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ECON 545 Final Exam 1

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ECON 545 Final Exam 1

1. (TCO A) Suppose you are hired to manage a small manufacturing facility that produces Widgets.

2. (TCO B) Here is some data on the demand for marshmallows:......... Show all work. (Be careful here!)

3. (TCO C) You have been hired to manage a small manufacturing facility whose cost and production data are given in the table below..............

4. (TCO C) Answer the next questions on the basis of the following cost data for a firm in pure competition:...........

5. (TCO D) A software producer has fixed costs of $18,000 per month and her Total Variable Costs (TVC) as a function of output Q are given below:.........

6. (TCO F) (a.) (20 points) Suppose nominal GDP in 1999 was $200 billion, and in 2001, it was $270 billion. The general price index in 1999 was 100 and in 2001 it was 150. Between 1999 and 2001, the real GDP rose by what percent?

7. (TCO G and H) (a.) (15 points) Suppose your local Congress representative suggests that the federal government intervenes in the gasoline market to stop runaway price increases. Would you say that this view basically supports the Keynesian or the Monetarist school of thought?

8. (TCO G) (a.) (20 points) Third National Bank is fully loaned up with reserves of $20,000 and demand deposits equal to $100,000. The reserve ratio is 20%. Households deposit $5,000 in currency into the bank.

9. (TCO E and I) Let the exchange rate be defined as the number of dollars per British pound. Assume there is a decrease in U.S. interest rates relative to that of Britain. Are American exports cheaper or more expensive for importers of U.S.

ECON 545 Final Exam 2

1. (TCO A) Suppose you are hired to manage a small manufacturing facility that produces Widgets.(a.) (15 points) You know from data collected on the Widget Market that market demand has recently increased and market supply has recently decreased. As manager of the facility, what decisions should you make regarding production levels and pricing for your Widget facility? Remember that supply and demand are about the market supply and market demand, which is bigger than your own company.

2. (TCO B) Here is some data on the demand for lettuce:........... If the table represents the demand faced by a monopoly firm, then what is that firm’s marginal revenue as it increases output from 160 units to 180 units? Show all work. (Be careful here!)

3. (TCO C) You have been hired to manage a small manufacturing facility whose cost and production data are given in the table below......... What is the marginal revenue product of the fourth worker? (c.) (6 points) What is the marginal cost of the first worker? (d.) (12 points) Based on your knowledge of marginal analysis, how many workers should you hire? Explain you answer.

4. (TCO C) John operates a small business out of his home and has very little in terms of fixed costs. Answer the next questions (Parts A and B) on the basis of the following cost data for John’s firm operating in pure competition:...........(a.) (15 points) Refer to the above data. If the product price is $60, at its optimal output, will the firm realize an economic profit, break even, or incur an economic loss?

5. (TCO D) A software producer has fixed costs of $30,000 per month and her Total Variable Costs (TVC) as a function of output Q are given below:..........a.)

6. (TCO F) (a.) (20 points) Suppose nominal GDP in 1999 was $200 billion, and in 2001, it was $270 billion. The general price index in 1999 was 100 and in 2001 it was 150.

7. (TCO G and H) (a.) (15 points) Suppose your local Congress representative suggests that the federal government intervenes in the gasoline market to stop runaway price increases.

8. (TCO G) (a.) Reserve requirement for banks is set at 5%. Your firm deposits its profits of $28,000 into the Third National Bank. (10 points) How much excess reserve does your deposit generate for the bank?(10 points)

ECON 545 Final Exam 1 1. (TCO A) Suppose you are hired to manage a small manufacturing facility that produces Widgets. 2. (TCO B) Here is some data on the demand for marshmallows:......... Show all work. (Be careful here!) 3. (TCO C) You have bee
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