微观经济学作业答案3

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1、ManagerialEconomicsHOMEWORKSET#3Name:Class:Student#:(Dueday:Nextclass)Part1:1.Whentheaverageproductisdecreasing,marginalproducta.equalsaverageproduct.b.isincreasing.c.exceedsaverageproduct.d.isdecreasing.e.islessthanaverageproduct.Choose:e)Thenexttwoques

2、tionsrefertoafirminaconstant-costindustrywithATC(q)=2,000/q+100+5qandMC(q)=100+10q.2.Thelong-runequilibriumpriceequals:a.$100b.$200c.$300d.$500e.Noneoftheaboveiscorrect.Choose:c)FindminimumATCbysettingATC=MC;thisyieldsq=20.Plugq=20intoATCtofindthelong-ru

3、nequilibriumpriceof$300.3.Demandforindustryoutputhasjustincreased.Ifthemarketpriceinitiallyrisesto$600,eachfirminthelongrunwillproduce:a.20unitsb.50units.c.88.7unitd.100units.e.Moreinformationisneeded.Choose:a)Thelong-runequilibriumwillagainhaveeachfirmp

4、roducingatminimumATC.Eachfirmproduces20units,asinQuestion3.4.Astraight-lineisoquanta.isimpossible.b.wouldindicatethatthefirmcouldswitchfromoneoutputtoanothercostlessly.c.wouldindicatethatthefirmcouldnotswitchfromoneoutputtoanother.d.wouldindicatethatcapi

5、talandlaborcannotbesubstitutedforeachotherinproduction.e.wouldindicatethatcapitalandlaborareperfectsubstitutesinproduction.Choose:e)5.AfarmerusesMunitsofmachineryandLhoursoflabortoproduceCtonsofcorn,withthefollowingproductionfunctionC=L0.5+M0.75.Thisprod

6、uctionfunctionexhibitsa.decreasingreturnstoscaleforalloutputlevelsb.constantreturnstoscaleforalloutputlevelsc.increasingreturnstoscaleforalloutputlevelsd.noclearpatternofreturnstoscaleChoose:b)2L0.5+2M0.75=2C6.Thedifferencebetweentheeconomicandaccounting

7、costsofafirmarea.theaccountant'sfeesb.thecorporatetaxesonprofitsc.theopportunitycostsofthefactorsofproductionthatthefirmownsd.thesunkcostsincurredbythefirme.theexplicitcostsofthefirmChoose:c)7.Priceceilingareinefficientbecause:a.bothproducersandconsumers

8、lose.b.Producerslose,consumersmaygainorlose,butalossoccursonnet.c.Producerslose,consumergain,butalossoccursonnet.d.Producersandconsumermaygainorlose,butalossoccursonnet.e.Noneoftheaboveiscorrect.Choose:b)Consumersgainfroma