Microeconomics Final Exam

Jul 20th, 2016
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University of Virginia
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1) The table below represents the labor production schedule for the *blank*, who specialize in making baskets 2) Assume the sample cost schedule below is for the purely competitive producer Dole Co. The market price for 1 box of pineapples is $65.00. Total Output is measured in boxes 3) Assume the Pineapple market in the United States is represented below 4) The sample total revenue schedule below is for the natural monopolist Southern California Edison 5) The game theory payoff matrix below represents different profit combinations for the following oligopolists: Southwest Airlines (SW) and Northwest Airlines (NW). Assume each firm has 2 ticket price strategies for vacation travelers, High ($450 per person) and Low ($150 per person). All profits inside the matrix are in millions of dollars 6) What are the major characteristics of monopoly competition? Use an example from the textbook or lecture. 7) The following table represents the cost schedule, for the college softball team unifo

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a)# of Players Total Product Marginal Product Average Product00001151515234191735117174651416.25574914.8680613.33783311.86883010.38b)Total, Marginal, & Average Product90807060504030201000123456789c)The shape of the total production curve is determined by labor input. The distinctive "s" shape is a result ofa nearly linear increase between input and output from 0 to 4 workers, whereas each additional workergreater than about 4 returns less efficient results.d)The Marginal Product, as the "first derivative" of the Total Product, shows the optimal level of outputand the point at which each additional worker leads to a decrease in total output.e)The optimal number of players is 3, where Marginal Product and Average Product are the same.It is where Marginal Product is equal to Average Product that MP is theoretically at its maximum;from the graph, the maximum is actually 2. However, adding 1 more player increases the average score,and beyond 3 adding 1 more player decreases the total average score.Total ProductMarginal ProductAverage Producttive "s" shape is a result ofeach additional workertimal level of outputt are the same.at its maximum;ases the average score,Q012345678910a)TFC6060606060606060606060TVC04585120150185225270325390465TC60105145180210245285330385450525AFC6030201512109876AVC454340383738394

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