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Economics (ECN2002) Microeconomics Final Exam

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Microeconomics Final Exam Study Guide 2015

University

KIMEP University

Course

Economics (ECN2002)

1
1
Microeconomics (Spring 2015)
Final Exam Study Guide
Note: Below is a list of study questions for the upcoming Part 1 of the final exam, June 10 (Ch. 13, 14, 15, and 17). Please answer
them (all of them or as many as you can) as a way of preparing for your final. Not all of the study questions will appear in the exam
but a number of them will. Since you don’t know which ones will be in it, it would be a good idea to answer all of them. Please don’t
ask me for the answers to the questions although you can ask me for clarification of the questions. Also, there could be a few more
questions on the final that are not found on this list. The best way to use this study guide is to try to answer all the questions as best as
you can and compare your answers with those of your classmates’. Then discuss why your answers are different so that you learn the
reason why. Form a study group if you can. –Rudy
This exam is closed notes, closed books. You are not allowed to use your handouts/notes or textbook. No electronic gadgets
(smartphones, tablets or PCs) allowed or shared. You may use a calculator but only a calculator and nothing else. No sharing of
calculator will be allowed. You have to have your own calculator. Circle the correct answer on the multiple choice questions. There is
only one correct answer in each multiple choice question.

1. Refer to Table 13-7. What is the average fixed cost for the month if nine instructional modules (output) are produced?

2. Refer to Table 13-7. How much is the marginal cost for the 3rd unit (3 units) of output?

4. Whenever marginal cost is greater than average total cost,

5. Opportunity cost is

6. At what level of output will average variable cost equal average total cost?

7. Miller Technologies has average variable costs of $1 and average total costs of $3 when it produces 500 units of output. The firm’s
total fixed costs equal

8. If Franco’s Pizza Parlor knows that the marginal cost of the 500th pizza is $3.50 and that the average total cost of making 499 pizzas
is $3.30, then

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Economics (ECN2002) Microeconomics Final Exam

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