Exam 33:Production-Part B

Al and Bill are the only workers in a small factory that makes geegaws and doodads.Al can make 5 geegaws per hour or 10 doodads per hour.Bill can make 4 geegaws per hour or 24 doodads per hour.Assuming that neither of them finds one task more odious than the other,

(Multiple Choice)

5.0/5

(81)

Question 21

(See Problem 5. )Every consumer has a red-money income and a blue-money income and each commodity has a red price and a blue price.You can buy a good by paying for it either with blue money at the blue price or with red money at the red price.Harold has 27 units of red money and 40 units of blue money to spend.The red price of ambrosia is 3 and the blue price of ambrosia is 8.The red price of bubble gum is 1 and the blue price of bubble gum is 2.If ambrosia is on the horizontal axis,and bubble gum on the vertical axis,then Harold's budget set is bounded by

(Multiple Choice)

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(85)

Question 22

On a certain island there are only two goods,wheat and milk.The only scarce resource is land.There are 1,000 acres of land.An acre of land will produce either 13 units of milk or 33 units of wheat.Some citizens have lots of land;some have just a little bit.The citizens of the island all have utility functions of the form U(M,W)= MW.At every Pareto optimal allocation,

(Multiple Choice)

4.7/5

(82)

Question 23

On a certain island there are only two goods,wheat and milk.The only scarce resource is land.There are 1,000 acres of land.An acre of land will produce either 3 units of milk or 7 units of wheat.Some citizens have lots of land;some have just a little bit.The citizens of the island all have utility functions of the form U(M,W)= MW.At every Pareto optimal allocation,

(Multiple Choice)

4.8/5

(79)

Question 24

(See Problem 5. )Every consumer has a red-money income and a blue-money income and each commodity has a red price and a blue price.You can buy a good by paying for it either with blue money at the blue price or with red money at the red price.Harold has 16 units of red money and 42 units of blue money to spend.The red price of ambrosia is 2 and the blue price of ambrosia is 6.The red price of bubble gum is 1 and the blue price of bubble gum is 2.If ambrosia is on the horizontal axis,and bubble gum on the vertical axis,then Harold's budget set is bounded by

(Multiple Choice)

4.9/5

(79)

Question 25

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Exam 33:Production-Part B

Al and Bill are the only workers in a small factory that makes geegaws and doodads.Al can make 5 geegaws per hour or 10 doodads per hour.Bill can make 4 geegaws per hour or 24 doodads per hour.Assuming that neither of them finds one task more odious than the other,

Demand-Part A

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

Factor Markets-Part B

Oligopoly-Part A

Oligopoly-Part B

Game Theory-Part A

Game Theory-Part B

Game Applications-Part A

Game Applications-Part B

Behavioral Economics-Part A

Exchange-Part A

Exchange-Part B

Production-Part A

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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