Test 6 de los temas 20,21,22,23,24 PDF

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Test 6 – Microeconomics I, June 16, 2020

Apellidos: Nombre: NIU:

Lee las instrucciones antes de comenzar el test. Instrucciones: • En este test hay solo ocho preguntas. En cada pregunta, de las cinco respuestas propuestas, s´olo hay una correcta. Cada respuesta correcta vale 1.25 puntos y cada respuesta incorrecta vale -0.3 puntos. Las respuestas en blanco tendr´an una valoraci´on de 0 puntos. La valoraci´on total del test ser´a sobre 10 puntos que contan hac´ıa la nota de participaci´on.

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1. A competitive firm produces output using three fixed factors and one variable factor. The firm’s short-run production function is q = f (x) = 524x − 4x2 ,where x is the amount of variable factor used. The price of the output is e3 per unit and the price of the variable factor is e12 per unit. In the short run, how many units of x should the firm use if it maximizes profits? (a) 130 (b) 32 (c) 25 (d) 65 XXX (e) None of the other amounts. |/2

2. A competitive firm’s production function is f (x1 , x2 )) = 12x1 + 4x1/2 2 . The price of factor 1 is e1 and the price of factor 2 is e2. The price of output is e4. What is the profit-maximizing quantity of output? (a) 304 XXX (b) 608 (c) 456 (d) 612 (e) None of the other amounts. 3. The production function is given by F (L) = 6L2/3 . Suppose that the cost per unit of labor is e2 and the price of output is e4. How much profits will the firm make if it maximizes profits? (a) 256 (b) 512 XXX (c) 128 (d) 24 (e) None of the other amounts. 4. A firm has fixed costs of e4000. Its short-run production function is y = 4x1/2 , where x is the amount of variable factor it uses and y is the amount of output it produces. The price of the variable factor is e4000 per unit. The firm’s short-run total cost function is: (a) C(y) = 4000/y + 4000 (b) C(y) = 4000 + 4000y (c) C(y) = 4000 + 250y 2 XXX (d) C(y) = 4000 + 0.25y 2 (e) None of the other functions. 2

5. The production function of a competitive firm is described by the equation y = 1/2 1/2 8x1 x2 . The factor prices are w1 = 1 and w2 = 64, and the firm can hire as much of either factor as it wants at these prices. What can we say about the firm’s marginal cost. It is: (a) constant and equal to 2. XXX (b) constant and equal to 8. (c) increasing (d) decreasing (e) None of the other answers are correct. 6. If the production function is given by f (x1 , x2 , x3 , x4 ) = min{x1 , x2 } + min{x3 , x4 }, and the prices of inputs (x1 , x2 , x3 , x4 ) are respectively (2, 1, 5, 3) euros per unit, then the minimum cost of producing 1 unit of output is equal to: (a) e1 (b) e3 XXX (c) e4 (d) e8 (e) None of the other answers are correct. 7. A competitive firm has a long-run total cost function c(y) = 3y 2 + 300 for y > 0, and c(0) = 0. Its long-run supply function is described by: (a) y = p/6 if p > 90 and y = 0 if p < 90. (b) y = p/3 if p > 60 and y = 0 if p < 60. (c) y = p/6 if p > 60 and y = 0 if p < 60. XXX (d) y = 6p if p > 30 and y = 0 if p < 30. (e) None of the other functions describe the long-run supply function.

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8. The government wants to reduce the amount of sugar sweetened beverages consumed. When considering the imposition of a tax, which of the following is the most correct, given the discussion in Ort´ un, L´ opez-Valc´arcel, Pinilla, 2016 (Reading III)? (a) A value of the own price elasticity of demand for sugar sweetened beverages greater than 1 (in absolute value) would be worse for the Treasury, which would obtain lower tax receipts, but better for public health, as consumption of the product that produces harmful externalities would decrease disproportionately. XXX [see p. 6, top] (b) A value of the own price elasticity of demand for sugar sweetened beverages less than 1 (in absolute value) would be worse for the Treasury, which would obtain lower tax receipts, but better for public health, as consumption of the product that produces harmful externalities would decrease disproportionately. (c) A value of the own price elasticity of demand for sugar sweetened beverages greater than 1 (in absolute value) would be better for the Treasury, which would obtain higher tax receipts, but worse for public health, as consumption of the product that produces harmful externalities would increase disproportionately. (d) A value of the own price elasticity of demand for sugar sweetened beverages less than 1 (in absolute value) would better for the Treasury, which would obtain higher tax receipts, but would also be better for public health, as consumption of the product that produces harmful externalities would decrease disproportionately. (e) The value of the own price elasticity of demand for sugar sweetened beverages is not really relevant for the effectiveness of the tax since the consumption of sugar sweetened beverages can always be substituted with a sugar-free product like water.

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