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    Institute of Business Management: Final Examinations - FALL 2020

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    Konainr Raza
    This document provides information about the final examinations for the Principles of Microeconomics course offered by the Institute of Business Management. The exam will take place on January 2nd, 2021 from 9am to 12pm and is worth a total of 40 marks. The exam consists of multiple choice questions worth 15 marks and additional questions worth a total of 25 marks related to demand curves, monopoly pricing, total surplus, public vs private goods, efficiency, and consumer choice theory. Students are instructed to attempt all questions on the exam.

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    Institute of Business Management: Final Examinations - FALL 2020

    Uploaded by

    Konainr Raza
    41 views9 pages
    This document provides information about the final examinations for the Principles of Microeconomics course offered by the Institute of Business Management. The exam will take place on January 2nd, 2021 from 9am to 12pm and is worth a total of 40 marks. The exam consists of multiple choice questions worth 15 marks and additional questions worth a total of 25 marks related to demand curves, monopoly pricing, total surplus, public vs private goods, efficiency, and consumer choice theory. Students are instructed to attempt all questions on the exam.

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    This document provides information about the final examinations for the Principles of Microeconomics course offered by the Institute of Business Management. The exam will take place on January 2nd, 2021 from 9am to 12pm and is worth a total of 40 marks. The exam consists of multiple choice questions worth 15 marks and additional questions worth a total of 25 marks related to demand curves, monopoly pricing, total surplus, public vs private goods, efficiency, and consumer choice theory. Students are instructed to attempt all questions on the exam.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    41 views9 pages

    Institute of Business Management: Final Examinations - FALL 2020

    Uploaded by

    Konainr Raza
    This document provides information about the final examinations for the Principles of Microeconomics course offered by the Institute of Business Management. The exam will take place on January 2nd, 2021 from 9am to 12pm and is worth a total of 40 marks. The exam consists of multiple choice questions worth 15 marks and additional questions worth a total of 25 marks related to demand curves, monopoly pricing, total surplus, public vs private goods, efficiency, and consumer choice theory. Students are instructed to attempt all questions on the exam.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 9

    INSTITUTE OF BUSINESS MANAGEMENT

    Final Examinations – FALL 2020

    Course Title: Principle of Microeconomics Course Code: ECO-101 Faculty: Irfan Lal
    Section: M-8351
    Day / Date: 2, Jan., 2021 Timings: 9 to 12:00
    Total Marks: 40
    NAME: ZEHRA FATIMA ID: 20201- 27827

    Student’s Name Student ID:

    Note: Please attempt all questions.

    Q. 1. Multiple choice questions, Choose the best option on LMS (15 marks)

    Q#2, Suppose a firm has a patent on a special process to make a unique smoked salmon
    fish. The following table provides information about the demand facing this firm for this
    unique product. (6 marks)

    Pounds of Fish 0 1 2 3 4 5 6 7

    Price 20 18 16 14 12 10 8 6

    Total Revenue

    Marginal Revenue

    a. Complete the table above. (1)

    b. Plot the demand curve and the marginal-revenue curve (1)

    c. Suppose that there are no fixed costs and that the marginal cost of production of smoked
    salmon fish is constant at $6 per pound. (Thus, the average total cost is also constant at $6
    per pound.) What is the quantity and price chosen by the monopolist? What is the profit
    earned by the monopolist? Show your solution on the graph you created in part b above.
    (2)

    d. What is the price and quantity that maximizes total surplus? (1)
    1
    Page
    e. Is there a deadweight loss in this market if the monopolist charges the monopoly price?
    Explain. (1)

    2
    Page
    Q#3. Differentiate (6)

    a) Public good and publically provided private good


    b) Allocative efficiency and Productive efficiency
    c) Economic efficiency and technological efficiency

    3
    Page
    Q. 4. Explain the concept of Kinked demand for oligopoly using graph and explain when does
    4

    Kinked demand curve vanish (4 marks)


    Page
    Page
    5
    Page
    6
    Q#5 . Given the information below -------------------------------------------------- (4)

    Units of X MUx Units of Y MUy


    1 10 1 8
    2 8 2 7
    3 6 3 6
    4 4 4 5
    5 3 5 4 6 2 6 3
    Assume you are choosing between two goods, X and Y, and your marginal utility from each
    good is shown above. If your income is $9 and the prices of X and Y are $2 and $1 respectively.
    (i). Using Marginal utility, calculate the amount of total utility you will realize for both goods.
    (ii). What quantities of both goods you will choose when maximizing utility and why?
    7
    Page
    Q.6. Determine wither the statement is True or False? If it is true, explain why it is true; or if it
    is
    False, explain why it is false? (5 marks)
    8
    Page
    A. If we measure the quantity of French fries on the horizontal axis and the quantity of Zinger
    burgers on the vertical and if the price of French fries is $0.60 and the price of a Zinger burger is
    $2.40, then the slope of the budget constraint is 1/4 (and it is negative).

    B. A budget constraint is a set of commodity bundles that provide the consumer with the same
    level of satisfaction.

    C. Indifference curves measure the consumer's willingness to trade one good for another good
    while maintaining a constant level of satisfaction.

    D. When drawn on a graph that measures the quantity of a good on each axis, indifference
    curves are usually straight lines that slope downward (negatively).

    E. If two goods are perfect complements, indifference curves associated with these two goods
    would cross each other at the optimum.

    9
    Page

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