production, chemicals and labor. The combination of chemicals and labor that minimizes production costs will be found wherea.the marginal products of chemicals and labor are equal.b.the ratio of the amount of chemicals used to the amount of labor usedequals the ratio of the marginal product of chemicals to the marginalproduct of labor.c.the ratio of the amount of chemicals used to the amount of labor usedequals the ratio of the price of chemicals to the wage rate.d.the production of an additional unit of dynamite costs the same regardlessof whether chemicals or labor are used.e.none of the above.16. A firm employs 100 workers at a wage rate of $10 per hour, and 50 units ofcapital at a rate of $21 per hour. The marginal product of labor is 3, and themarginal product of capital is 5. The firma. is producing its current output level at the minimum cost.b. could reduce the cost of producing its current output level by employingmore capital and less labor.c. could reduce the cost of producing its current output level by employingmore labor and less capital.d. could increase its output at no extra cost by employing more capital andless labor.e. both (b) and (d) are true.17. When an isocost line is just tangent to an isoquant, we know thata.output is being produced at minimum cost.b.output is not being produced at minimum cost.c.the two products are being produced at the least input cost to the firm.d.the two products are being produced at the highest input cost to the firm.18. If current output is less than the profit-maximizing output, then the next unitproduceda.will decrease profit.b.will increase cost more than it increases revenue.c.will increase revenue more than it increases cost.d.will increase revenue without increasing cost.e.may or may not increase profit.19. If a graph of a perfectly competitive firm shows that the MR = MC point occurswhere MR is above AVC but below ATC,a.the firm is earning negative profit, and will shut down rather thanproduce that level of output.b.the firm is earning negative profit, but will continue to produce whereMR = MC in the short run.c.the firm is still earning positive profit, as long as variable costs arecovered.d.the firm is covering explicit, but not implicit, costs.e.the firm can cover all of fixed costs but only a portion of variable costs.20.When the price faced by a competitive firm was $5, the firm produced nothingin the short run. However, when the price rose to $10, the firm produced 100 tons of output. From this we can infer thata.the firm's marginal cost curve must be flat.b.the firm's marginal costs of production never fall below $5.c.the firm's average cost of production was less than $10.d.the firm's total cost of producing 100 tons is less than $1000.e.the minimum value of the firm's average variable cost lies between $5and $10.Part B: Problems (20 marks - Answer BOTH questions)1. (10 marks)Mark derives utility from attending rock concerts (R) and fromcolas (C) as follows:U(C,R) = C 0.9R 0.1.The marginal utility of cola (MU C) and the marginal utility of rock concerts(MU R) are given as follows:MU C = 0.9C −0.1R 0.1 ,MU R = 0.1C 0.9R−0.9 ,withMRS = MU C/ MU R = 9R / C.a.If the price of cola (P C) is $1 and the price of concert tickets (P R)is $30 and Natasha's income is $300, how many colas and ticketsshould Natasha buy to maximize utility? (4 marks)b.Suppose that the promoters of rock concerts require each fan tobuy 4 tickets or none at all. Under this constraint and given theprices and income in (a), how many colas and tickets shouldNatasha buy to maximize utility? (4 marks)c.Is Natasha better off under the conditions in (a) or (b)? Explainyour answer. (2 marks)2.(10 marks)Consider a competitive market made up of a large number ofidentical firms. The market demand curve for the product is:Q = 1,000 – 50P,where P is price and Q is quantity. The market supply is expressed as:Q = 200P– 1,000.A typical firm in the industry has a marginal cost function as follows:MC = 5 + 0.5Q.a.Determine the market equilibrium price and quantity for theindustry. (2 marks)b.Determine each firm’s ou tput level and the number of firms in theindustry. (2 marks)c.Suppose that the government imposes a tax of $1 per unit ofoutput produced by firms. Compute the new equilibrium price inthe market after the tax is imposed. (3 marks)d.Suppose that the price in (a) represented a long-run equilibrium inthe market. Does the new equilibrium (c) represent a long-runequilibrium? What adjustments, if any, will occur in the industry?Explain. (3 marks)***** END OF TEST ******。

