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ECN 101 Midterm: ECN 101 Midterm 1 Spring 2013 Solutions

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turquoisegnu128
9 Jan 2019
School
UC-Davis
Department
Economics
Course
ECN 101
Professor
All

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Document Summary

Midterm 1solution key economics 101 (spring 2013) 6) a 7) a 8) d 9) b. 6) c 7) b 8) a 9) d. 6) b 7) c 8) d 9) a: d 2) c 3) b 4) b 5) c, c 2) d 3) c 4) a 5) a, e 2) b 3) d 4) c 5) d. Regrade policy: if you would like your test regraded, please submit a written statement to explain why, within one week of the date the exams are returned to class. Your entire test will be regraded, so there is a possibility that points could be lost rather than gained. It would lead to a capital stock that is too large, meaning that depreciation eats up too much of gdp and less is left over for consumption. Problem 2: neoclassical model: use the goods market equilibrium condition: ys = yd. Where: ys = 5x1000. 5 x 1000. 5 = 5 x 10 x 10 = 500.

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Related Questions

13. If the price of X is set at $24.00 per unit, the number of units of X purchased by this consumer each month will be: A) 1 B) 2 C) 3 D) 4 E) 5 F) 6 G) 7 H)8 1) 9 J) 10 K) 12 L) 14 M) 16 N) 18 0) 20 P) 22 Q) 24 R) 26 S) 28 T) 30 U) 36 V) 40 W) 44 X) 52 Y) 56 Z) none of the above

3. Suppose that those in charge of this economy want to maximize the utility of the residents of the country, where utility can be computed according to the equation U=XY' The point on the PPF that will maximize the value of the output involves the production of how many units of X (rounding to two decimal places)? A) 0.58 B) 0.71 C)1 D) 1.41 E) 1.73 F) 2 G) 2.83 H)3 1) 3.46 J) 3.5 K)4 L) 4.24 M) 4.33 N) 5 0) 5.77 P) 6 Q) 6.67 R) 7 S) 8 T) 8.14 U) 9 V) 10 W) 12 X) none of the above

The table below describes the total product of a firm. Fill in the missing values, a) - u), by calculating marginal product and average product.

1 2 3 4
Units of the variable resource (Capital) Total Product (TP) Marginal Product (MP) Average Product (AP)
0 0 a -
1 1 b l
2 3 c m
3 6 d n
4 10 e o
5 15 f p
6 18 g q
7 20 h r
8 19 i s
9 17 j t
10 13 k

u

Refer to the table from above.

a. List the units of capital exhibit increasing marginal returns?

b. List the units of capital exhibit decreasing marginal returns?

c. List the units of capital exhibit negative marginal returns?

8. Describe how the total product and average product curves change as a firm moves from increasing to diminishing to negative marginal returns.

9. Does the law of diminishing returns mean that, as a firm hires additional workers, each of those workers is successively worse at doing their job? Why or why not?