Microeconomics Homework!

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Microeconomics Homework!




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12)High price and low total utility mean



a.low marginal utility

b.large quantities sold

c.high marginal utility

d.high price/ marginal utility ratio



14)The law of demand may not hold in cases when



a.the item being purchased is a necesssity of life

b.price is assumed to be the major indicator of quality

c.government price controls are in effect

d.the consumer is on welfare



15.The proportion of an exise tax that is paid by consumers depends on the slopes of



a.the supply curve only

b.the demand curve only

c.either the supply curve or the demand curve

d.both the suppply curve and the demand curve



16.The term "unit elasticity" is used to describe a situation in which a rise is accompanied by



a.a fall in total expenditure

b.a rise in total expenditur

c.constant total expenditure

d.none of the above


Update 1: 22)For a given excise tax, the greater the elasticity of demand relative to the elasticity of supply?



a.smaller the price increase

b.greater the price increase

c.greater the share borne by the consumer

d.Smaller the share an excise tax borne by the producer



26)A production indefference curve



a.is dervied from consumer indifference curves

b.shows all combinations of goods thata can be produced given the same collection of inputs

c.is often called an isoquant

d.can be derived from historical data



35)The geometric description of marginal cost is the



a.area under total cost curve

b.area between the total cost curve and the total revenue curve

c.slope of the total profit curve

d.slope of the total cost curve



36)An increase in fixed cost will



a.shift the peak of the total profit curve to the right

b.shift the peak of the total profit curve to the left

c.raise the peak of the total profit curve

d.lower the peak of the total profit curve


Update 2: remember taking economics courses. they weren't fun, but i did all my homework myself. open your textbook son!



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