0
24
30
60
More information is needed to answer this question.
Microsoft wants to calculate the effect of a worldwide 5% price cut on its sales of
Excel to clients in different countries. Microsoft sells Excel at different prices in US,
Japan and Europe. Before the price cut US sales were twice sales in Japan and Europe.
If the price of elasticity of demand in the US, Japan and Europe are −3, −4, and −2
respectively, the worldwide sales rise by
10%
15%
20%
25%
none of the above
Use the following two statements to answer this question:
I. According to the three basic assumptions regarding people's preferences, a person
will always prefer to earn a living through honest work rather than a life of crime.
II. when we say that preferences are complete, we mean that if a consumer prefers
market basket A to market basket B, and prefers market basket B to market basket C,
then the consumer prefers market basket A to market basket C.
Both I and II are true.
I is true and II is false.
I is false and II is true.
Both I and II are false.
Amos Long's marginal utility of income function is given as: MU(I) = I1.5 , where I
represents income. From this you would say that he is
risk averse.
risk loving.
risk neutral.
none of these.
Which of the following statements correctly uses the concept of opportunity cost in
decision making?
I. "Because my secretary's time has already been paid for, my cost of taking on an
additional project is lower than it otherwise would be."
II. "Since NASA is running under budget this year, the cost of another space shuttle
launch is lower than it otherwise would be."
I is true, and II is false.
I is false, and II is true.
I and II are both true.
I and II are both false.
Consider the following statements when answering this question
I. "In the long run equilibrium of a perfectly competitive market, a firm's producer
surplus equals the sum of the economic rents earned on its inputs to production."
II. "In the long run equilibrium of a perfectly competitive market, the amount of
economic profit earned can differ across firms, but not the amount of producer
surplus."
I and II are true.
I is true, and II is false.
I is false, and II is true.
I and II are false.
Which of the following conditions must hold in the equilibrium of a competitive
market where the government puts a specific tax on consumers?
The quantity sold and the price paid by the buyer must lie on the demand curve.
The quantity sold and the sellers price must lie on the supply curve.
The quantity demanded must equal the quantity supplied.
The difference between the price the buyer and the price the seller receives must
equal the specific tax.
All of the above.
The Acme Oil Company is a vertically integrated firm. It explores for and extracts
crude oil. It also refines the crude oil into gasoline and other products, and sells these
products to consumers. There are many other firms that extract and sell crude oil so that
the market for crude oil is regarded by Acme Oil as competitive. The internal price that
Acme Oil uses when the crude oil that it extracts is "sold" to one of its refineries:
equals the market price for crude oil.
equals the market price for crude oil less a discount because Acme Oil does not to
profit from itself.
is unrelated to the market price of crude oil.
is greater than the marginal cost of extracting crude oil.
In a Nash equilibrium,
each player has a dominant strategy.
no players have a dominant strategy.
at least one player has a dominant strategy.
players may or may not have dominant strategies.
the player with the dominant strategy will win.
You are the owner of a rare bottle of wine valued at $332. There are no costs associated
with storing or selling the wine. Next year you expect the wine to increase in value to
$350. If the interest rate is 10 percent
you should sell the wine today.
you should keep the wine for at least one more year.
you are indifferent between selling the wine today and holding it for one more year.
more information is needed to answer this question.
Two large diversified consumer products firms are about to enter the market for a new pain
reliever.
The two firms are very similar in terms of their costs, strategic approach, and market
outlook. Moreover, the firms have very similar individual demand curves so that each
firm expects to sell one-half of the total market output at any given price. The market
demand curve for the pain reliever is given as:
Q = 2600 − 400P
Both firms have constant long-run average costs of $2.00 per bottle. Patent protection
insures that the two firms will operate as a duopoly for the foreseeable future. Price and
quantities are per bottle. If the firms act as Cournot duopolists, solve for the firm and
market outputs and equilibrium prices.
Suppose that the government increases spending from G to G′ while simultaneously
raising taxes in such a way that, at the initial level of output, the budget remains
balanced
(1) Show the effect of this change on the aggregate demand schedule.
(2) How does this affect output and the price level in the Keynesian case?
(3) How does this affect output and the price level in the classical case?(10 分)
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