Quiz Space

Managerial Economics · Quiz 1 · 23 Feb 2025 · January 2025 term

Question 9: If Elmo has 2 quarters and a dime in his pockets, he can …

Question 9

+1 markNumerical answer

Elmo finds himself at a Coke machine on a hot and dusty Sunday. The Coke machine requires exact change-two quarters and a dime. No other combination of coins will make anything come out of the machine. No stores are open; no one is in sight. Elmo is so thirsty that the only thing he cares about is how many soft drinks he will be able to buy with the change in his pocket; the more he can buy, the better.
Based on the above data, answer the given subquestions.

If Elmo has 2 quarters and a dime in his pockets, he can buy 1 soft drink. How many soft drinks can he buy if he has 4 quarters and 2 dimes? _______________

Show answer

Correct answer: 2

See the whole paperTake it as a mock test

Question 9 of 21 in the IIT Madras BS Managerial Economics (Managerial Economics) Quiz 1 paper sat on 23 Feb 2025, in the January 2025 term (IIT M DEGREE AN EXAM QDB2 23 Feb 2025). It carries 1 mark.

This question was also asked in

More questions from this paper

  1. Q1Your explicit costs include
  2. Q2Your implicit cost will be
  3. Q3Last week you purchased five large cases of Fritos for a customer who, as it turned out, did not accept delivery. You p…
  4. Q4Last week you purchased five large cases of Fritos for a customer who, as it turned out, did not accept delivery. You p…
  5. Q5Last week you purchased five large cases of Fritos for a customer who, as it turned out, did not accept delivery. You p…
  6. Q6Based on the above data, answer the given subquestions.
  7. Q7What is the cost-minimizing input combination if the firm wants to produce 1,000 units per year? L = _
  8. Q8What is the cost-minimizing input combination if the firm wants to produce 1,000 units per year? K = _
  9. Q10Does Elmo have convex preferences between dimes and quarters?
  10. Q11Marginal Product of Labour MPL is
  11. Q12Marginal Product of Capital MPK is
  12. Q13Find the optimal input combination given that the firm wishes to produce 200 units of output. L = _
  13. Q14Find the optimal input combination given that the firm wishes to produce 200 units of output. K = _
  14. Q15Total cost of production for 200 units of output will be (in \$) _
  15. Q16What will be the average fixed cost if company produces 100 units
  16. Q17What is marginal cost of company at q=25? _
  17. Q18What is average variable cost at q=25? _
  18. Q19Figure question
  19. Q20The marginal product of labour is defined as
  20. Q21If marginal costs equal average total costs