中级微观经济学模拟试题 9-I True or false. (2points10).doc

I True or false. （2points*10） If consumers spend all of their income, it is impossible for all goods to be inferior goods. A good is a luxury good if the income elasticity of demand for it is greater than 1. If a rational utility maximizer is a net demander of a good, and if an increase in its price causes him to buy more of it, then it must be an inferior good. If there is a price increase for a good that Josephine consumes, her compensating variation is the change in her income that allows her to purchase her new optimal bundle at the original prices. If there are constant returns to scale, then doubling the amount of any input will exactly double the amount of output. A competitive, cost-minimizing firm has the production function f (x ;y) = x + 2y and uses positive amounts of both inputs. If the price of x doubles and the price of y triples, then the cost of production will more than double. The short run industry supply curve can be found by horizontally summing the short run supply curves of all the individual firms in the industry. The marginal rate of transformation between two goods indicates the rate at which an efficient economy would have to give up one good to obtain more of the other. For a monopolist who faces a downward sloping demand curve, marginal revenue is less than price whenever quantity sold is positive. A firm produces one output, using one input, with the production function f (x) = 2x1/3where is the amount of input. The cost function for this firm is proportional to the price of the input times the cube of the amount of output. II Fill in the blanks for the following questions（2points*10）: Mollys utility function is. She has 25 units of x and 12 units of y. If her consumption of x is reduced to 0, how many units of y would she need in order to be exactly as well off as before?_____________________ If the Engel curve slopes up, then the demand curve slopes ________________(down or up) . Sir Plus has a demand function for mead that is given