ECO_211_09_Midterm_Fall_2022_V333
.pdf
keyboard_arrow_up
School
Grand Valley State University *
*We aren’t endorsed by this school
Course
211
Subject
Economics
Date
Apr 3, 2024
Type
Pages
10
Uploaded by BaronMoonDragon79
MIDTERM EXAMINATION ECO 211 Instructor: Daniel Montanera Monday, Oct 17, 2022 Mackinac Hall, Rm B-2-118 VERSION 333
All exam materials must be submitted at the end of the exam. Without submitting a complete question booklet, you will not receive a grade. Turn cellular phones off before the test. No bathroom breaks Keep your eyes on your own papers Make a determined effort to keep your answers hidden from your classmates Good luck!
Name: Student Number:
Potentially Useful Formulae:
Resource cost of good X = ௨௧ ௦௨௦ ௨௦ௗ
௨௧ ௗ ௗ௨ௗ
Opportunity cost of good X = ௨௧ ௗ ௩ ௨
௨௧ ௗ ௗ
Opportunity cost of good Y for Country 1 = ଵ
ை௧௨௧௬ ௦௧ ௗ ௨௧௬ ଵ
surplus = quantity supplied – quantity demanded shortage = quantity demanded – quantity supplied Price elasticity of demand = %∆ொ
ವ
%∆
Price elasticity of demand (midpoint method) = %∆ொ
ವ
%∆
=
ೂ
మ
షೂ
భ
൬
ೂ
భ
శೂ
మ
మ
൰
ು
మ
షು
భ
ቀ
ು
భ
శು
మ
మ
ቁ
Price elasticity of demand (point elasticity) = %∆ொ
ವ
%∆
= (𝑠𝑙𝑜𝑝𝑒 𝑜𝑓 𝑑𝑒𝑚𝑎𝑛𝑑) × ቀ
ொ
ቁ
Price elasticity of supply = %∆ொ
ೄ
%∆
Income elasticity of demand = %∆ொ
ವ
%∆ூ
Cross-price elasticity of demand = %∆ொ
ವ,
%∆
ೊ
Total Surplus = Total Benefit – Total Cost Consumer Surplus + Producer Surplus = Total Surplus
PART A: MULTIPLE CHOICE (15 points) Clearly CIRCLE the BEST ANSWER for each question directly onto this question booklet. FIGURE 1: Supply and Demand Model of a Market for Lobster
1)
From Figure 1, A price floor of $8.00 would result in: a)
A shortage of 25 thousand tons of lobster. b)
A surplus of 50 thousand tons of lobster. c)
No surplus or shortage. d)
A surplus of 25 thousand tons of lobster. e)
A shortage of 50 thousand tons of lobster. 2)
A per-unit tax on the production of this good would cause: a)
The demand curve to shift right. b)
The supply curve to shift right. c)
The supply curve to shift left. d)
Both the supply and demand curves to shift right. e)
The demand curve to shift left. 3)
Suppose that government intervention causes the new equilibrium quantity of lobsters to be 𝑸
𝑬
= 𝟕𝟓
. If the new equilibrium price (
𝑷
𝑬
) is $2.00, the new Consumer Surplus would be: a)
K + L + M. b)
K + L + R. c)
R + T + W. d)
K + L + R + W. e)
K. $ Q
(thousand tons) 5.00 D
O K 8.00 2.00 100 75 S
125 L M R T X U N V Y Z W
Investment Option: Expected profit (thousands): Bowling Alley $200 Restaurant $400 Electronics Store $300 Furniture Store $250 Table 1: An investment group’s options 4)
From Table 1, for an investment group motivated by profits, what is the opportunity cost of opening a restaurant? a)
$250 average profit from all the other options. b)
$300 from opening an electronics store. c)
$250 from opening a furniture store. d)
$200 from opening a bowling alley. e)
$750 total profit from all other options. 5)
From Table 1, for an investment group motivated by profits, what is the opportunity cost of opening a furniture store? a)
$900 total profit from all other options. b)
$200 from opening a bowling alley. c)
$300 from opening an electronics store. d)
$300 average profit from all the other options. e)
$400 from opening a restaurant. 6)
Which of the following is likely to have the most elastic demand?
