CFA课后习题：经济学.docx

PRACTICEPROBLEMS1Ifthepriceelasticitycoefficientofthedemandcurveforpaperclipsisequalto-1,demandis：Aelastic.Binelastic.Cunitelastic.2Thedemandformembershipatalocalhealthclubisdeterminedbythefollowingequation:Q*=400-5PhwhereQrmisthenumberofhealthclubmembersandPisthepriceofhm尸membership.Ifthepriceofhealthclubmembershipis$35,thepriceelasticityofdemandisclosestto:A-0.778,B-0.500.c-0.438.3Priceelasticityofdemandforagoodwillmostlikelybegreaterif:Atherearenosubstitutesforthegood.Bconsumersconsiderthegoodasdiscretionary.Cconsumersspendasmallportionoftheirbudgetonthegood.4Iftheincomeelasticityofdemandforaproductis-0.6,a:A1%increaseinincomewillresultina0.6%increaseindemand.B1%increaseinincomewillresultina0.6%decreaseindemand.C0.6%increaseinincomewillresultina1%decreaseindemand.5Anindividuasdemandforonionsisgivenbythefollowingequation：Q=3-Q05Po+0.0091-Q16PlwhereQ：isthenumberofonionsdemanded,Pisthepriceperpoundofonions,1isthehouseholdincome,andPtisthepriceperpoundoftomatoes.IfthepriceofonionsisSI.25,householdincomeis$2,500,andthepriceoftomatoesis$3.75,thecross-priceelasticityofdemandforonionswithrespecttothepriceoftomatoesisclosestto:A-1.0597.B-0.0242.C-0.008L6MovementalongthedemandcurveforgoodXoccursduetoachangein:Aincome.BthepriceofgoodX.CthepriceofasubstituteforgoodX.©2017CFAInstitute.Allrightsreserved.7Awirelessphonemanufacturerintroducedanext-generationphonethatreceivedahighlevelofpositivepublicity.Despiterunningseveralhigh-speedproductionassemblylines,themanufacturerisstillfallingshortinmeetingdemandforthephoneninemonthsafterintroduction.Whichofthefollowingstatementsisthemostplausibleexplanationforthedemand/SUPPIyimbalance?AThephonepriceislowrelativetotheequilibriumprice.BCompetitorsintroducednext-generationphonesatasimilarprice.IConsumerincomesgrewfasterthanthemanufactureranticipated.ThefolhwinginformationrelatestoQuestions8-11Themarketdemandfunctionforfour-yearprivateuniversitiesisgivenbytheequation=84-3.1P+0.81+0.9P修PrprPUwhereQ；isthenumberofapplicantstoprivateuniversitiesperyearinthousands,Ppristheaveragepriceofprivateuniversities(inthousandsofUSD),Iisthehouseholdmonthlyincome(inthousandsofUSD),andPpuistheaveragepriceofpublic(government-supported)universities(inthousandsofUSD).AssumethatPPrisequalto38,1isequalto100,andPPUisequalto18.'Thepriceelasticityofdemandforprivateuniversitiesisclosestto:A-3.LB-1.9.C069Theincomeelasticityofdemandforprivateuniversitiesisclosestto:A05B08C1310Thecross-priceelasticityofdemandforprivateuniversitieswithrespecttothepriceofpublicuniversitiesisclosestto:A0.3.B3.1.C3911Ifthecross-priceelasticitybetweentwogoodsisnegative,thetwogoodsareclassifiedas：Anormal.Bsubstitutes.(complements.12Inthecaseofanormalgoodwithadecreaseinownprice,whichofthefollowingstatementsismostlikelytrue?ABoththesubstitutionandincomeeffectsleadtoanincreaseinthequantitypurchased.BThesubstitutioneffectleadstoanincreaseinthequantitypurchased,whiletheincomeeffecthasnoimpact.CThesubstitutioneffectleadstoanincreaseinthequantitypurchased,whiletheincomeeffectleadstoadecrease.13ForaGiffengood,the:Ademandcurveispositivelysloped.Bsubstitutioneffectoverhelmstheincomeeffect.(incomeandsubstitutioneffectsareinthesamedirection.14Normalprofitisbestdescribedas:Azeroeconomicprofit.Btotalrevenueminusallexplicitcosts.(thesumofaccountingprofitpluseconomicprofit15Acompanyplanstohireadditionalfactoryemployees.Intheshortrun,marginalreturnsaremostlikelytodecreaseif:Athefactoryisoperatingatfullcapacity.Bthefactoryisexperiencingalaborshortage.