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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.Atadi
16、scountedpriceof40perday450customersareexpectedtobuypasseseachweekday.Themarginalrevenuepercustomerearnedfromofferingthediscountedpriceisclosestto:A20.B40.c50.20Themarginalrevenueperunitsoldforafirmdoingbusinessunderconditionsofperfectcompetitionwillmostlikelybe:Aequaltoaveragerevenue.Blessthanaverag
17、erevenue.(greaterthanaveragerevenue.ThefollowinginformationrelatestoQuestions21-23Afirmsdirectorofoperationsgathersthefollowinginformationaboutthefirm,scoststructureatdifferentlevelsofoutput:IExhibit1Quantity(Q)TotalFixedCost(TFC)TotalVariableCost(TVC)02012100220015032002004200240520032021Refertothe
18、datainExhibit1.Whenquantityproducedisequalto4units,theaveragefixedcost(AFC)isclosestto:A50.B60.C110.22RefertothedatainExhibit1.Whenthefirmincreasesproductionfrom4to5units,themarginalcost(MC)isclosestto:A40.b64.c80.23RefertothedatainExhibit1.Thelevelofunitproductionresultinginthelowestaveragetotalcos
19、t(ATC)isclosestto:B4.C5.24Theshort-termbreakevenpointofproductionforafirmoperatingunderperfectcompetitionwillmostlikelyoccurwhen:Apriceisequaltoaveragetotalcost.Bmarginalrevenueisequaltomarginalcost.Imarginalrevenueisequaltoaveragevariablecosts.25Theshort-termshutdownpointofproductionforafirmoperati
20、ngunderperfectcompetitionwillmostlikelyoccurwhen:Apriceisequaltoaveragetotalcost.Bmarginalrevenueisequaltomarginalcost.Cmarginalrevenueisequaltoaveragevariablecosts.26Underconditionsofperfectcompetition,acompanywillbreakevenwhenmarketpriceisequaltotheminimumpointofthe:Aaveragetotalcostcurve.Baverage
21、variablecostcurve.(short-runmarginalcostcurve.27Acompanywillshutdownproductionintheshortruniftotalrevenueislessthantotal：Afixedcosts.Bvariablecosts.Copportunitycosts.28Acompanyhastotalvariablecostsof$4millionandfixedcostsofS3million.Basedonthisinformation,thecompanywillstayinthemarketinthelongtermif
22、totalrevenueisatleast:A$3.0million.B$4.5million.C$7.0million.29Whentotalrevenueisgreaterthantotalvariablecostsbutlessthantotalcosts,intheshorttermafirmwillmostLikely:Aexitthemarket.Bstayinthemarket.(shutdownproduction.30Aprofitmaximumisleastlikelytooccurwhen:2averagetotalcostisminimized.Bmarginalrev
23、enueequalsmarginalcost.Cthedifferencebetweentotalrevenueandtotalcostismaximized.31Afirmthatincreasesitsquantityproducedwithoutanychangeinper-unitcostisexperiencing:Aeconomiesofscale.Bdiseconomiesofscale.Cconstantreturnstoscale.32Acompanyisexperiencingeconomiesofscalewhen:Acostperunitincreasesasoutpu
24、tincreases.BitisoperatingatapointontheLRACcurvewheretheslopeisnegative.CItisoperatingbeyondtheminimumpointonthelong-runaveragetotalcostcurve.33Diseconomiesofscalemostlikelyresultfrom:Aspecializationinthelaborforce.Boverlapofbusinessfunctionsandproductlines.(discountedpricesonresourceswhenbuyinginlar
25、gerquantities.34Afirmisoperatingbeyondminimumefficientscaleinaperfectlycompetitiveindustry.Tbmaintainlong-termviabilitythemostlikelycourseofactionforthefirmisto：Aoperateatthecurrentlevelofproduction.Bincreaseitslevelofproductiontogaineconomiesofscale.(decreaseitslevelofproductiontotheminimumpointont
26、helong-runaveragetotalcostcurve.35Underconditionsofperfectcompetition,inthelongrunfirmswillmostlikelyearn:Anormalprofits.Bpositiveeconomicprofits.Cnegativeeconomicprofits.ThefollowinginformationrelatestoQuestions36and37Themanagerofasmallmanufacturingfirmgathersthefollowinginformationaboutthefirmslab