a)
Samsung Tablets. b)
Tablets. c)
Samsung Tablets with less than 12-inch screens. d)
Computing devices. e)
Computing devices with screens. 7)
How are Total Surplus and Deadweight Loss related? a)
Deadweight loss is the Total Surplus minus the Producer Surplus. b)
Deadweight loss is the Total Surplus minus the Consumer Surplus. c)
Deadweight loss is the difference between maximum and actual Total Surplus. d)
Deadweight loss is the Total Surplus minus the Total Benefits. e)
Deadweight and Total Surplus are the same. 8)
Elastic Demand would appear as: a)
A relatively flat, upward-sloping line. b)
A perfectly vertical line. c)
A perfectly horizontal line. d)
A relatively steep, downward-sloping line. e)
A relatively flat, downward-sloping line.
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
Related Questions
The company you are working for has decided to put on a banquet to raise money for a charity and must decide between two catering services to supply the food and servers. You have been assigned to the Banquet Planning Committee. You will submit your work, neatly hand-written or typed and clearly labelled. You will submit graphs separately via the Desmos share tool. You must use algebra to solve the problems and describe how to use Desmos or a graphing calculator to check you work. To best maintain accuracy, round only your final answers. Simplify completely.
The Company’s research department has provided the following estimates:
A demand of 330 banquet attendees can be expected at a dinner plate price of $70.00 each. A demand of 470 banquet attendees can be expected at a dinner plate price of $40.00 each.
Catering Service A has a fixed cost of $1,800 and a marginal cost of $30 for each plate.
Catering Service B has a fixed cost of $2,500 and a marginal cost of $22 for each plate.…
arrow_forward
A company produces and sells a consumer product and is able to control the demand by varying the selling price. The
approximate relationship between price and demand is
2700
5000
p = 38 +
(for D>1)
D²
The company is seeking to maximize its profit. The fixed cost is $1,000 and the variable cost is $ 40 per unit. What is
the number of units and total amount that should be produced and sold each month to maximize profit?
arrow_forward
Site for 2 research works that have used interviews and/or focus groups as a data-gathering tool. Indicate what type of interview is been used.
arrow_forward
Select a peer-reviewed article that focuses on the cultural differences leadership/management will need to handle in a global business. The article must be published within the last five years. Examples of journals with peer-reviewed articles include Critical Perspectives on International Business, International Journal of Management, Journal of International Business Studies, Journal of International Business Research, Journal of International of Trade & Global Business Perspectives, and Management International Review.
Explain why you selected this article. Discuss the issues it raises and explain the cultural differences leadership/management will need to handle in a global business. cite the article
arrow_forward
While managing a project, you decide to prepare an email for the project
stakeholders describing the current project status. This is best described as
an example of:
A. Vertical communication
B. Nonverbal communication
C. Informal communication
D. Formal communication
Analogous Estimating is an estimation technique that use the values of
parameters such as scope, cost, budget and duration from a previous similar
activity as the basis of activity and is frequently used to estimate when there
is a limited amount of information about the project. This is a form of:
A. Gross value estimation
B. Function point estimation
C. Fixed point estimation
D. Precision Estimation
arrow_forward
Sharing contracts in franchising is when
The franchisor pays a fixed franchisor fee
The franchisor pays a percentage of the revenue or profit of the restaurant
The franchisor fee is decreased to 50%
The franchise gets to share the franchise fee with other restaurants
Adopt incentive compensation
Under all circumstances since it is the best solution
Only if it is effective in making the agent work harder
Only if its results exceed its costs
Only B&C
As a result of moving more decision making from the center toward the periphery of the organization, typically
the flow of relevant information to the decision maker should be enhanced
the flow of relevant information from the decision maker should be enhanced
the incentives to make good decisions should be strengthened
the incentives to make good decisions should be weakened
arrow_forward
FCR and Average daily gain are measured in a continuous scale. true or false
arrow_forward
Note:-
Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure.
arrow_forward
The following figure represents the Marginal Abatement Cost curves of two paper towel factories: Unbleached Factory, Number 1 and Bleached Factory, Number 2 in the
figure.