(workersarerequiredtomultitaskandshareduties.16Theproductionrelationshipbetweenthenumberofmachinehoursandtotalproductforacompanyispresentedbelow.MachineHoursTotalProductAverageProduct133.00284.003144.674194.755214.20Diminishingmarginalreturnsfirstoccurbeyondmachinehour:A3.B4.C5.17ThemarketingdirectorforaSwissspecialtyequipmentmanufacturerestimatesthefirmcansell200unitsandearntotalrevenueofCHF500,000.However,if250unitsaresold,revenuewilltotalCHF600,000.Themarginalrevenueperunitassociatedwithmarketing250unitsinsteadof200unitsisclosestto:ACHF2,000.BCHF2,400.CCHF2,500.18Anagriculturalfirmoperatinginaperfectlycompetitivemarketsupplieswheattomanufacturersofconsumerfoodproductsandanimalfeeds.Ifthefirmwereabletoexpanditsproductionandunitsalesby10%themostlikelyresultwouldbe:Aa10%increaseintotalrevenue.Ba10%increaseinaveragerevenue.Ianincreaseintotalrevenueoflessthan10%.19Anoperatorofaskiresortisconsideringofferingpricereductionsonweekdayskipasses.Atthenormalpriceof50perday,300customersareexpectedtobuypasseseachweekday.Atadiscountedpriceof40perday450customersareexpectedtobuypasseseachweekday.Themarginalrevenuepercustomerearnedfromofferingthediscountedpriceisclosestto:A20.B40.c50.20Themarginalrevenueperunitsoldforafirmdoingbusinessunderconditionsofperfectcompetitionwillmostlikelybe:Aequaltoaveragerevenue.Blessthanaveragerevenue.(greaterthanaveragerevenue.ThefollowinginformationrelatestoQuestions21-23Afirmsdirectorofoperationsgathersthefollowinginformationaboutthefirm,scoststructureatdifferentlevelsofoutput:IExhibit1Quantity(Q)TotalFixedCost(TFC)TotalVariableCost(TVC)02012100220015032002004200240520032021RefertothedatainExhibit1.Whenquantityproducedisequalto4units,theaveragefixedcost(AFC)isclosestto:A50.B60.C110.22RefertothedatainExhibit1.Whenthefirmincreasesproductionfrom4to5units,themarginalcost(MC)isclosestto:A40.b64.c80.23RefertothedatainExhibit1.Thelevelofunitproductionresultinginthelowestaveragetotalcost(ATC)isclosestto:B4.C5.24Theshort-termbreakevenpointofproductionforafirmoperatingunderperfectcompetitionwillmostlikelyoccurwhen:Apriceisequaltoaveragetotalcost.Bmarginalrevenueisequaltomarginalcost.Imarginalrevenueisequaltoaveragevariablecosts.25Theshort-termshutdownpointofproductionforafirmoperatingunderperfectcompetitionwillmostlikelyoccurwhen:Apriceisequaltoaveragetotalcost.Bmarginalrevenueisequaltomarginalcost.Cmarginalrevenueisequaltoaveragevariablecosts.26Underconditionsofperfectcompetition,acompanywillbreakevenwhenmarketpriceisequaltotheminimumpointofthe:Aaveragetotalcostcurve.Baveragevariablecostcurve.(short-runmarginalcostcurve.27Acompanywillshutdownproductionintheshortruniftotalrevenueislessthantotal：Afixedcosts.Bvariablecosts.Copportunitycosts.28Acompanyhastotalvariablecostsof$4millionandfixedcostsofS3million.Basedonthisinformation,thecompanywillstayinthemarketinthelongtermiftotalrevenueisatleast:A$3.0million.B$4.5million.C$7.0million.29Whentotalrevenueisgreaterthantotalvariablecostsbutlessthantotalcosts,intheshorttermafirmwillmostLikely:Aexitthemarket.Bstayinthemarket.(shutdownproduction.30Aprofitmaximumisleastlikelytooccurwhen:2averagetotalcostisminimized.Bmarginalrevenueequalsmarginalcost.Cthedifferencebetweentotalrevenueandtotalcostismaximized.31Afirmthatincreasesitsquantityproducedwithoutanychangeinper-unitcostisexperiencing:Aeconomiesofscale.Bdiseconomiesofscale.Cconstantreturnstoscale.32Acompanyisexperiencingeconomiesofscalewhen:Acostperunitincreasesasoutputincreases.BitisoperatingatapointontheLRACcurvewheretheslopeisnegative.CItisoperatingbeyondtheminimumpointonthelong-runaveragetotalcostcurve.33Diseconomiesofscalemostlikelyresultfrom:Aspecializationinthelaborforce.Boverlapofbusinessfunctionsandproductlines.