S2W4

S2W4

8th Grade

12 Qs

quiz-placeholder

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S2W4

S2W4

Assessment

Quiz

World Languages

8th Grade

Medium

Created by

EconPALS Committee

Used 5+ times

FREE Resource

12 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Alexander Graham Bell is trying to estimate costs for his telephone firm. Given that his marginal
cost curve is given by M C = 15000 + 150x + 0.5x^2, which of the following is his Total Cost Curve

150+x

0.5x^3+150x^2+15000x+C

1.5x^3+150x^2+15000x+C

(1/6)x^3+150x^2+15000x+C

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Adam Smith is working with a firm which produces according to the Total Cost function: T C =
9Q^2 + 2000. What is the firm’s supply curve?

p=q/18

q=p/18

q=18p

3.

FILL IN THE BLANK QUESTION

1 min • 1 pt

Smith now seeks to minimise average cost with the same total cost function: T C = 9Q^2 + 2000.
At what output is average cost minimised (rounded to the nearest whole number)?

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

James Clark Maxwell is trying to optimise efficiency in his workplace. He decides the best way
to do this is to optimise total surplus (where producer and consumer surplus together are maximised). What kind of efficiency is this?

Allocative

Productive

Dynamic

Social

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Yes

No

6.

OPEN ENDED QUESTION

3 mins • 1 pt

Arthur Conan Doyle is writing a new Sherlock book about firms and markets. Can you help him remember the three conditions for long run competitive equilibrium?

Evaluate responses using AI:

OFF

Answer explanation

1) MR = MC

2) Economic profit = 0

3) Quantity demanded = quantity supplied

7.

OPEN ENDED QUESTION

3 mins • 1 pt

Evaluate responses using AI:

OFF

Answer explanation

P = €9, Q = 1000

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