27、orutilizationandproduction:IExhibit2Labor(L)TotalProduct(FP)001150232035104660580036RefertothedatainExhibit2.Thenumberofworkersresultinginthehighestlevelofaverageproductoflaborisclosestto:A3.R4.C5.37RefertothedatainExhibit2.Themarginalproductoflabordemonstratesincreasingreturnsforthefirmifthenumbero
28、fworkersisclosesttobutnotmorethan:A2B3.C4.需要最新CFA、FRM视频课程和纸质资料欢迎添加VX:zyz786468331SOLUTIONS1Ciscorrect.Whenthepriceelasticityofdemandcoefficientis-1,demandissaidtobeunitelastic,orunitaryelastic.2Aiscorrect.Insertingthepriceof$35intothedemandfunction,quantitydemandediscalculatedasQWm=400-5(35)=225Atap
29、riceof$35perhealthclubmembership,theelasticityofdemandisPriceelasticityofdemand=(Qpn)例hm)*1n/Priceelasticityofdemand=-5(35/225)=-0.77Biscorrect.Priceelasticityofdemandislikelytobegreaterforitemsthatareseenasoptionalordiscretionary.5Biscorrect.Incomeelasticityisameasureofhowsensitivequantitydemandedi
30、stoachangeinincome.Iftheincomeelasticityofdemandfortheproductis-0.6,wheneverincomeincreasesby1%,thequantitydemandedoftheproductateachpricedecreasesby0.6%.Consequently,asincomerises,consumerswillpurchaselessoftheproduct.Biscorrect.ThBcross-priceelasticityofdemandmeasurestheresponsivenessofthedemandfo
31、ronionsinresponsetoachangeinthepriceoftomatoes.Fromthedemandfunctionequation:Qo=3-0.05P+0.9I-0.16PQ。=3-0.05(1.25)+0.9(2,500)-0.16(3.75)=24.8375AtapriceofonionsofS1.25andapriceoftomatoesof$3.75,thecross-priceelasticityofdemandiscalculatedasfollows:(t)(Jd)白眼B飕疆蝴寻辘盟三孤昌拗5)=-0.02426Biscorrect.ThedemandCU
32、rVeshowsquantitydemandedasafunctionofownpriceonly.7Aiscorrect.Thesituationdescribedisoneofexcessdemandbecause,inorderformarketstoclearatthegivenlevelofquantitysupplied,thecompanywouldneedtoraiseprices.8Biscorrect.Fromthedemandfunction:SolveforQQpi/Al%=-3.1(thecoefficientinfrontofownprice)=84-3.IP+08
33、1+09PHprrRU=84-3.1(38)+0.8(100)+0.9(18)62.4AtPPr=3&=(-3.1)(38/62.4)=-1.99Ciscorrect.Fromthedemandfunction:SolveforQpr：Qprl=0.8(coefficientinfrontoftheincomevariable)nd=84-3.1P+0.81+0.9PWpr：prpu=84-3.1(38)+0.8(l)+0.9(18)=62.4AtI=100,theincomeelasticityofdemand=prL)(/Qpr)=(0.8)(162.4)=1.310Aiscorrect.
34、Fromthedemandfunction:SolveforQpr：Qpr/l,pu=09(thecoefficientinfrontofPpu)Od二84-3.1P+0.81+0.9PHprprpu=84-3.1(38)+0.8(100)+0.9(18)=62.4AtP=38,andPpu=18,thecross-priceelasticityofdemand=rp1)Qu/Qpr)=(0.9)(18/62.4)=0.311Ciscorrect.Withcomplements,consumptiongoesupordowntogether.Withanegativecross-priceel
35、asticity,asthepriceofonegoodgoesup,thedemandforbothfalls.12Aiscorrect.Inthecaseofnormalgoods,theincomeandsubstitutioneffectsarereinforcing,leadingtoanincreaseintheamountpurchasedafteradropinprice.13Aiscorrect.Theincomeeffectoverwhelmsthesubstitutioneffectsuchthatanincreaseinthepriceofthegoodresultsi
36、ngreaterdemandforthegood,resultinginapositivelyslopeddemandcurve.14Aiscorrect.Normalprofitisthelevelofaccountingprofitsuchthatimplicitopportunitycostsarejustcovered；thus,itisequaltoalevelofaccountingprofitsuchthateconomicprofitiszero.15Aiscorrect.Thelawofdiminishingreturnsoccursintheshortrunwhenaddi
37、tionaloutputfallsasmoreandmorelaborisaddedtoafixedamountofcapital.Whenafactoryisoperatingatfullcapacity,addingadditionalemployeeswillnotincreaseproductionbecausethephysicalplantisalready100%employed.Morelaborhourswilladdtocostswithoutaddingtooutput,thusresultingindiminishingmarginalreturns.16Aiscorr