(discountedpricesonresourceswhenbuyinginlargerquantities.34Afirmisoperatingbeyondminimumefficientscaleinaperfectlycompetitiveindustry.Tbmaintainlong-termviabilitythemostlikelycourseofactionforthefirmisto：Aoperateatthecurrentlevelofproduction.Bincreaseitslevelofproductiontogaineconomiesofscale.(decreaseitslevelofproductiontotheminimumpointonthelong-runaveragetotalcostcurve.35Underconditionsofperfectcompetition,inthelongrunfirmswillmostlikelyearn:Anormalprofits.Bpositiveeconomicprofits.Cnegativeeconomicprofits.ThefollowinginformationrelatestoQuestions36and37Themanagerofasmallmanufacturingfirmgathersthefollowinginformationaboutthefirmslaborutilizationandproduction:IExhibit2Labor(L)TotalProduct(FP)001150232035104660580036RefertothedatainExhibit2.Thenumberofworkersresultinginthehighestlevelofaverageproductoflaborisclosestto:A3.R4.C5.37RefertothedatainExhibit2.Themarginalproductoflabordemonstratesincreasingreturnsforthefirmifthenumberofworkersisclosesttobutnotmorethan:A2B3.C4.需要最新CFA、FRM视频课程和纸质资料欢迎添加VX:zyz786468331SOLUTIONS1Ciscorrect.Whenthepriceelasticityofdemandcoefficientis-1,demandissaidtobeunitelastic,orunitaryelastic.2Aiscorrect.Insertingthepriceof$35intothedemandfunction,quantitydemandediscalculatedasQWm=400-5(35)=225Atapriceof$35perhealthclubmembership,theelasticityofdemandisPriceelasticityofdemand=(Qpn)例hm)*1n/'Priceelasticityofdemand=-5×(35/225)=-0.77§Biscorrect.Priceelasticityofdemandislikelytobegreaterforitemsthatareseenasoptionalordiscretionary.5Biscorrect.Incomeelasticityisameasureofhowsensitivequantitydemandedistoachangeinincome.Iftheincomeelasticityofdemandfortheproductis-0.6,wheneverincomeincreasesby1%,thequantitydemandedoftheproductateachpricedecreasesby0.6%.Consequently,asincomerises,consumerswillpurchaselessoftheproduct.Biscorrect.ThBcross-priceelasticityofdemandmeasurestheresponsivenessofthedemandforonionsinresponsetoachangeinthepriceoftomatoes.Fromthedemandfunctionequation:Qo=3-0.05P+0.9I-0.16PQ。=3-0.05(1.25)+0.9(2,500)-0.16(3.75)=24.8375AtapriceofonionsofS1.25andapriceoftomatoesof$3.75,thecross-priceelasticityofdemandiscalculatedasfollows:("t)(Jd)白眼B飕疆蝴寻辘盟三孤昌拗5)=-0.02426Biscorrect.ThedemandCUrVeshowsquantitydemandedasafunctionofownpriceonly.7Aiscorrect.Thesituationdescribedisoneofexcessdemandbecause,inorderformarketstoclearatthegivenlevelofquantitysupplied,thecompanywouldneedtoraiseprices.8Biscorrect.Fromthedemandfunction:SolveforQQpi/Al%=-3.1(thecoefficientinfrontofownprice)=84-3.IP+081+09PHprrRU=84-3.1(38)+0.8(100)+0.9(18)62.4AtPPr=3&=(-3.1)(38/62.4)=-1.99Ciscorrect.Fromthedemandfunction:SolveforQpr：Qprl=0.8(coefficientinfrontoftheincomevariable)nd=84-3.1P+0.81+0.9PWpr：prpu=84-3.1(38)+0.8(l)+0.9(18)=62.4AtI=100,theincomeelasticityofdemand=prL)(/Qpr)=(0.8)(162.4)=1.310Aiscorrect.Fromthedemandfunction:SolveforQpr：Qpr/l,pu=09(thecoefficientinfrontofPpu)Od二84-3.1P+0.81+0.9PHprprpu=84-3.1(38)+0.8(100)+0.9(18)=62.4AtP=38,andPpu=18,thecross-priceelasticityofdemand=rp1)Qu/Qpr)=(0.9)(18/62.4)=0.311Ciscorrect.Withcomplements,consumptiongoesupordowntogether.Withanegativecross-priceelasticity,asthepriceofonegoodgoesup,thedemandforbothfalls.12Aiscorrect.Inthecaseofnormalgoods,theincomeandsubstitutioneffectsarereinforcing,leadingtoanincreaseintheamountpurchasedafteradropinprice.13Aiscorrect.Theincomeeffectoverwhelmsthesubstitutioneffectsuchthatanincreaseinthepriceofthegoodresultsingreaterdemandforthegood,resultinginapositivelyslopeddemandcurve.14Aiscorrect.Normalprofitisthelevelofaccountingprofitsuchthatimplicitopportunitycostsarejustcovered；thus,itisequaltoalevelofaccountingprofitsuchthateconomicprofitiszero.15Aiscorrect.Thelawofdiminishingreturnsoccursintheshortrunwhenadditionaloutputfallsasmoreandmorelaborisaddedtoafixedamountofcapital.Whenafactoryisoperatingatfullcapacity,addingadditionalemployeeswillnotincreaseproductionbecausethephysicalplantisalready100%employed.Morelaborhourswilladdtocostswithoutaddingtooutput,thusresultingindiminishingmarginalreturns.16Aiscorrect.Diminishingmarginalreturnsoccurwhenthemarginalproductofaresourcedecreasesasadditionalunitsofthatinputareemployed.Marginalproduct>whichistheadditionaloutputresultingfromusingonemoreunitofinput,ispresentedbelow.MachineHoursTotalProductAverageProductMarginalProduct133.003284.53144.6764194.7555214.202Themarginalproductofthethirdmachinehouris6anddeclinesthereafter.Consequently,diminishingmarginalreturnsarefirstevidentbeyondthreemachinehours.17Aiscorrect.Marginalrevenueperunitisdefinedasthechangeintotalrevenuedividedbythechangeinquantitysold.MR=TR÷Q.Inthiscase,changeintotalrevenueequalsCHF100,000,andchangeintotalunitssoldequals50.CHF100,000÷50=CHF2,000.18Aiscorrect.Inaperfectlycompetitivemarket,anincreaseinsupplybyasinglefirmwillnotaffectprice,"11erefbre,anincreaseinunitssoldbythefirmwillbematchedproportionatelybyanincreaseinrevenue.19Aiscorrect.Marginalrevenueperunitisdefinedasthechangeintotalrevenuesdividedbythechangeinquantitysold.MR=TR÷Q.Inthiscase,changeintotalrevenueperdayequals3,000(450×40)-(300×50),andchangeinunitssoldequals150(450-300).3,000÷150=20.20Aiscorrect.Underperfectcompetition,afirmisapricetakeratanyquantitysuppliedtothemarket,andAR=MR=Price.21Aiscorrect.Averagefixedcostisequaltototalfixedcostdividedbyquantityproduced:AFC=TFC/Q=200/4=50.22Ciscorrect.Marginalcostisequaltothechangeintotalcostdividedbythechangeinquantityproduced.MC=TCQ=80/1=80.23Ciscorrect.Averagetotalcostisequaltototalcostdividedbyquantityproduced.At5unitsproducedtheaveragetotalcostis104.ATC=TC/Q=520/5=104.24Aiscorrect.Underperfectcompetition,priceequalsmarginalrevenue.Afirmbreaksevenwhenmarginalrevenueequalsaveragetotalcost.25Ciscorrect.Thefirmshouldshutdownproductionwhenmarginalrevenueislessthanaveragevariablecost.26Aiscorrect.Acompanyissaidtobreakevenifitstotalrevenueisequaltoitstotalcost.Underconditionsofperfectcompetition,acompanywillbreakevenwhenmarketpriceisequaltotheminimumpointoftheaveragetotalcostcurve.27Biscorrect.Acompanywillshutdownproductionintheshortrunwhentotalrevenueisbelowtotalvariablecosts.28Ciscorrect.Acompanywillstayinthemarketinthelongtermiftotalrevenueisequaltoorgreaterthantotalcost.Becausetotalcostsare$7million($4millionvariablecostsand$3millionfixedcosts),thecompanywillstayinthemarketinthelongtermiftotalrevenueequalsatleast$7million.29Biscorrect.Whentotalrevenueisenoughtocovervariablecostsbutnottotalfixedcostsinfull,thefirmcansurviveintheshortrunbutwouldbeunabletomaintainfinancialsolvencyinthelongrun.30Aiscorrect.Thequantityatwhichaveragetotalcostisminimizeddoesnotnecessarilycorrespondtoaprofitmaximum.31Ciscorrect.Outputincreasesinthesameproportionasinputincreasesoccuratconstantreturnstoscale.32Biscorrect.Economiesofscaleoccurif,asthefirmincreasesoutput,costperunitofproductionfalls.Graphically,thisdefinitiontranslatesintoalong-runaveragecostcurve(LRAC)withanegativeslope.33Biscorrect.Asthefirmincreasesoutput,diseconomiesofscaleandhigheraveragetotalcostscanresultwhenthereisoverlapandduplicationofbusinessfunctionsandproductlines.34Ciscorrect.Thefirmoperatingatgreaterthanlong-runefficientscaleissubjecttodiseconomiesofscale.Itshouldplantodecreaseitslevelofproduction.35Aiscorrect.Competitionshoulddriveprice