ECON 102 Homework EXAM Answers (Penn State University)

ECON 102 Homework 11 Answer (Penn State University) Question 1 When there is a negative production externality, the Question 2 Consider a market with a negative production externality. This type of market Question 3 A profit maximizing firm in a competitive market with a negative production exte...

ECON 102 Homework 12 Answer (Penn State University) Question 1 Suppose the demand for a product is given by P = 40 – 4Q. Also, the supply is given by P = 10 Q. If a $10 per-unit excise tax is levied on the buyers of a good, then after the tax buyers will pay _________ for each unit of the good. ...

ECON 102 Homework 3 Answer (Penn State University) Question 1 (25 total points) Joe runs a farm. He rents the land for $240 a day, and he can hire workers for $10 per day for each worker. His short run production function is given in the first two columns of the following table. Complete the tabl...

ECON 102 Homework 4 Answer (Penn State University) Question 1 Examine the table above, which gives information about the costs of a perfectly competitive firm. You are hired to determine the profit-maximizing quantity for the firm at different prices. For each price listed, you must find the output...

ECON 102 Homework 5 Answer (Penn State University) Question 1 Suppose that a monopolistically competitive firm must build a production facility in order to produce a product. The fixed cost of this facility is FC = $24. Also, the firm has constant marginal cost, MC = $3. Demand for the product that...

ECON 102 Homework 8 Answer (Penn State University) Question 1 A monopolist faces a demand curve given by: P = 220 – 3Q, where P is the price of the good and Q is the quantity demanded. The marginal cost of production is constant and is equal to $40. There are no fixed costs of production. How much...

ECON 102 Final All Quizzes and Homwork 1-8 The idea that resources are limited is called ________________ is the branch of economics concerned with the behavior of individual decision makers – both households and firms – and the functioning of individual industries. “If Penn State begins to fi...

ECON 102 Homework 9 Answer (Penn State University) Question 1 Unlike a monopolist’s product, a monopolistically competitive firm’s product Question 2 Which two industry structures are characterized by easy entry and exit? Question 3 The restaurant industry is an example of a(n). Question 4 In...

ECON 102 Midterm Exam Part 1 Answers (Penn State University) Question 1 When an economist talks about scarcity, he or she is referring to Question 2 Which of the following is a positive statement? Question 3 A statement of economic theory that abstracts from the nuances of reality is Question 4 Y...

ECON 102 Midterm Exam Part 1 Answers (Penn State University) Question 1 When an economist talks about scarcity, he or she is referring to Question 2 Which of the following is a positive statement? Question 3 A statement of economic theory that abstracts from the nuances of reality is Question 4 Y...

ECON 102 Quiz 2 Answers (Penn State University) Question 1 Mark can produce 50 baseballs in a month and Katie can produce 60 baseballs in a month. Also, Mark can produce 40 bats in a month and Katie can produce 30 bats in a month. What is Mark’s opportunity cost of producing 20 bats? Question 2 M...

ECON 102 Quiz 3 Answers (Penn State University) Question 1 The price of a hamburger at a fast food restaurant increases from $2.30 to $3.50. The law of demand predicts that Question 2 Which of the following are the best examples of complements? Question 3 In the above figure, a decrease in the pri...

ECON 102 Quiz 6 Answers (Penn State University) Question 1 Select the answer below that corresponds to the idea of a derived demand curve. Question 2 A profit maximizing firm that has labor as the only variable factor of production has a demand curve that is Question 3 Consider the graph above. A ...

ECON 102 Quiz 7 Answers (Penn State University) Question 1 Which of the following markets is the closest to being perfectly competitive? Question 2 When we say that a firm is a "price taker", we mean that Question 3 In the above figure, the demand curve depicted on which graph represents the dem...