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1、PRACTICEPROBLEMS1Ifthepriceelasticitycoefficientofthedemandcurveforpaperclipsisequalto-1,demandis：Aelastic.Binelastic.Cunitelastic.2Thedemandformembershipatalocalhealthclubisdeterminedbythefollowingequation:Q*=400-5PhwhereQrmisthenumberofhealthclubmembersandPisthepriceofhm尸membership.Ifthepriceofhea
2、lthclubmembershipis$35,thepriceelasticityofdemandisclosestto:A-0.778,B-0.500.c-0.438.3Priceelasticityofdemandforagoodwillmostlikelybegreaterif:Atherearenosubstitutesforthegood.Bconsumersconsiderthegoodasdiscretionary.Cconsumersspendasmallportionoftheirbudgetonthegood.4Iftheincomeelasticityofdemandfo
3、raproductis-0.6,a:A1%increaseinincomewillresultina0.6%increaseindemand.B1%increaseinincomewillresultina0.6%decreaseindemand.C0.6%increaseinincomewillresultina1%decreaseindemand.5Anindividuasdemandforonionsisgivenbythefollowingequation：Q=3-Q05Po+0.0091-Q16PlwhereQ：isthenumberofonionsdemanded,Pisthepr
4、iceperpoundofonions,1isthehouseholdincome,andPtisthepriceperpoundoftomatoes.IfthepriceofonionsisSI.25,householdincomeis$2,500,andthepriceoftomatoesis$3.75,thecross-priceelasticityofdemandforonionswithrespecttothepriceoftomatoesisclosestto:A-1.0597.B-0.0242.C-0.008L6Movementalongthedemandcurveforgood
5、Xoccursduetoachangein:Aincome.BthepriceofgoodX.CthepriceofasubstituteforgoodX.2017CFAInstitute.Allrightsreserved.7Awirelessphonemanufacturerintroducedanext-generationphonethatreceivedahighlevelofpositivepublicity.Despiterunningseveralhigh-speedproductionassemblylines,themanufacturerisstillfallingsho
6、rtinmeetingdemandforthephoneninemonthsafterintroduction.Whichofthefollowingstatementsisthemostplausibleexplanationforthedemand/SUPPIyimbalance?AThephonepriceislowrelativetotheequilibriumprice.BCompetitorsintroducednext-generationphonesatasimilarprice.IConsumerincomesgrewfasterthanthemanufactureranti
7、cipated.ThefolhwinginformationrelatestoQuestions8-11Themarketdemandfunctionforfour-yearprivateuniversitiesisgivenbytheequation=84-3.1P+0.81+0.9P修PrprPUwhereQ；isthenumberofapplicantstoprivateuniversitiesperyearinthousands,Ppristheaveragepriceofprivateuniversities(inthousandsofUSD),Iisthehouseholdmont
8、hlyincome(inthousandsofUSD),andPpuistheaveragepriceofpublic(government-supported)universities(inthousandsofUSD).AssumethatPPrisequalto38,1isequalto100,andPPUisequalto18.Thepriceelasticityofdemandforprivateuniversitiesisclosestto:A-3.LB-1.9.C069Theincomeelasticityofdemandforprivateuniversitiesisclose
9、stto:A05B08C1310Thecross-priceelasticityofdemandforprivateuniversitieswithrespecttothepriceofpublicuniversitiesisclosestto:A0.3.B3.1.C3911Ifthecross-priceelasticitybetweentwogoodsisnegative,thetwogoodsareclassifiedas：Anormal.Bsubstitutes.(complements.12Inthecaseofanormalgoodwithadecreaseinownprice,w
10、hichofthefollowingstatementsismostlikelytrue?ABoththesubstitutionandincomeeffectsleadtoanincreaseinthequantitypurchased.BThesubstitutioneffectleadstoanincreaseinthequantitypurchased,whiletheincomeeffecthasnoimpact.CThesubstitutioneffectleadstoanincreaseinthequantitypurchased,whiletheincomeeffectlead
11、stoadecrease.13ForaGiffengood,the:Ademandcurveispositivelysloped.Bsubstitutioneffectoverhelmstheincomeeffect.(incomeandsubstitutioneffectsareinthesamedirection.14Normalprofitisbestdescribedas:Azeroeconomicprofit.Btotalrevenueminusallexplicitcosts.(thesumofaccountingprofitpluseconomicprofit15Acompany
12、planstohireadditionalfactoryemployees.Intheshortrun,marginalreturnsaremostlikelytodecreaseif:Athefactoryisoperatingatfullcapacity.Bthefactoryisexperiencingalaborshortage.(workersarerequiredtomultitaskandshareduties.16Theproductionrelationshipbetweenthenumberofmachinehoursandtotalproductforacompanyis
13、presentedbelow.MachineHoursTotalProductAverageProduct133.00284.003144.674194.755214.20Diminishingmarginalreturnsfirstoccurbeyondmachinehour:A3.B4.C5.17ThemarketingdirectorforaSwissspecialtyequipmentmanufacturerestimatesthefirmcansell200unitsandearntotalrevenueofCHF500,000.However,if250unitsaresold,r
14、evenuewilltotalCHF600,000.Themarginalrevenueperunitassociatedwithmarketing250unitsinsteadof200unitsisclosestto:ACHF2,000.BCHF2,400.CCHF2,500.18Anagriculturalfirmoperatinginaperfectlycompetitivemarketsupplieswheattomanufacturersofconsumerfoodproductsandanimalfeeds.Ifthefirmwereabletoexpanditsproducti
15、onandunitsalesby10%themostlikelyresultwouldbe:Aa10%increaseintotalrevenue.Ba10%increaseinaveragerevenue.Ianincreaseintotalrevenueoflessthan10%.19Anoperatorofaskiresortisconsideringofferingpricereductionsonweekdayskipasses.Atthenormalpriceof50perday,300customersareexpectedtobuypasseseachweekday.Atadiscountedpriceof40perday450customersareexpectedtobuypasseseachweekday.Themarginalrevenuepercustomerearnedfromofferingthediscountedpriceisclosestto:A20.B40.c50.20Themarginalrevenueperunitsoldforafirmdoingbusinessunderconditionsofperfectcompetitionwillmostlikelybe:Aequa
