31 May Question 14) The Omnibus Corporation finds that its daily costs are $50 when it p
Question
14) The Omnibus Corporation finds that its daily costs are $50 when it produces no output. Its total variable costs (TVC) change with output as shown in the accompanying table. Use this information to answer the following question(s).
| Output | TVC |
| 1 | $36 |
| 2 | $57 |
| 3 | $73 |
| 4 | $94 |
| 5 | $120 |
Refer to the above information. The marginal cost of the fourth unit of output is: 14)_____
A) $73.
B) $94.
C) $21.
D) $23.50.
E) $24.50.
15) A perfectly inelastic supply is represented by a ________ supply curve. 15) ______
A) vertical
B) upward sloping
C) downward sloping
D) horizontal
16) When the price of a good is $75, 25 units are demanded. When the price of the good is $25, 75 units are demanded.
Using the initial value, the elasticity of demand is ________ starting at a price of $75 and ________ starting at a price of
$25. 16) ______
A) 1; 1
B) 3; 3
C) 1/3; 3
D) 3; 1/3
17) An increase in supply caused no change in the equilibrium price of a good. Thus, demand must be: 17) ______
A) perfectly elastic.
B) perfectly inelastic.
C) unitary elastic.
D) vertical.
18) The government imposes a maximum price on apartments that is below the equilibrium price. You accurately predict
that: 18) ______
A) the law will have no economic impact.
B) renters will find that landlords start offering to furnish the apartments.
C) the law will create an excess supply of apartments.
D) there will be fewer apartments available to rent.
19) Refer to the figure below. When trying to maximize utility subject to a budget constraint, the consumer would choose? 19)____
.
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