Their MAC functions are: MAC1 = 61.5E1 and MAC2 = 6 -0.75E2
E1 and E2 are the emissions of the two firms in tonnes.
arrow_forward
Note:-
Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.
Answer completely.
You will get up vote for sure.
arrow_forward
Please answer the question at the bottom about the four hours of study time.
arrow_forward
show complete solution on a paper
arrow_forward
10
arrow_forward
Hey there! I am struggling with an assignment and what Review Paper to Select. We have to pick an article dealing with an environmental economics issue* from one of the following journals. Your task is to review and evaluate the article in terms of the following criteria: • Comprehensibility (accessibility for readers) • Presentation and structure • Methodology used (i.e. what technique was used) • Main findings/new insights • Potential to influence environmental management or decision making in practice You should commence your assignment by giving the background and context of the article you are reviewing. This is best done by reading a few articles on similar topics. You should discuss the assumptions, strengths and weaknesses of the methodology used in the particular paper under scrutiny. Just a guide to what article would be covering this content?
arrow_forward
Try bartleby tutor todayarrow_forward
Oh no! Our expert couldn't answer your question.
Don't worry! We won't leave you hanging. Plus, we're giving you back one question for the inconvenience.
Here's what the expert had to say:
Hi and thanks for your question! This is a writing assignment that is out of scope of Q&A. If you need writing help, please click Contact Research (Essays) link at the bottom of the page. We've credited a question back to your account. Apologies for the inconvenience.
Ask Your Question Again
8 of 30 questions left this cycle
Renews on 1/28/21
Question
In 2006, the five leading suppliers of digital cameras in the United States were Canon,Sony, Kodak, Olympus, and Samsung. The combined market share of these five firmswas 60.9 percent. The leading firm was Canon, with a market share of 18.7 percent. Theown price elasticity for Canon’s cameras was –4.0 and the market elasticity of demandwas –1.6. Suppose that in 2006, the average retail price of…
arrow_forward
While a firm produces 200 units, the total cost of production is $ 4000. When they increase the output to 220, the cost increases to $ 4200. When the firm produces zero output, the cost is $ 1000.
a) What is the fixed cost per unit when they produce 200 units? (ans: $5)
b) How much sales would they have to sell at a selling price of $ 10 to make a profit of $ 1000?
arrow_forward
The state of New Jersey has in circulation (as of 2011) an instant lottery game called $1,000
Downpour. The cost of each ticket for this lottery game is $5.00. A player can instantly win $75,000,
$1,000, $100, $50, $20, $10, or $5. Each ticket has 19 spots covered by latex coating, and the top
four spots contain numbers that, if matched by the player's numbers, win money. The remaining 15
spots belong to the player. A player wins if any of the numbers in the player's 15 spots matches any
of the four winning numbers.
Number of tickets that can
win
Prizes
0 (i.e. not a winner)
2,853,533
621,075
10
327,600
20
58,500
50
31,200
100
5525
1,000
2561
75,000
6.
Total= 3,900,000 tickets sold
Find and interpret the expected outcome of this game.
[Write your answer as a complete sentence]
arrow_forward
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
arrow_forward
According to ISO 17025:2017, an accredited organisation is required to inform HKAS Executive of any change / intended changes that may affect its conformity with the accreditation criteria. Name two of these changes.
arrow_forward
Problem Set
1. The government of Grenada wishes to rebuild the West coast road that leads to the north
of the island to help alleviate traffic congestion and to provide users with a safer road
network. The government of Grenada has approached two (2) contractors for an estimate.
They are required to submit a proposal that details the cost combination of labour (L),
machinery (M), and technology (T) in achieving their expected total cost, total profit, and
total revenue.
Contractor 1
Two labour, four machinery, and three technology will result in a total cost of thirty-three
dollars. While one labour, two machinery, and one technology give a total profit of fifteen
dollars. Lastly, ten labour, five machinery, and six technologies result in total revenue of
eighty-three dollars.
