Final exam
Microeconomics
Dr. Chien-Ho Wang
January 11, 2016
期末考為關書考試, 做弊以零分計算. 請於考試時關閉手機. 此考試可攜帶計算
機, 字典或者電子字典. 其他非考試用品請勿使用. 請依據課本內容, 看清題義
作答. 做答時請對所有題目詳列作答理由及計算步驟, 理由及步驟不清不予記分.
請將答案及作答理由寫在答案卷上, 未寫於答案卷上的答案不予計分. (題目共 6
頁.)
題目卷和答案卷一起繳回 請在兩份考卷 (題目卷及答案卷)寫上姓名.
姓名:
系級:
學號:
一、選擇題 (60%):
1. The total cost (TC) of producing computer software diskettes (Q) is given as: TC =
200 + 5Q. What is the average fixed cost?
(a). 500
(b). 5Q
(c). 5
(d). 200/Q
2. A firm employs 100 workers at a wage rate of $10 per hour, and 50 units of capital
at a rate of $21 per hour. The marginal product of labor is 3, and the marginal
product of capital is 5. The firm
(a). is producing its current output level at the minimum cost.
(b). could reduce the cost of producing its current output level by employing more
capital and less labor.
(c) could reduce the cost of producing its current output level by employing more
labor and less capital.
(d). could increase its output at no extra cost by employing more capital and less
labor.
1
3. Consider the following diagram where a perfectly competitive firm faces a price of
$40.
MC
AC
D
AVC
34
Refer to Figure above, At the profit-maximizing
level of output, total profit is
79
(a). -$120.
(b). $603.
(c). $432.
(d). $600.
4. Bette's Breakfast, a perfectly competitive eatery, sells its "Breakfast Special" (the
only item on the menu) for $5.00. The costs of waiters, cooks, power, food etc.
average out to $3.95 per meal; the costs of the lease, insurance and other such
expenses average out to $1.25 per meal. Bette should
(a). continue producing in the short run, but plan to go out of business in the long run.
(b). close her doors immediately.
(c). continue producing in the short and long run.
(d). raise her prices above the perfectly competitive level.
5.
2
Figure
Refer to Figure above.
Suppose the market is currently in equilibrium.
If the
government establishes a price ceiling of $20, producer surplus will
(a). fall by $200.
(b). fall by $300.
(c). remain the same.
(d). rise by $300.
6. A monopolist faces the following demand curve, marginal revenue curve, total cost
curve and marginal cost curve for its product:
Q = 200 - 2P
MR = 100 - Q
TC = 5Q
MC = 5
What is the profit maximizing price?
(a). $95.
(b). $5.
(c). $52.5.
(d). $10.
7.
3
Refer to Figure. In moving from the competitive level of output and price to the
monopoly level of output and price, the deadweight loss is the area:
(a). GEH
(b). QmEHQc.
(c). GFH.
(d). FEH.
8. When airlines offer all buyers a large variety of different fares on the same flight
depending on a number of restrictions, the airline is practicing
(a) first-degree price discrimination.
(b) second-degree price discrimination.
(c) third-degree price discrimination.
(d) bundling.
9. The deadweight loss generated by a perfect-price-discriminating monopoly
(a). equals the deadweight loss of a single-price monopoly.
(b). is greater than the deadweight loss of a single-price monopoly.
(c). equals the sum of all lost consumer surplus.
(d). equals zero.
10. Suppose two Cournot duopolist firms operate at zero marginal cost. The market
demand is p = a - bQ. Each firm will produce
(a). a/b.
(b). a/2b.
(c). a/3b.
4
(d). a/4b.
11. The long run average cost curve may initially slope downward due to
(a). decreasing average fixed costs.
(b). increasing marginal returns.
(c). increasing average variable costs
(d). economies of scale.
12.
The above figure shows the isoquants for producing steel. Increasing returns to scale
are
(a). present when producing less than 10,000 tons.
(b). present when producing less than 20,000 tons.
(c). present when producing less than 30,000 tons.
(d). never present.
二、計算題 (40%):
1. (20%) A monopolist is deciding how to allocate output between two geographically
separated markets (East Coast and Midwest). Demand and marginal revenue for the
two markets are:
5
P1  15  Q1 MR1  15  2Q1
P2  25  2Q2 MR2  25  4Q2
The monopolist’s total cost is TC  5  3(Q1  Q2 ) . What are price and deadweight
loss if the monopolist can price discriminate?
2. Suppose that a competitive firm’s marginal cost of producing output q is given by
MC(q)=3+2q. Assume that the market price of the firm’s product is $9.
(a). (10%) What is the firm’s producer’s surplus?
(b). (10%) Suppose that the average variable cost of the firm is given by AVC(q)=3+q.
Suppose that the firm’s fixed cost are known to be $3. Will the firm be earning a
positive, negative, or zero profit in the short run?
6