Customer‘s safety is the future trend of the foodservice and hospitality industry

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Quiz Submissions - Quiz 1 Revisions Amber Zhang (username: amber666)

Attempt 1

Written: Mar 4, 2021 8:43 AM - Mar 4, 2021 9:18 AM

Submission View

Released: Mar 6, 2021 12:00 AM

Question 1 1 / 1 point

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By selecting "yes" you agree to the following statement:

I affirm that I will not give or receive any aid on this quiz or access any unauthorized resources and that all work will be my own.

If you do not agree, you will be not be able to take the quiz.

Yes

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Question 2 1 / 1 point

When the price of a good's substitute increases

Question 3 0 / 1 point

An isoelastic demand curve

No

its demand curve shifts inward

its demand curve shifts outward

competitive firms can raise their prices

less of the good will be demanded at every price

not enough information to determine

has the same slope everywhere

comes from perfect complements

is more likely in a competitive market

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Question 4 1 / 1 point

A competitive firm with the cost function

operates in a market with price equal to $16 , will produce

Question 5 0 / 1 point

In the following Edgeworth Box diagram

comes from perfect substitutes

none of the above

C(Q) = 2Q2

4

8

16

30

an amount that depends on consumer demand

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Question 6 1 / 1 point

Walmart replaces all their human greeters with face recognition technology purchased from a perfectly competitive market. Walmart ends up breaking even on the investment, after workers are moved to jobs they enjoy more that pays the same wage. This is an example of

At the endowment, Person B is willing to trade more good Y for a unit of good X than person A; and person A is endowed with more good X than person B; and person B prefers consumption bundles that contain a mixture of X and Y to bundles that are almost all X or all Y.

At the endowment, Person B is willing to trade less good Y for a unit of good X than person A; and person A is endowed with less good X than person B; and person B prefers consumption bundles that contain a mixture of X and Y to bundles that are almost all X or all Y.

At the endowment, Person B is willing to trade less good Y for a unit of good X than person A; and person A is endowed with more good X than person B; and person A is indifferent between consumptions bundles with the same total amount of X and Y.

At the endowment, Person B is willing to trade more good Y for a unit of good X than person A; and person A is endowed with more good X than person B; and person B is indifferent between consumptions bundles with the same total amount of X and Y.

At the endowment, Person B is willing to trade more good X for a unit of good Y than person A; and person A is endowed with less good X than person B; and person A prefers consumption bundles that contain a mixture of X and Y to bundles that are almost all X or all Y.

A Pareto improvement

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Question 7 0 / 1 point

Consider the Edgeworth box in the figure below.

Which of the following is true?

I. A move from J to K is a Potential Pareto improvement

II. A move from K to M is a Potential Pareto Improvement

III. A move from J to M is a Pareto improvement

The benefits of market power

A potential Pareto improvement

Neither a Pareto improvement nor potential Pareto improvement

An increase in economic efficiency

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Question 8 0 / 1 point

Consider a consumer who has a utility function given by:

and who is endowed with 50 units of x and 100 units of y. What is their demand function for x?

I, II, and III

I and III

II only

I only

III only

U = (100 − x)x + y 1

2

= 50 −xD 1

2

Px

Py

= 25 −xD 1

2

Px

Py

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Question 9 0 / 1 point

Consider two consumers A and B. Consumer A is endowed with 24 units of X and 24 units of Y. Consumer B is endowed with 32 units of X and 32 units of Y. Their utility functions are given by:

If the price ratio is equals 2, which of the following allocations constitutes a competitive equilibrium?

= 50 −xD Px

Py

= 50 −xD 1

4

Px

Py

= 100 −xD 1

2

Px

Py

=  and  = 2 +UA XA YA UB XB YB

= 36, = 18; = 20, = 38XA YA XB YB

= 48, = 24; = 8, = 32XA YA XB YB

= 18, = 36; = 38, = 20XA YA XB YB

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Question 10 1 / 1 point

Suppose in an economy with two inputs (capital K, and labor L) and two firms (firm 1 and 2), the

and the .

(Capital is on the vertical axis). What is an example of how an exchange of capital and labour between the two production sectors can increase the output of both sectors?

= 24, = 48; = 32, = 8XA YA XB YB

M RT = 1S 1 K for L

M RT = 1S 2 K for L

It is not possible to increase production for both firms through an exchange of capital and labour.

Firm 1 could give up a unit of labour to firm 2 in exchange for one unit of capital and both would be able to produce more.

1 2/

Firm 1 could give up 1.5 units of capital to firm 2 in exchange for one unit of labour and both would be able to produce more.

Firm 1 could give up 1.5 units of labour to firm 2 in exchange for one unit of capital and both would be able to produce more.

Firm 1 could give up a unit of capital to firm 2 in exchange for one unit of labour and both would be able to produce more.

1 2/

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Question 11 0 / 1 point

There are two firms. One produces X and one produces Y and they have the following production functions:

and

where K is capital and L is labour.

Which of the following equations could represent an interior solution for the contract curve for the inputs of capital and labour?

=Fx K 1/2 x L

1/4 x

= +Fy Ky Ly

=Kx Lx

=Kx 1

2 Lx

=Kx 1

3 Lx

= 2Kx Lx

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Attempt Score:5 / 11 - 45.45 %

Overall Grade (highest attempt):5 / 11 - 45.45 %

Done

= 3Kx Lx