1.For the demand and supply functions, Qd= 10 - P, QS= 3P -2, the equilibrium (P0,Q0) is :

Select one:

a. (5,5)

b. (6,4)

c. (3,7)

d. (7,3)

2.A firm with total costs TC = 50 + 3Q for Q units of output, which sells its output at price P = 5, breaks even at the output level:

Select one:

a. Q = 50/8

b. Q = 50/3

c. Q = 50/2

d. Q = 45/3

3.The supply function for a product is given by: Qs= 3P - 4. A unit tax t is then imposed on the supplier. The new supply function becomes:

Select one:

a. Q's= 3P - 4 - t

b. Q's= 3P - 4 - 3t

c. Q's= 3(3P - t) - 4

d. Q's= 3P - 4 + t

4.For a firm whose total cost and total revenue functions are given by:

TC = mQ + c, TR = P.Q , which of the following statements is true?

Select one:

a. If fixed costs (c) rise, the break even point will be unchanged

b. If fixed costs (c) fall, the break even point will fall

c. If variable costs per unit (m) increase, the break even point (Q) will fall

d. If price (P) falls, the break even point will fall

5.The function y = f(x) reaches a (relative) minimum where:-

Select one:

a. f '(x) = 0 and f ''(x) < 0

b. f '(x) = 0 and f ''(x) > 0

c. f(x) = 0 and f '(x) < 0

d. f(x) = 0 and f '(x) > 0