Contractor 2
No Proposal was submitted.
a) From Contractor 1's proposal, derive three (3) simultaneous equations.
b) From the answer to part a) above, set these equations in matrix form
c) Given that the…
arrow_forward
A company produces and sells a consumer product and is able to control the demand for the product by
varying the selling price. The approximate relationship between price and demand is p= 200-0.05D
where p is the price per unit in dollars and D is the demand per month. The company is seeking to
maximize its profit. The fixed cost is $15000 per month and the variable cost is $50 per unit.
a. What is the number of units that should be produced and sold each month to maximize profit?
b. What is the domain of profitable demand during a month?
Show your spreadsheet.
arrow_forward
* Question Completion Status:
QUESTION 19
YEAR
PRODUCT
1988
1989
1990
1991
product
price: $2.00
$4.00
$6.00
$8.00
quantity:
2,000
2,500
2,000
1,500
price: | $1.00
quantity:
price: | $5.00
quantity:
product
$1.00
$1.00
$1.00
Y
1,000
1,500
2,500
3,000
product
$4.00
$2.00
$3.00
1,000
1,000
1,000
1,000
19. Given the data in the above table, what is the price index for 1990, using 1988 as the base year and using the 1988 consumption pattern (market basket)?
100
1.2
153
150
200
QUESTION 20
Click Save and Submit to save and submit. Click Save All Answers to save all answers.
Save All Answe
AUG
61
28
29
Ps
W
arrow_forward
Glossary of terms
Post 3 concepts related to the circular economy. Make sure the concept is relevant. Do not copy-paste text. The entries will be graded based on the following criteria:
• clarity of the definition and that it is in your own words (not copied)
• relevance of the examples
• no repeating of a concept. Make sure before posting that nobody else has posted your concept before in the glossary.
arrow_forward
250 to 300 words Required)
If you ask to design an Advertising Campaign for NEW HONDA CITY 6th Generation in which you need to focus towards the Penetration Pricing Strategy in Advertisement then which Message execution style will you follow?
arrow_forward
Benefits of localization in the face of Covid-19? Exemplify (e.g. industry, sector, product). Define 'Outsourcing' & 'Offshoring'. What current trends are currently being considered by global enterprises? Give potential reasons why and make predictions about potential future developments. (20 sentences)
arrow_forward
Question 4. Please help with a & b. Thank you
arrow_forward
Jonah bought a bracelet at original cost $24 to sell in his handicraft store. The
markup was 25% on selling price.
a) Find the selling price.
(Round to two decimal places if necessary.)
b) Find the amount of the markup.
GA
(Round to two decimal places if necessary.)
arrow_forward
PROBLEM NUMBER 1A farmer can plant up to 8 acres of land with wheat and barley. He can earn $5,000 for every acre he plants with wheat and $3,000 for every acre he plants with barley. His use of anecessary pesticide is limited by federal regulations to 10 gallons for his entire 8 acres. Wheat requires 2 gallons of pesticide for every acre planted and barley requires just 1 gallon per acre.
SOLUTION TO PROBLEM NUMBER 1let x = the number of acres of wheatlet y = the number of acres of barley.
let p = total profit that can be earned.
What are the optimum points (x,y) of this problem?
arrow_forward
Air pollution in the country of Gawanza has grown over the last ten years with an increase in manufacturing industries. The government of Gawanza now has a plan to reduce the CO2 emissions into the air by 10% per year over the next 10 years. What do you expect will happen?
Group of answer choices
The cost and benefits to Gawanza will be lowest in the last few years of implementing this plan.
The cost and benefits to Gawanza will be highest in the last few years of implementing this plan.
The cost will be the highest and benefits the lowest in year ten.
arrow_forward
SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Economics (12th Edition)
Economics
ISBN:9780134078779
Author:Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:9780134870069
Author:William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-...
