Which of the following statement is false about price elasticity in both the short run and
long run?
The demand for non-durables is much more price elastic in the long run.
For durable goods, demand is more elastic in the short run.
More substitutes are usually available in the long run.
Point elasticity varies along the demand curve.
For durable goods, income elasticity is larger in the long run than in the short run.
Which is not true for an optimal choice (x*, y* ) of a consumer equilibrium?
The MRS diminishes as an individual moves downward along the demand curve.
The level of utility increases as an individual moves downward along the demand
curve.
The marginal utility per dollar of expenditure is the same for each good.
x and y are both normal goods.
x and y are complement for Jack.
Jack’s utility decreases between week 1 and week 2.
Jack’s utility increases between week 2 and week 3.
Jack’s utility increases between week 1 and week 3.
Which of the following is not true for a monopoly market?
If MC = 0 , the firm will produce at the point where the elasticity of demand is
exactly −1 .
With monopoly power, the monopolist can produce as many as it wants to make
profit than that from a competitive market.
The monopoly usually set the price as a markup on its marginal cost and thus
higher than its cost.
A monopolist can charge any price it wants.
The optimal rule to maximize profit via the MR = MC for a monopoly firm is the
same as in Competitive market.
Which is false about the cost functions in the short run and long run?
The U-shaped LAC curve is due to economy/diseconomy of scale when changing
scale.
MC crosses the AVC and AC curves at their minimum points in the short
run.
The law of diminishing marginal returns implies that marginal cost increases as
output increasing.
Long run fixed cost curve is also decreasing.
LMC intersects at the minimum of LAC in the long run.
Which of the following is not true?
A firm may incurs a loss in the short run due to P < AC in a perfectly
competitive market.
Producer surplus and profit are the same thing in the long run for a firm in
competitive market.
The Long-Run supply curve for a competitive market is the LMC above the
minimum point of LAC .
A firm that makes economic profit must also make accounting profit.
Sunk costs are costs that have been incurred and cannot be recovered.
John is risk averse.
The utility of his current salary is 20.
The expected utility of the new job is 19.85, thus he should not take the job.
John is willing to pay a risk premium to protect himself against the variable income
associated with the new job.
None of the above is true.
(1) Find the profit maximizing output Q* , price P and profit. (3%)
(2) What would the equilibrium price and quantity be in a competitive market?
Compute the deadweight loss due to monopoly. (5%)
Consider the following extensive-form game of production strategies between two
cereal companies.
(1) Find out the Nash Equilibrium for this game and explain why the concept of Nash
Equilibrium fails to predict the outcome of this game. (5%)
Consider the following extensive-form game of production strategies between two
cereal companies.
根據Solow 成長模型,當某國的儲蓄率增加時,在其他情況不變之下,其實質GDP
的成長會增加或減少?請先說明Solow 成長模型的主要內容,再解釋你的答案。
(10%)
根據恆常所得假說(permanent income hypothesis),請解釋「國民年金」制度的施行,
會對於台灣的消費支出造成什麼影響?請先簡短地說明恆常所得假說,再解釋消
費支出是否會有所變化。(為簡化分析,你可以假設其他條件不變。) (10%)
(1) 請解釋購買力平價(purchasing power parity, PPP)。 (5%)
(2) 如果購買力平價成立,在台灣物價膨脹率為6%,美國物價膨脹率為9%時,E
的變動率(ΔE / E)是多少?請說明理由。 (5%)
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