微观经济学试题英文版.docx
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微观经济学试题英文版.docx
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微观经济学试题英文版
ManagerialEconomics
Part1:
1.ThepriceofgoodAgoesup.AsaresultthedemandforgoodBshiftstotheleft.Fromthiswecaninferthat:
a.goodAisanormalgood.
b.goodBisaninferiorgood.
c.goodsAandBaresubstitutes.
d.goodsAandBarecomplements.
e.noneoftheabove.
Choose:
d)thedefinitionoscomplements
2.Joe'sbudgetlineis15F+45C=900.WhenJoechooseshismostpreferredmarketbasket,hebuys10unitsofC.therefore,healsobuys:
a.10unitsofFb.30unitsofFc.50unitsofF
d.60unitsofFe.Noneoftheabove
Choose:
b)WeassumethatJoewillspendallhisincome.IfC=10,then15F=900–45(10)=450,soF=450/15=30.
3.Kimonlybuyscoffeeandcompactdiscs.Coffeecosts$0.60percup,andCDscost$12.00each.Shehas$18perweektospendonthesetwogoods.IfKimismaximizingherutility,hermarginalrateofsubstitutionofcoffeeforCDsis:
a.0.05b.20c.18d.1.50e.Noneoftheabove
Choose:
a)AtKim'smostpreferredmarketbasket,herMRSequalsthepriceratio(Pcoffee/PCD),whichequals0.6/12or0.05.
4.Thebandwagoneffectcorrespondsbesttowhichofthefollowing?
a.snobeffect.
b.externaleconomy.
c.negativenetworkexternality.
d.positivenetworkexternality.
Choose:
d)
5.AGiffengood
a.isalwaysthesameasaninferiorgood.
b.isthespecialsubsetofinferiorgoodsinwhichthesubstitutioneffectdominatestheincomeeffect.
c.isthespecialsubsetofinferiorgoodsinwhichtheincomeeffectdominatesthesubstitutioneffect.
d.musthaveadownwardslopingdemandcurve.
Choose:
c)thedefinitionofGiffengood
6.AnEngelcurveforagoodhasapositiveslopeifthegoodis:
a.aninferiorgood.b.aGiffengood.
c.anormalgood.d.a,b,andcaretrue.
e.Noneoftheaboveistrue.
Choose:
c)InferiorandGiffengoodshavenegativelyslopedEngelcurves.
7.ThepriceofbeefandquantityofbeeftradedareP*andQ*,respectively.Giventhisinformation,consumersurplusisthearea:
a.0BCQ*b.ABCc.ACP*d.CBP*e.0ACQ*
Choose:
d)Consumersurplusistheareabetweenthedemandlineandtheprice.
8.InFigure1,holdingincomeconstant,whatchangemusthaveoccurredtorotatethebudgetlinefromtheoldline
(1)tothenewline
(2)?
(1)
(2)
Pizza
Coke
Figure1
a.ThepriceofCokefell
b.Thepriceofpizzafell
c.Thepriceofpizzarose
d.ThepriceofCokewentup
e.bandc
Choose:
b)Thehorizontalintercept,I/PC,isunchanged,whichimpliesthatPCcouldnothavechanged(holdingincomeconstant).SincetheslopeisPP/PC,theslopechangemeansthatthepriceofpizzamusthavefallen.ThiscanalsobeseenintuitivelyfromFigure1,sincetheconsumercannowbuymorepizzathanbeforeifhespendsallhisincomeonpizza.
9.Andybuys10poundsofonionspermonthwhenthepriceis$0.75perpound.Ifthepricefallsto$0.50perpound,hebuys30poundsofonions.Whatishisarcelasticityofdemandoverthispricerange?
a.-1.33b.–2c.–2.5d.-6e.Noneoftheaboveiscorrect.
Choose:
c)Usingthearcelasticityformula,
Thenexttwoquestionsrefertothefollowinginformation:
OpieandGomeraretheonlytwoconsumersinthevideocassetterentalmarketintheMayberry.TheirdemandcurvesperweekarepicturedinFigure2.
10.Ifrentalscost$2.50each,thetotalquantitydemandedeachweekinthemarketis:
a.3b.6c.15d.10e.Noneoftheaboveiscorrect.
Choose:
b)Addhorizontallytogetthemarketdemandcurve.AtP=$2.50,QO=3andQG=3foratotalof6unitsdemanded.
11.Foradecreaseinpricefrom$2.50to$1.50,marketdemandis:
a.elastic.b.unitelastic.c.inelastic.
d.perfectlyinelastic.e.Moreinformationisneeded.
Choose:
a)Demandispriceelastic:
EP=%ΔQ/%ΔP=[(15-6)/6]/[(2.50-1.50)/2.50]=-3.75
(a)
Figure2
12.AspresidentandCEOofMegaWorldindustries,youmustdecideonsomeveryriskyalternativeinvestments:
Project
ProfitifSuccessful
ProbabilityofSuccess
LossifFailure
ProbabilityofFailure
A
$10million
.5
-$6million
.5
B
$50million
.2
-$4million
.8
C
$90million
.1
-$10million
.9
D
$20million
.8
-$50million
.2
E
$15million
.4
$0
.6
Thehighestexpectedreturnbelongstoinvestment
a.A.b.B.c.C.d.D.e.E
Choose:
b)Ea=2Eb=6.8Ec=0Ed=6Ee=6
13.Anindividualwithaconstantmarginalutilityofincomewillbe
a.riskaverse.b.riskneutral.
c.riskloving.d.insufficientinformationforadecision.
