ECO 550 Final Exam / ECO 550 Final Exam

******** **

1 ** *** ****** breakeven ***** *** ********** ******* selling ***** *** **** *** ******** **** *** **** ** ******** ** ****

Answer

* variable margin *** unit

* ******** **** ******

* ************ margin *** *****

* ****** margin *** *****

******** **

******** **** ********* ******* of ******** cost-output ************* lends ******* ** the: *******

* ********* of * ********** ***** ***** cost function

* ********** **** marginal costs ***** ******** then ********* increase over *** ****** ********* ***** ** the *****

* ********** **** ***** costs ******** quadratically **** the ****** ** ****** *********

* hypothesis that total costs ******** ******** over **** ************ ***** of ****** examined

******** **

****** **** ********** collects ** *** ******* ** *** ******** ** *** ********* ***** lunch diner Its variable **** per ******** ******** ** and its ****** ***** cost ** $40000 ** George **** ***** ** **** * profit ** $20000 *** year ** *** diner it **** have ** serve__________ ********* *** *****

Answer

* ***** customers

* ***** **********

* ***** **********

d ***** **********

* ***** **********

******** 4

Which of *** following ** not ** ********** ** the linear ********* *******

Answer

a ******** ******* ***** *** *****

* ********** ******** **** per *****

c ***** costs are *********** ** *** ****** ******

d * ****** ******* *** a ******** *** ** ********* is ***** ******** *** *****

* *******

Question **

* **** total cost ******** ******* **** ******** costs **** ** ****** ** **********

*******

a linear; ******** *********

* ********** *** constant

* ****** increase linearly

d ****** *** constant

Question **

************* ** a ******** cost function:

Answer

* all ****** *** fixed

b *** ****** *** ********** *********

* some ****** are ****** ******

******** *** ***** *** ****** ******** ** ***** proportions

******** **

**** ******** ********* ******* has become * *********** ****** The ******* **** per call ** **** * ****** *** it’s ********* The likely ****** *** the ********* ***** *** long ******** ******* ****

Answer

* ************ pressure to ***** *** ******

* ******* ****** for **** ******** service

* ***** into **** ******** pushes ****** *****

* Lower price *** a barrel ** ***** oil

* ********* **** of ********* long ******** ********

Question **

*********** ******** *** ** *** ********* ****** *****

*******

******** effects ** ********** ********

* incomplete information as ** *** **** ** competitor

c ****** *************

dunverifiable *******

* accidents due ** weather hazards

******** 9

* firm in pure *********** ***** **** **** ******

*******

a ***** ** less than ******* ***** *****

* ***** is **** than ******* ***** *****

* price ** **** **** marginal cost

d ***** ** **** **** average variable cost

Question ***

** “experience ********** ** *** ******

Answer

a **** an ****** *** ****

* *** ************ ******* **** **********

* *** ** ******* *********** simply ** ******** or ********

* Improves **** *** like * **** *****

******** ***

*** ******** ** asymmetric *********** ******** ***** ********** because:

*******

* *** party to the exchange ********* ********* information **** another

* *** ***** *** more information than ********

c *** party knows ********

* *** ***** ****** ************* verify *** information ** ********

* *********** is scarce

******** ***

A ************ ********** ****

*******

* One **** ******* ** *** *** product behaves **** time

* * ******* ***** ******* ** **** found *** over **** by ******* *** ******* ** ***

c **** a ***** **** *** ** examined for ******

* **** a used *** ***** ** ** **** ** determine *** inherent ********

Question 13

*** ***** *** **** cars is **** ***** *** price ** new **** ** *** same ******* ******* **** ** ** ******* of:

*******

* *** ****** of ********* Leverage

* * Lemon’s Market

* Redeployment *******

* ******** ************

* The ************ *****

******** ***

** *** electric power ******** *********** ********* **** ********** **** ****** for *********** ******** with ***** ********** ***** *** ******** to ***** discrimination large industrial users generally *** ******* **** ******

Answer

a similar similar

* ******* ******

* elastic *******

d ********* ******

* ********* *******

******** ***

*** ******** ** telephone ********* ** charging ***** ************* rates ** ***** **** ****** *** *** ** ** ******* ****

*******

ainverted ***** ********

************** price ***************

cpeak-load pricing

* ************ ***** ***************

* **** ** the ******

******** 16

In ******* ******** ** continuously ******** due to ********* in ************ ** ** ********** ***** ***** ** found ** ********** ***** **** increasing returns to ***** ** ***** **** *** ***** ** marginal **** ******

*******

* ***** ***** ***** average cost

* ***** ***** exceed average *****

* ***** ***** ** ***** ******* cost

d ***** would ** at *** profit ********** ***** *** natural monopoly

******** ***

********* cost ************

*******

a have ****** ****** ** *******

* **** ****** ****** demand curves

c **** ************ total costs

* **** diseconomies of ******

e **** ******** **** curves ***** ***** ******* **** ******

Question ***

The ****** ***** facing *** firm ** ____ ** *** **** ** *** ******** ****** ******

Answer

* pure ************

b monopolistic competition

c **********

d **** monopoly

Question ***

** *** following ***** is *** ** ******** rationale for public ******* regulation?

*******

* ********** process ********** increasing ******* ** ******

* ******** cost industry

c avoidance ** *********** ** facilities

d ********** ** ********* **** ***** ***************

******** ***

Even ideal ******* **** ** ** ******** ********

*******

* ***** typically ****** *********** to ********* ** *********** ******* ** leads ** more ********

* collusion ***** ** ****** ******** ******* ******* in *** *********

* oligopolistic ******** are extremely risk *******

* ***** can ******* ** ******** ******* **** **** **** ******** *** other ******

******** ***

**************** *********** ** ************* ***** ************* ***** is ** ******* ** *****

*******

* ******* rivalry

* * formal collusive **********

* ******** ** ***** ************

* * *******

Question ***

**** industries **** **** rigid prices ** ***** ********** ** tend ***

*******

* **** **** ****** ** also ***** **** *** ******** cycle

b find **** ****** ****** ******* **** *** business ******

* Find the ********** in these industries is ***** ****** **** *** ******** ******

* **** **** *** **** of ****** ** ******** ** **** ******

Question 23

**** **** is characterized ** a ********** ***** number of firms ********* a product

Answer

* monopoly

* **********

c cooperative

* **********

******** ***

* ****** ** * ********* where ***** ** *** *********

Answer

* **** ** ********* ** ******** *******

b ***** ** ******* identical *********

* obey *** ***** of ******** **** ***** leadership

d ********** *** **** ** * ****** ****** curve

* **** a ********** ***** leader

******** ***

***** ** *** ********* ** ** ******* of ** ************* market ***********

Answer

a public **********

* *** transport *********

* ****** retailers

* ***** *******


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