04 Jun Question 1 Let QD= -5P + 54 and QS= P – 6. Equilibrium can be found at
Question
Question 1
Let QD= -5P + 54 and QS= P – 6. Equilibrium can be found at
Answer
Question 1
Let QD= -5P + 54 and QS= P – 6. Equilibrium can be found at
Answer
Q = 4; P = 10
Q = 6; P = 10
P = 6; Q = 0
Q =; P = 2
5 points
Question 2
Suppose a production possibilities frontier can be expressed as 9X2+ Y2= 81 what is the opportunity cost of going from 1 unit of X to 2 units of X (in terms of units of Y)?
Answer
a. 45
b. sqrt of 45
c. sqrt of 72 – sqrt of 45
d. 1
5 points
Question 3
The Ricardian notion that of diminishing returns implies that
Answer
As more input is used more output will be made.
As more input is used less output will be made.
As more input is used the increase in output will increase.
As more input is used the increase in output will decrease.
5 points
Question 4
Suppose the equilibrium quantity is
Answer
2
3
4
5
5 points
Question 5
If the production possibilities frontier can be expressed as 4X2+ Y2= 16 then the point X = 1; Y = 4 is
Answer
outside the production possibilities frontier
on the production possibilities frontier
inside the production possibilities frontier
in the wrong quadrant to be on the graph
5 points
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