"economics"exercise:The Giffen and Veblen goods
学习是一个不断积累的过程，每天学习一点，每天进步一点！为了帮助大家更高效地备考2021年CFA考试，正保会计网校每日为大家上新CFA习题供大家练习。让网校与您一起高效备考2021年CFA考试，梦想成真！
Questions 1:
The following data apply to a firm operating in perfect competition.
The firm’s profit maximizing output (in units) is most likely:
A 、23.
B 、in excess of 24.
C 、21.
Questions 2:
Which of the following statements with respect to Giffen and Veblen goods isleast accurate?
A 、Giffen goods are “inferior,” whereas Veblen goods are “high-status” goods.
B、 The highly negative income effect overpowers the substitution effect for both types of goods.
C、 Both types of goods demonstrate the possibility of a positively sloping demand curve.
A is correct. Under perfect competition, economic profits are maximized when marginal revenue equals marginal cost—in this case, marginal cost crosses $10 per unit. Profits are maximized at 23 units of production because marginal cost is in excess of marginal revenue at 24 units.
C is incorrect. It represents the minimum total cost point for the given data, not the profit maximizing point.
B is incorrect. At and beyond 24 units, marginal costs exceed marginal revenue.
B is correct. The overwhelming nature of the highly negative income effect over the substitution effect is applicable to Giffen goods only. Veblen goods are highly valued, high-priced “status” goods; consumers may tend to buy more of a Veblen good if its price rises.
A is incorrect. It is true that Giffen goods are “inferior” whereas Veblen goods are “high-status” goods.
C is incorrect. It is true that both Giffen goods and Veblen goods demonstrate the possibility of a positively sloping demand curve
成功=时间+方法，自制力是这个等式的保障。世上无天才，高手都是来自刻苦的练习。而人们经常只看到“牛人”闪耀的成绩，其成绩背后无比寂寞的勤奋。小编相信，每天都在勤奋练习，即使是一点点的进步，大家一定可以成为人人称赞的“牛人”。更多CFA考试资讯，点击了解>
