Tackle the Test: Free-Response Questions

  1. Question

    HNmHd83vb3ecWGVPzfAw+vMosRx6VDjiwHCWKiEy1Na3cwEGb2eQHuodVP39FT/fj9DkKXNJ+7a2Jf4e9i8MYUQQ4b26wnbzyERJxlET/d391/PP3ubVfwmwezO6l5kDNBAOlDv2SY/MzG5P65Vm6pSAba+AZGjDNwOa3j7NKH/JGYP2giX2hi8tvrBaqxL1bydj0NQaiWWGlN7XGGWQNZjGp6MnGYOfGhAZNc4jv1ro/rnmweAnbvMqt+qlQN5FXT0wDXnX6TGAl9Kbohs6NyJtyjP0aY5SJzMpTSMUGkKQUHbVl5S+MWFaLeXAItiFvas8LSL+WxOoWlCkBe48Tw==

    Rubric for FRQ 1 (6 points)

    image

    1 point: Vertical axis and horizontal axis labels are correct (“Price, cost of unit” on vertical axis; “Quantity” on horizontal axis).

    1 point: The line representing demand, marginal revenue, and price is horizontal and correctly labeled.

    1 point: Marginal cost is “swoosh” shaped or upward-sloping and correctly labeled.

    1 point: Average total cost is U-shaped and correctly labeled.

    1 point: Quantity is found where MC = MR.

    1 point: Average total cost reaches its minimum point at the profit-maximizing level of output.

    (3 points)

  2. Question

    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
    Refer to the table provided. Price is equal to $14.