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Q.1)The hypothesis of qualified joint profit-maximization implies that firms
a) are profit-maximizers c) will act as if they had a monopoly
b) are unselfish d) are able to exploit the gains from limiting
competition in some respects, but not in
all respects
Q.2)You are trying to evaluate whether the labor market for computer scientists is competitive or
monopsonistic. You know that the production function for computers depends only on labor
input: Y = -0.5 L2 + 10L, where Y is the output of computers and L is the quantity of labor
used. The price of a computer is p = 2. You also know that the labor supply, as a function of
the wage, for computer scientists is the following, where w is the wage per unit of labor:
L = -10 + w.
Based on the information given above please solve the questions no.1,2 and 3
Q1- If the market for computer scientists were competitive, what would be the demand function
for labour?
a) L = 10- 0.5w c) L= 5 – 2w
b) L= 10 –w d) L=10 + 0.5w
Q2- What is the equilibrium wage rate that would prevail if the market for computer scientists
were competitive?
a) 20 c) 31.5
b) 13.33 d) 12.59
Q3- What is the equilibrium employment that would prevail if the market for computer scientists
were competitive?
a) 5 c) 3.33
b) 11 d) 17
Q.4)The distribution of the heights of students in a large class is roughly bell shaped. Moreover,
the average height is 68 inches, and approximately 95% of the heights are between 62 and 74
inches. What is the standard deviation of the height distribution approximately?
a) 2 c) 6
b) 3 d) 9
Q.5)Five Men and three women are to sit around a circular table. If they chose their positions at a
random. What is the probability that no two women are adjacent?
a) 1/7 c) 2/7
b) 1/9 d) 2/9
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