微观经济学试题及答案英文Microeconomics Exam Questions and AnswersQuestion 1: Define the law of demand and explain how itrelates to the concept of price elasticity of demand.Answer 1: The law of demand states that, all else being equal, the quantity demanded of a good or service will decrease asthe price increases. Price elasticity of demand measures the responsiveness of the quantity demanded to a change in price. If the quantity demanded changes significantly in response to a price change, the demand is said to be elastic. Conversely, if the quantity demanded changes very little, the demand is inelastic.Question 2: What is the difference between a firm's total revenue and marginal revenue?Answer 2: Total revenue is the total income received by afirm from selling its product, calculated as the price perunit multiplied by the quantity sold. Marginal revenue, onthe other hand, is the additional revenue generated fromselling one more unit of the product. It is the change intotal revenue divided by the change in quantity sold. In a perfectly competitive market, marginal revenue equals the price, but in a market with some degree of monopoly power, marginal revenue is less than the price.Question 3: Explain the concept of consumer surplus and howit is calculated.Answer 3: Consumer surplus is the difference between what consumers are willing to pay for a good or service and what they actually pay. It is a measure of the welfare gain to consumers from participating in a market. It is calculated by finding the area under the demand curve but above the market price, which represents the total amount consumers would have been willing to pay for each unit up to the quantity they actually purchase.Question 4: What is the marginal cost and how does it relateto a firm's decision to produce?Answer 4: Marginal cost is the cost of producing oneadditional unit of a good or service. It is the change intotal cost resulting from producing one more unit. Firms will continue to produce additional units as long as the marginal cost is less than the marginal revenue. If the marginal cost exceeds the marginal revenue, the firm will reduce production, as producing one more unit would result in a loss.Question 5: Define economies of scale and explain how they affect a firm's cost structure.Answer 5: Economies of scale refer to the cost advantagesthat a firm experiences when it increases its level of output. As the scale of production increases, the average cost perunit of output decreases due to factors such as spreadingfixed costs over more units, specialization of labor, andbulk purchasing discounts. This can lead to lower per-unit costs and potentially higher profits.Question 6: What is the difference between a normal good and an inferior good?Answer 6: A normal good is a good for which the demand increases as consumers' income increases. In contrast, an inferior good is a good for which the demand decreases as consumers' income increases. This is because consumers tend to substitute inferior goods with superior or higher-quality goods when their income rises.End of ExamPlease note that this is a sample set of microeconomics exam questions and answers. The actual content of an exam would depend on the specific topics covered in the course and the level of difficulty desired by the instructor.。

Directions: Use the graphs below to answer the questions. Make sure to explain your answer to receive full credit.The above grapsh show the market for corn. The firm is a operating in a constant-cost industry.a. What type of market does Grand Farm sell their corn in? Explainb.Is Grand Farm currently earning economic profit, earning a loss, or are they at long-run equilibrium?Explain.c.In the long run, what happens to each of the following?i.The number of firms in the industry? Explainii.The equilibrium price in the market; does it increase, decrease, or remain the same?d.Is Grand Farm currently allocatively efficient? Explaine.Is Grand Farm currently productively efficient? Explainf.Assume that corn is an inferior good and consumers income rises.i.Would the price in the market increase, decrease, or remain the same? Explain.ii.Would the price for the firm increase, decrease, or remain the same?iii.Would the quantity in the firm increase, decrease, or remain the same? Explain.g.Assume that the price falls for the firm below their ATC. What must be true for them to continue tooperate?h.Rent is an important fixed cost for farms currently growing corn, and the industry experiences a decreasein rent.i. Would the profit-maximizing quantity for the firm increase, decrease, or remain the same? Explain.。