Economics
ISBN:9781259290619
Author:Michael Baye, Jeff Prince
Publisher:McGraw-Hill Education
Related Questions
- The company you are working for has decided to put on a banquet to raise money for a charity and must decide between two catering services to supply the food and servers. You have been assigned to the Banquet Planning Committee. You will submit your work, neatly hand-written or typed and clearly labelled. You will submit graphs separately via the Desmos share tool. You must use algebra to solve the problems and describe how to use Desmos or a graphing calculator to check you work. To best maintain accuracy, round only your final answers. Simplify completely. The Company’s research department has provided the following estimates: A demand of 330 banquet attendees can be expected at a dinner plate price of $70.00 each. A demand of 470 banquet attendees can be expected at a dinner plate price of $40.00 each. Catering Service A has a fixed cost of $1,800 and a marginal cost of $30 for each plate. Catering Service B has a fixed cost of $2,500 and a marginal cost of $22 for each plate.…arrow_forwardA company produces and sells a consumer product and is able to control the demand by varying the selling price. The approximate relationship between price and demand is 2700 5000 p = 38 + (for D>1) D² The company is seeking to maximize its profit. The fixed cost is $1,000 and the variable cost is $ 40 per unit. What is the number of units and total amount that should be produced and sold each month to maximize profit?arrow_forwardSite for 2 research works that have used interviews and/or focus groups as a data-gathering tool. Indicate what type of interview is been used.arrow_forward
- Select a peer-reviewed article that focuses on the cultural differences leadership/management will need to handle in a global business. The article must be published within the last five years. Examples of journals with peer-reviewed articles include Critical Perspectives on International Business, International Journal of Management, Journal of International Business Studies, Journal of International Business Research, Journal of International of Trade & Global Business Perspectives, and Management International Review. Explain why you selected this article. Discuss the issues it raises and explain the cultural differences leadership/management will need to handle in a global business. cite the articlearrow_forwardWhile managing a project, you decide to prepare an email for the project stakeholders describing the current project status. This is best described as an example of: A. Vertical communication B. Nonverbal communication C. Informal communication D. Formal communication Analogous Estimating is an estimation technique that use the values of parameters such as scope, cost, budget and duration from a previous similar activity as the basis of activity and is frequently used to estimate when there is a limited amount of information about the project. This is a form of: A. Gross value estimation B. Function point estimation C. Fixed point estimation D. Precision Estimationarrow_forwardSharing contracts in franchising is when The franchisor pays a fixed franchisor fee The franchisor pays a percentage of the revenue or profit of the restaurant The franchisor fee is decreased to 50% The franchise gets to share the franchise fee with other restaurants Adopt incentive compensation Under all circumstances since it is the best solution Only if it is effective in making the agent work harder Only if its results exceed its costs Only B&C As a result of moving more decision making from the center toward the periphery of the organization, typically the flow of relevant information to the decision maker should be enhanced the flow of relevant information from the decision maker should be enhanced the incentives to make good decisions should be strengthened the incentives to make good decisions should be weakenedarrow_forward
- FCR and Average daily gain are measured in a continuous scale. true or falsearrow_forwardNote:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure.arrow_forwardThe following figure represents the Marginal Abatement Cost curves of two paper towel factories: Unbleached Factory, Number 1 and Bleached Factory, Number 2 in the figure. Their MAC functions are: MAC1 = 61.5E1 and MAC2 = 6 -0.75E2 E1 and E2 are the emissions of the two firms in tonnes.arrow_forward
- Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.arrow_forwardPlease answer the question at the bottom about the four hours of study time.arrow_forwardshow complete solution on a paperarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Principles of Economics (12th Edition)EconomicsISBN:9780134078779Author:Karl E. Case, Ray C. Fair, Sharon E. OsterPublisher:PEARSONEngineering Economy (17th Edition)EconomicsISBN:9780134870069Author:William G. Sullivan, Elin M. Wicks, C. Patrick KoellingPublisher:PEARSON
- Principles of Economics (MindTap Course List)EconomicsISBN:9781305585126Author:N. Gregory MankiwPublisher:Cengage LearningManagerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage LearningManagerial Economics & Business Strategy (Mcgraw-...EconomicsISBN:9781259290619Author:Michael Baye, Jeff PrincePublisher:McGraw-Hill Education
Principles of Economics (12th Edition)
Economics
ISBN:9780134078779
Author:Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:9780134870069
Author:William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-...
Economics
ISBN:9781259290619
Author:Michael Baye, Jeff Prince
Publisher:McGraw-Hill Education