MICROECONOMICS FINAL EXAM HW 2

In the above figure, the price paid by the buyer the tax is _____________ per compact disc, and the price paid by the buyer after the tax is _____________ per compact disk.

In the above figure, the price received by the seller before tax is _____________ per compact disc, and the price received and kept by the seller after the tax is _____________ per compact disk.

In the above figure, what is the amount of the tax per compact disc?

In the above figure, what is the total tax revenue collected by the government?

In the above figure, who pays the larger share of the tax?

A sales tax is imposed on the sellers of gasoline. This tax shifts

When a sales tax is imposed on sellers, the supply curve shifts so that the vertical distance between the old and the new supply curve equals the

The demand and the supply for a good are each neither perfectly elastic nor perfectly inelastic. If a sales tax on sellers of the good is imposed, the tax is paid by

The amount of a tax paid by the buyers will be smaller the

If a tax is imposed in a market in which demand is perfectly inelastic

To help pay for the cost of sport related injuries, the government imposes a tax on sellers of all sports equipment. Referring to the above figure, how much tax per unit has the government imposed?

To help pay for the cost of sport related injuries, the government imposes a tax on sellers of all sports equipment. Using the above figure, how much deadweight loss results from this tax on sports equipment?

The demand and the supply for a sofa are each neither perfectly elastic nor perfectly inelastic. A tax on the buyers of sofas

The demand and the supply for cereal are each neither perfectly elastic nor perfectly inelastic. A tax on the buyers of cereal will increase the price of cereal paid by the buyers,

A tax on the buyers of personal computer external hard drives encourages

A $3 tax levied on the buyers of shoes will cause the

The demand and the supply for a good are each neither perfectly elastic nor perfectly inelastic. Which of the following is not correct?

In the above figure, which of the following statements is correct?

In the above figure, what is the amount of the tax per unit?

In the above figure, the per-unit burden of the tax on buyers of the good is

In the above figure, Andrew is a buyer of the good. Taking the tax into account, how much does Andrew effectively pay to acquire one unit of the good?

In the above figure, suppose sellers, rather than buyers, were required to pay this tax (in the same amount per unit as shown in the graph). Relative to the tax on buyers, the tax on sellers would result in

In the above figure, in the after-tax equilibrium, government collects

The elasticity of demand for chocolate chip cookies is 0.6 and the elasticity of supply for these cookies is 1.9. If a tax is imposed on purchases of chocolate chip cookies, then the

On Green Island, the demand for pencils is perfectly elastic and the supply of pencils is perfectly inelastic. If a sales tax on pencils is introduced,

A period of time in which the quantity of at least one factor of production used by a firm is fixed is called the

A period of time in which the quantity of all factors of production used by a firm can be varied is called the

Total cost is equal to the

Which type of cost is does not change as the quantity of output produced changes?

A firms total variable cost (TVC) is defined as a cost that

Ernie's Earmuffs produces 200 earmuffs per year at a total cost of $2,000 and $400 of this cost is fixed. What is Ernie's total variable cost?

Marginal cost is calculated as

The table above gives costs at Jans Bike Shop. Unfortunately, Jans record keeping has been spotty. Each worker is paid $100 a day. Labor costs are the only variable costs of production. What is the total cost of producing 50 bikes?

The table above gives costs at Jans Bike Shop. Unfortunately, Jans record keeping has been spotty. Each worker is paid $100 a day. Labor costs are the only variable costs of production. What is the total variable cost of producing 60 bikes?

Use the data in the table above and suppose that labor is the only variable factor of production. If each worker is paid $42.00 per day, what is the average variable cost to Decent Donuts of producing 122 dozen donuts per day?

Cindys Sweaters production function is shown in the above table. Cindy rents two knitting machines for $30 a day each and hires workers at a wage rate of $40 a day. If Cindy produces 18 sweaters per day, what is her total cost?

Cindys Sweaters production function is shown in the above table. Cindy rents two knitting machines for $30 a day each and hires workers at a wage rate of $40 a day. If Cindy produces 20 sweaters per day, what is her average fixed cost of production?

Cindys Sweaters production function is shown in the above table. Cindy rents two knitting machines for $30 a day each and hires workers at a wage rate of $40 a day. Wha is the marginal cost of the 19th sweater?

Cindys Sweaters production function is shown in the above table. Cindy rents two knitting machines for $30 a day each and hires workers at a wage rate of $40 a day. If Cindy produces 18 sweaters per day, what is her average total cost?

In the figure above, curve C is the ________________ curve.

In the figure above, curve A is the ________________ curve.

In the figure above, curve B is the ________________ curve.

The marginal cost (MC) curve intersects the

The minimum points of the average variable cost and average total cost curves occur where the

Which of the following shifts the ATC curve upward at the XYZ Co.?

Which of the following shifts the AVC curve upward at Barney's Bagel Bakery?

A change in technology that increases the firms total productivity without changing the quantity of resources used

The change in total cost from producing another unit of output equals the

Which of the following statements is true?

The above table shows some cost data for Traceys Tents. What is the marginal cost of the 3rd tent?

The above table shows some cost data for Traceys Tents. What is the average total cost when output is 3?

The above table shows some cost data for Traceys Tents. What is the average fixed cost when 4 tents are produced?

The long-run average cost curve is the

Dustins copy shop can use four alternative plants. The figure above shows the average total cost curves for Plant 1 (ATC1), Plant 2 (ATC2), Plant 3(ATC3), and Plant (ATC4). What is Dustins long-run average cost if the output is 3,000 copies per day?

Dustins copy shop can use four alternative plants. The figure above shows the average total cost curves for Plant 1 (ATC1), Plant 2 (ATC2), Plant 3(ATC3), and Plant (ATC4). Dustins minimum efficient scale is

The average total cost curves for plants A,B,C, and D are shown in the above figure. Which plant is best to use to produce 20 units per day?

The average total cost curves for plants A,B,C, and D are shown in the above figure. Which plant is best to use to produce 60 units per day?

The average total cost curves for plants A,B,C, and D are shown in the above figure. The plant size that is the most economically efficient

The short run is a time frame in which

In the long-run, a firm has

If the average total cost of producing 20 sweaters an hour falls when the firm doubles all its inputs, then the

When long-run average costs decrease as output increases, there are

If a firm experiences constant returns to scale at all output levels, then its long-run average total cost curve would

A key characteristic of a competitive market is that

In perfect competition, the product of a single firm

A market is competitive if