Exam 25: Factor Markets-Part B

Suppose the demand curve for mineral water is given by p = 20 - 12q, where p is the price per bottle paid by consumers and q is the number of bottles purchased by consumers.Mineral water is supplied to consumers by a monopolistic distributor, who buys from a monopolist producer who is able to produce mineral water at zero cost.The producer charges the distributor a price of c per bottle, that will maximize the producer's total revenue.Given his marginal cost of c, the distributor chooses an output to maximize profits.The price paid by consumers under this arrangement is

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(Multiple Choice)

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Question 1

Correct Answer:

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Suppose that the labor supply curve for a large university in a small town is given by w = 140 + 0.05L, where L is number of units of labor per week and w is the weekly wage paid per unit of labor.If the university is currently hiring 1,000 units of labor per week, the marginal cost of an additional unit of labor

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(Multiple Choice)

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Question 2

Correct Answer:

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suppose that the demand curve for antimacassars is p = 53 - Q/1,000.The firm's profit-maximizing output is closest to

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(Multiple Choice)

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Question 3

Correct Answer:

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Suppose the demand curve for mineral water is given by p = 70 - 16q, where p is the price per bottle paid by consumers and q is the number of bottles purchased by consumers.Mineral water is supplied to consumers by a monopolistic distributor, who buys from a monopolist producer who is able to produce mineral water at zero cost.The producer charges the distributor a price of c per bottle, that will maximize the producer's total revenue.Given his marginal cost of c, the distributor chooses an output to maximize profits.The price paid by consumers under this arrangement is

(Multiple Choice)

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Question 4

Suppose the demand curve for mineral water is given by p = 60 - 8q, where p is the price per bottle paid by consumers and q is the number of bottles purchased by consumers.Mineral water is supplied to consumers by a monopolistic distributor, who buys from a monopolist producer who is able to produce mineral water at zero cost.The producer charges the distributor a price of c per bottle, that will maximize the producer's total revenue.Given his marginal cost of c, the distributor chooses an output to maximize profits.The price paid by consumers under this arrangement is

(Multiple Choice)

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Question 5

Suppose the demand curve for mineral water is given by p = 40 - 16q, where p is the price per bottle paid by consumers and q is the number of bottles purchased by consumers.Mineral water is supplied to consumers by a monopolistic distributor, who buys from a monopolist producer who is able to produce mineral water at zero cost.The producer charges the distributor a price of c per bottle, that will maximize the producer's total revenue.Given his marginal cost of c, the istributor chooses an output to maximize profits.The price paid by consumers under this arrangement is

(Multiple Choice)

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Question 6

Rabelaisian Restaurants has a monopoly in the town of Upper Glutton.Its production function is Q = 40L, where L is the amount of labor it uses and Q is the number of meals produced.Rabelaisian Restaurants finds that in order to hire L units of labor, it must pay a wage of 40 + .1L per unit of labor.The demand curve for meals at Rabelaisian Restaurants is given by P = 13.75 - Q/1,000.The profit-maximizing output for Rabelaisian Restaurants is

(Multiple Choice)

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Question 7

suppose that the demand curve for antimacassars is p = 55 - Q/1,100.The firm's profit-maximizing output is closest to

(Multiple Choice)

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Question 8

Rabelaisian Restaurants has a monopoly in the town of Upper Glutton.Its production function is Q = 10L, where L is the amount of labor it uses and Q is the number of meals produced.Rabelaisian Restaurants finds that in order to hire L units of labor, it must pay a wage of 10 + .1L per unit of labor.The demand curve for meals at Rabelaisian Restaurants is given by P = 49 - Q/1,000.The profit-maximizing output for Rabelaisian Restaurants is

(Multiple Choice)

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Question 9

Suppose that the labor supply curve for a large university in a small town is given by w = 60 + 0.08L, where L is number of units of labor per week and w is the weekly wage paid per unit of labor.If the university is currently hiring 1,000 units of labor per week, the marginal cost of an additional unit of labor

(Multiple Choice)

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Question 10

Suppose that the labor supply curve for a large university in a small town is given by w = 160 + 0.03L, where L is number of units of labor per week and w is the weekly wage paid per unit of labor.If the university is currently hiring 1,000 units of labor per week, the marginal cost of an additional unit of labor

(Multiple Choice)

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Question 11

Suppose that the labor supply curve for a large university in a small town is given by w = 160 + 0.05L, where L is number of units of labor per week and w is he weekly wage paid per unit of labor.If the university is currently hiring 1,000 units of labor per week, the marginal cost of an additional unit of labor

(Multiple Choice)

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Question 12

Suppose that the labor supply curve for a large university in a small town is given by w = 140 + 0.02L, where L is number of units of labor per week and w is the weekly wage paid per unit of labor.If the university is currently hiring 1,000 units of labor per week, the marginal cost of an additional unit of labor

(Multiple Choice)

