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I will post a pdf of the questions

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I will post a pdf of the questions. Please read the pdf. There is 3 questions total. Part 1. Choose only two (2) of the three (3) questions in this section. Each question is worth thirty (30) possible points for a subtotal of sixty (60) points possible. Choose (1) & (2), (1) & (3), or (2) & (3). Do not answer more than two (2). Only the first two (2) answered questions will be graded if you try to do three (3). Part 2. Choose only one (1) of the two (2) questions in this section. Each question is worth forty (40) possible points for a subtotal of forty (40) points possible. Choose (4) or (5). Not both. Only the first answered question will be graded if you try to do both.Read This! Econ100A Honor Code Statement for virtual instruction-exams: Personal integrity is a valuable characteristic. Academic dishonesty is incompatible with personal integrity. Academic dishonesty diminishes the dishonest student; it is disrespectful of his or her peers; and it violates the standards of social conduct. I have not and will not give nor receive any aid—knowingly exchanged, copied from other students, taken from any Web/Internet-based “answers” repositories, nor otherwise presented others’ work as my own—on either part of this examination. Submitting your response(s) for this exam is interpreted as your positive affirmation of the Econ100A Honor Code for virtual instruction-exams and that you have honored it while completing this exam for Intermediate Microeconomic Theory at Fresno State. ECON100A Exam #4 (Chs. 10 & comprehensive) (100 points possible) Part 1. Choose only two (2) of the three (3) questions in this section. Each question is worth thirty (30) possible points for a subtotal of sixty (60) points possible. Choose (1) & (2), (1) & (3), or (2) & (3). Do not answer more than two (2). Only the first two (2) answered questions will be graded if you try to do three (3). Part 2. Choose only one (1) of the two (2) questions in this section. Each question is worth forty (40) possible points for a subtotal of forty (40) points possible. Choose (4) or (5). Not both. Only the first answered question will be graded if you try to do both. ? Good responses to these exam questions should be well-organized and written in complete, cogent sentences. (Note: the quality of what you write is more important than the quantity of what you write; but be certain that you have adequately explained your responses.) ? Please write neatly. It does matter. ? Show relevant computations & formulae used. Demonstration is EXPECTED. ? For fullest consideration answers must include explanation; computations alone are incomplete. ? Graphs should be neat and complete. They are EXPECTED, not optional. Spring 2021 * Econ100A * Intermediate Microeconomic Theory * Exam #4 * Page 1 For all problems, demonstrate and discuss using Econ100A (not just Principles’) diagrams, tools, and concepts. A complete answer must include applicable correct, careful diagrams, analytical demonstrations, and explanation. Computations alone are insufficient. 1. (30 points possible) Show that the deadweight loss from a $/unit tax is greater when a good has a complement than when the taxed good has a substitute. Give a non-computational demonstration, including diagrams. ---------------------------------------------------------------------------------------------------------------------------------2. (30 points possible) Krunchy Krisp is a cereal brand in a very competitive industry. Its average total cost is U-shaped. Fixed costs are $10. The minimum of average total cost is $3/unit when the production level is 10 units. ? The market price is $2.20. Discuss the industry’s condition and the probable evolution of the market into the long-run. Supplement your discussion with the relevant diagramming. ? What will be the impact(s) of an increase in the price of a key ingredient be? Add this scenario to the diagram(s) used above. -----------------------------------------------------------------------------------------------------------------------------------3. (30 points possible) An isolated island has two goods, mangoes (M) and yams (Y), and two agents, Arlo and Biff. Arlo has ordinary, typical well-behaved preferences. [What do we mean by “well-behaved”?] Biff will not eat yams and he can throw them away at no cost if he wants to. There are 10 mangoes and 10 yams available each day. The island society/economy begins each day with perfect equality. ? Use an Edgeworth box to illustrate and discuss the potential(s) for feasible exchange. Contrast the extreme cases of possible outcomes. ================================================================================ 4. (40 points possible) In a certain rough, tough neighborhood the demand for brass knuckles (an oldfashioned weapon for hitting) is given by ? = 9 − 0.02? where Q is market-level quantity. There are 100 price-taker firms that produce/supply brass knuckles. Each firm has the same total (and marginal) costs given by ?? = 0.5 ? ?2 (and ?? = ?) where q is firm-level quantity. ? Derive and discuss the market equilibrium for brass knuckles, including the condition of an individual firm. What will happen to this market in the long-run? -------------------------------------------------------------------------------------------------------------------------------------5. (40 points possible) Assume a perfectly competitive firm has a production process with the following marginal physical productivities: ???? = 0.5 ? ?−0.5 ? ? 0.25and???? = 0.25 ? ?0.5 ? ? −.75 . The input prices are w = $2 and r = $1. The market price for output is P = $8. ? How much of each input will the firm use? Show your algebraic work and illustrate your discussion with the relevant applicable diagram(s). Spring 2021 * Econ100A * Intermediate Microeconomic Theory * Exam #4 * Page 2