NYU Micro Economics Paper

DescriptionINTRODUCTION TO MICROECONOMICS
FINAL EXAM – SPRING 2023
Problem 1: Consider total cost and total revenue given in the following table.
Quantity
0
1
2
3
4
5
6
7
Total
Cost
$8
9
10
11
13
19
27
37
Marginal
Cost
Total
Revenue
$0
8
16
24
32
40
48
56
Marginal
Revenue
Profit
a. Calculate marginal revenue, marginal cost, and profit for each quantity. In the Table, SHOW
ALL YOUR DERIVATIONS FOR ALL ENTRIES OF THE TABLE. (48 points)
b. Can you tell whether this firm is in a competitive industry? Briefly justify. (10 points)
c. How much should the firm produce to maximize profit. Briefly justify. (10 points)
1
Problem 2: Suppose that labor is the only input used by a perfectly competitive firm. The firm’s
production function is as follows.
Days of Labor
Units of Output
0
1
2
3
4
5
6
7
0
7
13
19
25
28
29
29
MPL
VMP
L
a. Calculate the marginal product of each additional worker. SHOW YOUR DERIVATIONS
FOR ALL ENTRIES OF THE TABLE. (16 points)
d. Each unit of output sells for $10. Calculate the value of the marginal product of each worker.
(16 points) SHOW YOUR DERIVATIONS FOR ALL ENTRIES OF THE TABLE.
e. What happens to this demand curve of labor if the price of output drops from $10 to $8?
Briefly justify. (10 points)
2
Problem 3: Discuss four theories that explain wages besides the competitive market theory that
worker’s wage should equal their value of marginal product. In your discussion provide the theory,
give a few examples, and discuss any limitations. (40 points)
3
Problem 4: Discuss four policies that you would suggest as a policy maker to reduce poverty in the
United States. In your discussion, elaborate on the policy, its strengths and possibly any limitations.
(40 points)
4

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