Exam 27:Factor Markets-Part B

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

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(Multiple Choice)

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Question 1

Correct Answer:

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Suppose that in Problem 2,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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Question 2

Correct Answer:

Verified

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

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(Multiple Choice)

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Question 3

Correct Answer:

Verified

In Problem 1,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 4

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 5

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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Question 6

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 7

Suppose that in Problem 2,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 8

In Problem 1,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 9

Suppose that in Problem 2,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)

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Question 10

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

(Multiple Choice)

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Question 11

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 12

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 13

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

(Multiple Choice)

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Question 14

Suppose that in Problem 2,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 15

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 16

In Problem 1,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 17

Suppose that in Problem 2,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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(74)

Question 18

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)

4.8/5

(74)

Question 19

In Problem 1,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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(81)

Question 20

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Exam 27:Factor Markets-Part B

In Problem 1,suppose that the demand curve for antimacassars is p = 51 - Q/900.The firm's profit-maximizing output is closest to

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

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

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

In Problem 1,suppose that the demand curve for antimacassars is p = 66 - Q/900.The firm's profit-maximizing output is closest to

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

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

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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