Practice Test
Practice Test Practice Test
Name: ________________________ ID: A Figure 53-1: Marginal Cost Curve ____ 5. (Figure 53-1: Marginal Cost Curve) Using the marginal cost curve in the figure provided, we can determine that the total cost of mowing four lawns is approximately: a. $10. b. $15. c. $50. d. $100. e. $5 Figure 53-2: Marginal Benefit Curve ____ 6. (Figure 53-2: Marginal Benefit Curve) Using the marginal benefit curve in the figure provided, we can determine that the marginal benefit of mowing the sixth lawn is approximately: a. $115. b. $35. c. $40. d. $200. e. $20. 2
Name: ________________________ ID: A Figure 53-3: Optimal Quantity ____ 7. (Figure 53-3: Optimal Quantity) If the demand for lawn-mowing decreased, the ________ curve in the figure would shift to the ________ and the optimal quantity would be ________ five lawns mowed. a. marginal benefit; right; greater than b. marginal cost; right; less than c. marginal benefit; left; less than d. marginal cost; left; greater than e. marginal benefit; right; equal to Sigmund tutors five students for the introductory psychology class. The students differ in their willingness to pay for a one-hour session. The second column of the table shows their willingness to pay. Sigmund has estimated his costs of providing tutoring hours (he has no sunk costs) and these costs appear in the last column. Students' Hours of Sigmund's Student Willingness to Pay Tutoring Cost Peter $25 1 $5 Quincy 15 2 10 Rosemary 5 3 15 Sally 20 4 20 Tomas 10 5 25 Table 53-2: Tutoring ____ 8. (Table 53-2: Tutoring) Sigmund's optimal number of tutoring hours is: a. 5. b. 4. c. 3. d. 2. e. 1. 3
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Name: ________________________ ID: A<br />
Figure 53-1: Marginal Cost Curve<br />
____ 5. (Figure 53-1: Marginal Cost Curve) Using the marginal cost curve in the figure provided, we can determine<br />
that the total cost of mowing four lawns is approximately:<br />
a. $10.<br />
b. $15.<br />
c. $50.<br />
d. $100.<br />
e. $5<br />
Figure 53-2: Marginal Benefit Curve<br />
____ 6. (Figure 53-2: Marginal Benefit Curve) Using the marginal benefit curve in the figure provided, we can<br />
determine that the marginal benefit of mowing the sixth lawn is approximately:<br />
a. $115.<br />
b. $35.<br />
c. $40.<br />
d. $200.<br />
e. $20.<br />
2
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