38、ect.Diminishingmarginalreturnsoccurwhenthemarginalproductofaresourcedecreasesasadditionalunitsofthatinputareemployed.Marginalproductwhichistheadditionaloutputresultingfromusingonemoreunitofinput,ispresentedbelow.MachineHoursTotalProductAverageProductMarginalProduct133.003284.53144.6764194.7555214.20
39、2Themarginalproductofthethirdmachinehouris6anddeclinesthereafter.Consequently,diminishingmarginalreturnsarefirstevidentbeyondthreemachinehours.17Aiscorrect.Marginalrevenueperunitisdefinedasthechangeintotalrevenuedividedbythechangeinquantitysold.MR=TRQ.Inthiscase,changeintotalrevenueequalsCHF100,000,
40、andchangeintotalunitssoldequals50.CHF100,00050=CHF2,000.18Aiscorrect.Inaperfectlycompetitivemarket,anincreaseinsupplybyasinglefirmwillnotaffectprice,11erefbre,anincreaseinunitssoldbythefirmwillbematchedproportionatelybyanincreaseinrevenue.19Aiscorrect.Marginalrevenueperunitisdefinedasthechangeintota
41、lrevenuesdividedbythechangeinquantitysold.MR=TRQ.Inthiscase,changeintotalrevenueperdayequals3,000(45040)-(30050),andchangeinunitssoldequals150(450-300).3,000150=20.20Aiscorrect.Underperfectcompetition,afirmisapricetakeratanyquantitysuppliedtothemarket,andAR=MR=Price.21Aiscorrect.Averagefixedcostiseq
42、ualtototalfixedcostdividedbyquantityproduced:AFC=TFC/Q=200/4=50.22Ciscorrect.Marginalcostisequaltothechangeintotalcostdividedbythechangeinquantityproduced.MC=TCQ=80/1=80.23Ciscorrect.Averagetotalcostisequaltototalcostdividedbyquantityproduced.At5unitsproducedtheaveragetotalcostis104.ATC=TC/Q=520/5=1
43、04.24Aiscorrect.Underperfectcompetition,priceequalsmarginalrevenue.Afirmbreaksevenwhenmarginalrevenueequalsaveragetotalcost.25Ciscorrect.Thefirmshouldshutdownproductionwhenmarginalrevenueislessthanaveragevariablecost.26Aiscorrect.Acompanyissaidtobreakevenifitstotalrevenueisequaltoitstotalcost.Underc
44、onditionsofperfectcompetition,acompanywillbreakevenwhenmarketpriceisequaltotheminimumpointoftheaveragetotalcostcurve.27Biscorrect.Acompanywillshutdownproductionintheshortrunwhentotalrevenueisbelowtotalvariablecosts.28Ciscorrect.Acompanywillstayinthemarketinthelongtermiftotalrevenueisequaltoorgreater
45、thantotalcost.Becausetotalcostsare$7million($4millionvariablecostsand$3millionfixedcosts),thecompanywillstayinthemarketinthelongtermiftotalrevenueequalsatleast$7million.29Biscorrect.Whentotalrevenueisenoughtocovervariablecostsbutnottotalfixedcostsinfull,thefirmcansurviveintheshortrunbutwouldbeunable
46、tomaintainfinancialsolvencyinthelongrun.30Aiscorrect.Thequantityatwhichaveragetotalcostisminimizeddoesnotnecessarilycorrespondtoaprofitmaximum.31Ciscorrect.Outputincreasesinthesameproportionasinputincreasesoccuratconstantreturnstoscale.32Biscorrect.Economiesofscaleoccurif,asthefirmincreasesoutput,co
47、stperunitofproductionfalls.Graphically,thisdefinitiontranslatesintoalong-runaveragecostcurve(LRAC)withanegativeslope.33Biscorrect.Asthefirmincreasesoutput,diseconomiesofscaleandhigheraveragetotalcostscanresultwhenthereisoverlapandduplicationofbusinessfunctionsandproductlines.34Ciscorrect.Thefirmoperatingatgreaterthanlong-runefficientscaleissubjecttodiseconomiesofscale.Itshouldplantodecreaseitslevelofproduction.35Aiscorrect.Competitionshoulddriveprice
