Econ1101 Past Exam Essay - 1952 Words

THE UNIVERSITY OF NEW SOUTH WALES SCHOOL OF ECONOMICS SESSION 1, 2008 ECONllOl MICROECONOMICS I FINAL EXAMINATION TIME ALLOWED - 2HOURS THIS PAPER IS WORTH 60% OF THE TOTAL SUBJECT MARK This examination paper consists of two parts - Part A and Part B Part A consists of 20 multiple choice questions each worth one (1) mark. Answer all the questions in Part A on the answer sheet provided, using pencil only: (a) Print your student number, name and initials in the space provided and mark the appropriate boxes below your student number, name and initials. (b) For each question, mark the appropriate response (a), (b), (c), or (cl). There is only one correct response to each question in Part A. Part B consists of four (4) essay-type†¦show more content†¦(d) $12 Question 12 Refer to the data in Question 11. The profit maximizing level of output is (a) 2 units (b) 3 units (c) 4 units (d) 5 units Question 13 If the supply curve of a factor of production facing a competitive firm is perfectly elastic, then from the firms point of view: (a) none of the factors earnings is necessary transfer payment (b) all of the factors earnings is producer surplus (c) none of the factors earnings is rent (d) all of the factors earnings is rent 6 Question 14 The table below presents data on the productivity of workers in a meat processing factory. The meat processing industry can be assumed to be competitive. Number of workers Quantity of meat processed per day (kg) 1 2 3 40 100 180 4 5 240 290 330 360 380 6 7 8 The market price of processed meat is $2.50 per kilo. The wage rate for meat processors is $90 per day The