ECO100Y5Y
Test 2! "
Test 2
Due Dec 4, 2020 at 8:50am Points 8
Ques!ons 4
Available Dec 4, 2020 at 8:10am - Dec 4, 2020
at 8:50am 40 minutes
Time Limit None
Instruc!ons
This quiz was locked Dec 4, 2020 at 8:50am.
A!empt History
A"empt Time Score
LATEST A!empt 1 39 minutes 0 out of 8
Score for this quiz: 0 out of 8
Submi!ed Dec 4, 2020 at 8:49am
This a!empt took 39 minutes.
Work independently for 40 minutes. Calculators,
Textbooks and Quercus resources allowed. Other
online resources are not allowed. Answer Ques"ons 1
to 4 worth 2 marks each. Use one side of a le!er-sized
piece of paper to draw diagrams while you are
answering these ques"ons. A#er submi$ng your
answer to Ques"on 4 start the Quercus Quiz called
"Test 2 File Upload". You will have 10 minutes to upload
image files showing your diagrams for two of these four
ques"ons. Your two uploads will be worth 1 mark each.
Total marks for Test 2 is 10 marks. Late submissions are
subject to 20% penalty (2 marks). Round final answers
to 2 decimal places.

0 / 2 ptsQues!on 1
Ma!eo is a monopolist. He has total cost C = 30Q
and demand is P = 80 – 0.5Q. Be prepared to upload
a Single-price Monopoly Diagram showing the
Efficiency Loss. The Efficiency Loss is equal to
______.
13You Answered
625Correct Answer

0 / 2 ptsQues!on 2
Renato runs a cost minimizing firm with produc"on
func"on q = K L . He hires labour for w = 2 and
capital for r = 2. For several years he produced q = 1
units of output. He has recently signed a new
contract and will expand output to q = 8. In the short
run he will not be able to change capital. In the long
run he can change both capital and labour. Be
prepared to upload an Isoquant and Isocost Diagram
showing his ini!al produc!on as A, his short-run
choice as B and his long-run choice as C. In the
short-run Renato's total costs will be equal to SC =
______.
1/2 1/2
16You Answered
130Correct Answer

0 / 2 ptsQues!on 3
Ma!hew is a u"lity maximizing consumer with
preferences u(x, y) = x y who pays prices p =
0.5 and p = 0.25. His income, ini"ally m = 20
increases to m = 110. Be prepared to photograph
and upload an image showing an Indifference Curve
and Budget Line Diagram showing his choices at
both levels of income. A#er the income increase
Ma!hew will purchase y = ________.
1/2 1/2
X
Y
0
1
55You Answered
220Correct Answer

0 / 2 ptsQues!on 4
Zi runs a perfectly compe""ve firm. All firms in the
industry have total cost curves C = q + 100.
Demand is ini"ally D = 100 – 0.5p. Next month
demand will increase to D = 300 – 0.5p. Be
prepared to upload a Firm and Industry Diagram
showing equilibria A, B and C. The immediate impact
(per-entry) of this change in demand will result in a
price p = _______.
2
0
1
1
200You Answered
60Correct Answer
Quiz Score: 0 out of 8
Submission Details:
Time: 39 minutes
Current Score: 0 out of 8
Kept Score: 0 out of 8
2021-03-20 ӥ܌9:36
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