9. USAEO Open Response and Essay Skills
Quantitative Written Responses — Quiz
Test your understanding of quantitative written responses with 5 practice questions.
Practice Questions
Question 1
A firm’s total revenue function is given by $TR(Q) = 50Q - 2Q^2$. What is the firm’s marginal revenue when $Q = 10$?
Question 2
If a consumer’s demand function for a good is given by $Q_d = 100 - 5P$, what is the price elasticity of demand at $P = 10$?
Question 3
A firm’s cost function is given by $TC(Q) = 100 + 10Q + 2Q^2$. What is the average total cost when the firm produces $5$ units?
Question 4
Suppose the production function is $Q = L^{0.5}K^{0.5}$, where $L$ is labor and $K$ is capital. If $L = 16$ and $K = 25$, what is the output $Q$?
Question 5
A monopolist faces a demand function $P = 60 - 2Q$. What is the monopolist’s total revenue function?