Homework 微观经济练习.docx

This is a group assignment. You can arrange your own groups. Due: Monday November 21st, 10am.Please turn in your homework to class captain/monitor. He/she will turn in everything to Mr. Tao in Office 104 by 10am. Be sure to turn in your homework before that time. Late submission will receive NO credit. Please PRINT your homework. NO handwritten work will be accepted. If you have any questions, you can email me at baiyunr@. All questions must be submitted before the end of Saturday, otherwise they will NOT be answered. There are 10 pages total, including this one. Class Number: Group member 1 student ID: Group member 2 student ID: Group member 3 student ID: Group member 4 student ID: Group member 5 student ID: Group member 6 student ID: Multiple Choice (2pts X 20 = 40pts). Please write down your choice next to the number of the question. 1.Suppose your own demand curve for tomatoes slopes downward. Suppose also that, for the last tomato you bought this week, you paid a price exactly equal to your willingness to pay. Thena.you should buy more tomatoes before the end of the week.b.you already have bought too many tomatoes this week.c.your consumer surplus on the last tomato you bought is zero.d.your consumer surplus on all of the tomatoes you have bought this week is zero.Table 1The only four consumers in a market have the following willingness to pay for a good:BuyerWillingness to PayCarlos$15Quilana$25Wilbur$35Ming-la$452.Refer to Table 1. Who experiences the largest loss of consumer surplus when the price of the good increases from $20 to $22?a.Quilanab.Wilburc.Ming-lad.All three buyers experience the same loss of consumer surplus.3.Consider the following problems: Overcrowded public highways, overfishing in the ocean, polluted air, and the near-extinction of the wild rhinoceros. What do these problems have in common?a.Private markets could easily solve them if governments left the markets alone.b.They would all go away if the government sponsored an intensiv