- •Individual homework (Цыганенко а.)
- •Variant 1
- •3. Economics is the study of
- •4. A consumer’s utility function is “transitive” if
- •Individual homework (Солоденко а.)
- •Variant 2
- •When confronted with scarcity societies and individuals attempt to resolve the problems with
- •Individual homework (Блощицына с.)
- •Variant 3
- •3. Epistemology is the
- •Individual homework (Свичкарь м.)
- •Variant 4
- •A general rule for optimization is, If
- •The determinants of demand include
- •Individual homework (Светиков д.)
- •Variant 5
- •The person credited with the notion of “falsification” as a means to increasing knowledge is
- •4. A change in demand could be the result of
- •Individual homework (Реков д.)
- •Variant 6
- •Normative issues in economics involve
- •In addition to the condition of transitivity, consumer’s utility function must
- •Individual homework (Коршиков м.)
- •Variant 7
- •A change in the quantity purchased of a good (X) that is caused by a change in the price of the good (X) ceteris paribus is referred to as
- •4. When considering a consumer’s indifference curves for two goods with positive utility (and not perfect compliments or substitutes), the curves will
- •Individual homework (Чепракова а.)
- •Variant 8
- •3. The primary objective of an economic system is to
- •4. The “Marginal rate of Substitution” (mrs) can be perceived as the
- •Individual homework (Макаренко а.)
- •Variant 9
- •3. The basic or fundamental allocation questions in economics include
- •4. Indifference curves
- •Individual homework (До Чинь)
- •Variant 10
- •4. “Marginal” is a term used in economics to refer to
- •Individual homework (Михно т.)
- •Variant 11
- •3. The Instructor argues that theory can be used to transmit values and beliefs. Objectives most often held for theory (not just economic theory) are
- •4. Indifference curves are ignored or irrelevant beyond where their slopes are 0 or infinity because
- •Individual homework (Леонтьева и.)
- •Variant 12
- •3. Theory can be thought of as
- •4. The consumer will maximize their utility when
- •Individual homework (Киеу Вет Чинь)
- •Variant 13
- •3. One of the key concepts that are used in economic analysis is “opportunity cost.” Opportunity cost exists because
- •Individual homework (Николаенко к.)
- •Variant 14
- •Opportunity cost must include
- •The budget constraint is reflected in
3. Theory can be thought of as
a. A ready made explanation that is universally applicable
b. A technical process that predicts events with great accuracy
c. A set of rules or a map that guides our analysis in organizing data to help us ask and answer questions
d. A waste of time and unnecessary
4. The consumer will maximize their utility when
a. The sum of the prices is equal to the slope of the budget constraint
b. The MRS = -1
c. Weighted marginal utility are equal
d. none of the above
Individual homework (Киеу Вет Чинь)
Variant 13
Preferences of consumer are:
Quantity of goods 1 2 3 4 5
Total utility 100 120 135 145 153
Find: marginal and average utility of the 2, 3, 4, 5 unit and explain the tendency of their change.
Monopolist can sell 20 units on price 100 doll. per unit, but selling of 21 units will decrease the price till 99,5 doll. per unit. Find marginal revenue of monopolist in the case of output increase from 20 till 21 units.
3. One of the key concepts that are used in economic analysis is “opportunity cost.” Opportunity cost exists because
a. Every thing has a market price measured in monetary units
b. The balance sheet must balance
c. The existence of relative scarcity requires choice
d. All the above
4. The model of an individual demand function may be stated as QX = f(PX, PY, I, preferences, #buyers, …)
a. True
b. False
Individual homework (Николаенко к.)
Variant 14
Labour is the only variable input, all other inputs are fixed.
Quantity of labour, person. 0 1 2 3 4 5 6
Output, units 0 40 90 126 150 165 180
With which laborer employment will marginal product start decreasing? Estimate marginal product of the 6th laborer? Which quantity of labour should we employ for average product maximization?
Free competitive firm plans to publish text-book on Economics. Average costs per one book are 2 doll.+2000doll./Q, where Q – quantity of text-books published during a year. Approximate price of the book is 4 doll. Firm plans to receive normal profit. Find annual output of text-books in such conditions.
Opportunity cost must include
a. Only dollar costs
b. Both implicit and explicit costs
c. Only those costs for which an actual cash outlay is made
d. Accounting costs
The budget constraint is reflected in
a. PX, PY and T
b. The demand schedule
c. All the above