Choose:
b)Anindividualwithaconstantmarginalutilityofincomeisriskneutral.
14.Inthefigurebelow,whatistrueaboutthetwojobs?
a.Job1hasalowerstandarddeviationthanJob2.
b.Alloutcomesinbothjobshavethesameprobabilityofoccurrence.
c.Arisk-aversepersonwouldpreferJob2.
d.Arisk-neutralpersonwouldpreferJob1.
e.Job1hasahigherexpectedincomethanJob2.
Choose:
a)Job1hasalowerstandarddeviationthanJob2.ExpectedincomeofJob1equalstoJob2.
Part2:
Thedemandcurvesforsteak,eggs,andhotdogsaregiveninthetablebelow.Thecurrentpriceofsteakis$5.Thepriceofeggsis$2.50,andthepriceofhotdogsis$0.75.Fillintheremainingcolumnsofthetableusingthisinformation.Indicatewhichgoodsaresubstitutesandwhichgoodsarecomplements.
Good
DemandEquation
SteakPriceElasticityofDemand
EggPriceElasticityofDemand
HotdogPriceElasticityofDemand
Steak
Egg
Hotdog
Solution:
Good
DemandEquation
SteakPriceElasticityofDemand
EggPriceElasticityofDemand
HotdogPriceElasticityofDemand
Steak
-0.020
-0.00051
1.53E-5
Egg
-0.0799
-0.12
1.20E-3
Hotdog
0.016
0.00082
-0.0012
Steakandeggsarecomplements.Steakandhotdogsandeggsandhotdogsaresubstitutes.
Part3:
Drawindifferencecurvestorepresentthefollowingdescriptionsofconsumerpreferences:
a.Ican’ttastethedifferencebetweenappleandgrapejelly,butIlike
themboth.
b.Ionlylikegrapejellyandnevereatapplejelly.
c.Appleandgrapejellyarebettermixed,althoughIdon’tcaretoomuchabouttheproportions.
Answer:
a)SeeFigure7(a).Sincetheconsumercannottellthedifferencebetweenthetwoflavors,allhewouldcareaboutisthetotalamountofjellyhehas.
b)SeeFigure7(b).Anincreaseintheamountofapplejellydoesnotaffecttheconsumersincehenevereatsit.
c)SeeFigure7(c).Here,amixedbundleisbetterthananextremeone,buttheconsumeriswillingtotradeoffthedifferentflavors.
Figure7
Part4:
Therearereasonsotherthanfads,fashions,andconsumerinsecurityforbandwagonandsnobeffects.Varioustypesofexternalitiesintheconsumptionofcertaingoodsalsoexist.Explainwhichtheseeffects(bandwagonorsnob)mightbepresentinthefollowingcases:
a.Arestaurantthatisoftencrowded
b.Apersonalcomputersoftwareproduct
c.Arockconcert
Answer:
a)Apricedecreasewillattractmorecustomers,butthecrowding(longerlines,poorerservice)willdiscourageothers.Thiswouldresembleasnobeffect.
b)Themorepeopleyouexpecttobuyasoftwareproduct,themorelikelyyoucanfindanotherexperiencedusertoaskquestionsaboutit.Also,themorelikelyitisthatacomputerbookstorewillcarrypublicationsabouthowtousethesoftware.Thus,wewouldexpecttoseeabandwagoneffect.
c)Here,crowdingmightdiscouragesomecustomers.But,sincepartoftheenjoymentofaconcertisseeingthebandwithotherfans,wemightobserveabandwagoneffect.
Part5:
TomWilsonistheoperationsmanagerforBiCorp,arealestateinvestmentfirm.TommustdecideifBiCorpistoinvestinastripmallinanortheastmetropolitanarea.Iftheshoppingcenterishighlysuccessful,aftertaxprofitswillbe$100,000peryear.Moderatesuccesswouldyieldanannualprofitof$50,000,whiletheprojectwilllose$10,000peryearifitisunsuccessful.Pastexperiencesuggeststhatthereisa40%chancethattheprojectwillbehighlysuccessful,a40%chanceofmoderatesuccess,anda20%probabilitythattheprojectwillbeunsuccessful.
a.Calculatetheexpectedvalueandstandarddeviationofprofit.
b.Theprojectrequiresan$800,000investment.IfBiCorphasan8%opportunitycostoninvestedfundsofsimilarriskiness,shouldtheprojectbeundertaken?
Solution:
a.ExpectedValue
100,000.440,000
50,000.420,000
-10,000.2-2,000
=58,000
Standarddeviation
100,00042,000,764,000,000705,600,000
50,000-8,00064,000,00025,600,000
-10,000-68,0004,624,000,000924,800,000
=1,656,000,000
=40,693.98
b.Bio-Corp'sopportunitycostis8%of800,000or
0.08x800,000=64,000.
Theexpectedvalueoftheprojectislessthantheopportunitycost.Bi-Corpshouldnotundertaketheproject.
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