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Question 13

Rabelaisian Restaurants has a monopoly in the town of Upper Glutton.Its production function is Q = 10L, where L is the amount of labor it uses and Q is the number of meals produced.Rabelaisian Restaurants finds that in order to hire L units of labor, it must pay a wage of 10 + .1L per unit of labor.The demand curve for meals at Rabelaisian Restaurants is given by P - 41 - Q/1,000=.The profit-maximizing output for Rabelaisian Restaurants is

(Multiple Choice)

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(85)

Question 14

Suppose the demand curve for mineral water is given by p = 20 - 16q, where p is the price per bottle paid by consumers and q is the number of bottles purchased by consumers.Mineral water is supplied to consumers by a monopolistic distributor, who buys from a monopolist producer who is able to produce mineral water at zero cost.The producer charges the distributor a price of c per bottle, that will maximize the producer's total revenue.Given his marginal cost of c, the distributor chooses an output to maximize profits.The price paid by consumers under this arrangement is

(Multiple Choice)

4.8/5

(82)

Question 15

Rabelaisian Restaurants has a monopoly in the town of Upper Glutton.Its production function is Q = 10L, where L is the amount of labor it uses and Q is the number of meals produced.Rabelaisian Restaurants finds that in order to hire L units of labor, it must pay a wage of 10 + .1L per unit of labor.The demand curve for meals at Rabelaisian Restaurants is given by P = 49 - Q/1,000.The profit-maximizing output for Rabelaisian Restaurants is

(Multiple Choice)

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(70)

Question 16

suppose that the demand curve for antimacassars is p = 66 - Q/900.The firm's profit-maximizing output is closest to

(Multiple Choice)

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Question 17

suppose that the demand curve for antimacassars is p = 66 - Q/1,000.The firm's profit-maximizing output is closest to

(Multiple Choice)

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Question 18

Rabelaisian Restaurants has a monopoly in the town of Upper Glutton.Its production function is Q = 30L, where L is the amount of labor it uses and Q is the number of meals produced.Rabelaisian Restaurants finds that in order to hire L units of labor, it must pay a wage of 30 + .1L per unit of labor.The demand curve for meals at Rabelaisian Restaurants is given by P =26.67 - Q/1,000.The profit-maximizing output for Rabelaisian Restaurants is

(Multiple Choice)

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Question 19

suppose that the demand curve for antimacassars is p = 51 - Q/900.The firm's profit-maximizing output is closest to

(Multiple Choice)

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Question 20

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Exam 25: Factor Markets-Part B

suppose that the demand curve for antimacassars is p = 53 - Q/1,000.The firm's profit-maximizing output is closest to

suppose that the demand curve for antimacassars is p = 55 - Q/1,100.The firm's profit-maximizing output is closest to

suppose that the demand curve for antimacassars is p = 66 - Q/900.The firm's profit-maximizing output is closest to

suppose that the demand curve for antimacassars is p = 66 - Q/1,000.The firm's profit-maximizing output is closest to

suppose that the demand curve for antimacassars is p = 51 - Q/900.The firm's profit-maximizing output is closest to

Budget Constraint-Part A

Budget Constraint-Part B

Preferences-Part A

Preferences-Part B

Utility-Part A

Utility-Part B

Choice-Part A

Choice-Part B

Demand-Part A

Demand-Part B

Revealed Preference-Part A

Revealed Preference-Part B

Slutsky Equation-Part A

Slutsky Equation-Part B

Buying and Selling-Part A

Buying and Selling-Part B

Intertemporal Choice-Part A

Intertemporal Choice-Part B

Asset Markets-Part A

Asset Markets-Part B

Uncertainty-Part A

Uncertainty-Part B

Risky Assets-Part A

Risky Assets-Part B

Consumers Surplus-Part A

Consumers Surplus-Part B

Market Demand-Part A

Market Demand-Part B

Equilibrium-Part A

Equilibrium-Part B

Auctions-Part A

Auctions-Part B

Technology-Part A

Technology-Part B

Profit Maximization-Part A

Profit Maximization-Part B

Cost Minimization-Part A

Cost Minimization-Part B

Cost Curves-Part A

Cost Curves-Part B

Firm Supply-Part A

Firm Supply-Part B

Industry Supply-Part A

Industry Supply-Part B

Monopoly-Part A

Monopoly-Part B

Monopoly Behavior-Part A

Monopoly Behavior-Part B

Factor Markets-Part A

Oligopoly-Part A

Oligopoly-Part B

Game Theory-Part A

Game Theory-Part B

Game Applications-Part A

Game Applications-Part B

Behavioral Economics

Exchange-Part A

Exchange-Part B

Production-Part A

Production-Part B

Welfare-Part A

Welfare-Part B

Externalities-Part A

Externalities-Part B

Information Technology-Part A

Information Technology-Part B

Public Goods-Part A

Public Goods-Part B

Asymmetric Information-Part A

Asymmetric Information-Part B

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