# Intermediate Microeconomics Midterm

Size: px
Start display at page:

Transcription

2 Econ 201 Spring 2016 Beomsoo Kim 4. (15 points) For what values of a and b will the following production function exhibit increasing, decreasing or constant returns to scale? q = (La + Ka) 1/b 5. (10 points) Suppose that products can be produced according to the production function Q=5KL, where MP l =5K and MP k =5L, and assume the input prices are P l =\$1 and P k =2. If the firm wishes produce 20 units of output, what cost minimizing combination of K and L should the firm utilize? (HINT: There are 2 unknowns (K and L), so you need 2 equations to answer the question.) 6. (10 points) The ABX Corporation determines that at current prices the demand for its computer chips has a price elasticity of 1.5 in the short run, while the price elasticity for its disk drive is 0.8. a. If the corporation decides to raise the price of both products by 20%, what will happen to its sales? b. What will happen to its sales revenue? 7. (45 points) Ed's utility from vacations (V) and meals (M) is given by the function U(V,M) = V 2 M. Last year, the price of vacations was \$200 and the price of meals was \$50. This year, the price of meals rose to \$75, the price of vacations remained the same. Both years, Ed had an income of \$1500. a. (5 points) Set up a Lagrangian to solve utility maximization problem with initial price and find equilibrium. b. (5 points) When price of meals increased repeat the a and find equilibrium. c. (5 points ) Show both equilibrium in the graph. Place vacation on the vertical axis and meals on the horizontal axis. d. (5 points) show the compensating variation for price change in meals in the graph. e. (13 points) Calculate compensating variation as numeric number for the price change in meals. (Hint: Use expenditure function) f. (12 points) Calculate the equivalent variation as numeric number for the price change in meals. Honor Pledge: I pledge on my honor that I have not given or received any unauthorized assistance on this examination. Signature:

3 Econ 201Beomsoo Kim Spring 2015 Name: Student ID: Intermediate Microeconomics Midterm Monday April 20, 2015 There are 7 questions and 130 possible points. There are 2 pages to this exam. Please write all answers on the examination booklet. You will have 75 minutes to complete the exam. During the exam, you may use a simple calculator(no Scientific or Graphic Calculators) and a dictionary. Use of hand-held electronic devices (such as cell phones, electronic dictionary, etc.) during the exam is strictly prohibited. For all questions, please show all your work to get full credit. Please make your diagrams clear and label the relevant parts of the graph. Once you ve completed the exam, please sign the pledge on page 2 1. (25 points) Julia s utility function is U.. A. Calculate marginal utility for B. Calculate marginal utility for C. Calculate marginal rate of substitution of for \$0.5, \$1, and income is \$30 D. Write the budget constraint as mathematical form. E. How many and will Julia consume if she intends to spend all her money? 2. (10 points) The price elasticity of demand for agricultural products is normally estimated to be less than 1 in absolute value (inelastic). Use this fact to explain why farmers as a group succeed financially in years when productivity is low. 3. (30 points) The Federal government provides financial assistance to farmers who grow certain crops through a system of price supports. The price support system for tobacco works as follows: Tobacco farmers sell their crops to wholesalers, who in turn sell the tobacco to cigarette manufactures. The government establishes a target price for a product, P o, which is set above the market clearing price P e. To insure that prices reach the target level P o, the government guarantees to buy any unsold crops at the target level P o. By purchasing the unsold tobacco, the government, in effect, establishes a minimum price of P o. A. Graphically illustrate the price for and the amount of tobacco that will be purchased by wholesalers and by the government under this support program. On your graph indicate the total revenue that will be paid by wholesalers and by the government for the tobacco. As an alternative to the current support system, consider the following program: The government will no longer purchase unsold tobacco at the price P o. However, the government will subsidize farmers for any goods sold at prices below P o. For

4 Econ 201Beomsoo Kim Spring 2015 example, if a farmer sells his crop for P a and P a <P o the government writes a check for P o -P a for each unit sold. B. On a separate graph, indicate the price at which the farmers will sell tobacco to wholesalers and the quantity of tobacco sold. On your graph, also indicate the revenues paid by the Federal government. What pricing system would consumers prefer? What pricing system would farmers prefer? 4. (15 points) For each of the production functions listed below, determine whether the production technology exhibits constant, increasing, or decreasing returns to scale: A. Q = L 1/3 K 1/3 B. Q = L 1/2 + K 1/2 C. To produce each unit of output, a firm must use exactly 3 units of L and 5 units of K. 5. (10 points) Suppose the quantity of fish caught can be described by the production Q=K + 5L, where Q pounds of fish and K is the number of boats. Suppose that in the short-run, capital is fixed at 20 boats. A. Graph short-run output as a function of labor. B. Graph the average productivity of labor and marginal productivity of labor. 6. (10 points) Suppose that a firm s production function is Q=F(L)=L 3-200L 2 +10,000L. A. What is marginal product of labor? B. At what amount of labor input are the firm s average and marginal product of labor equal? 7. (30 points) Catherine has a monthly income of \$210, which she spends on pizzas and a composite of all other goods. The price of a pizza is \$3. A. Draw Catherine s budget constraint. Label your values of the intercepts and the slope of the budget constraint. (Place pizza on the horizontal axis). B. Assume Catherine maximizes her utility by spending \$84 on pizzas and the rest of income on AOG. Show the bundle that maximizes her utility and the indifference curve through this bundle. C. The price of pizzas increases to \$6. Show her new budget constraint and the substitution effect of this price change. Label your diagram appropriately. D. Assume pizzas and all other goods are both normal goods, show the income effect of the price change. Indicate Catherine s new utility level (indifference curve) after the price change. E. (10 points) How much additional income would Catherine need to be as well off as she was at her initial optimal bundle? (This requires a graphical answer, not a numeric answer.) What is the special name that is given to this additional income? Honor Pledge: I pledge on my honor that I have not given or received any unauthorized assistance on this examination. Signature:

5 Econ 201Beomsoo Kim Spring 2014 Name: Student ID: Intermediate Microeconomics Midterm Monday April 21, 2014 There are 6 questions and 130 possible points. There are 2 pages to this exam. Please write all answers on the examination booklet. You will have 75 minutes to complete the exam. During the exam, you may use a simple calculator(no Scientific or Graphic Calculators) and a dictionary. Use of hand-held electronic devices (such as cell phones, electronicdictionary, etc.) during the exam is strictly prohibited. For all questions, please show all your work to get full credit. Please make your diagrams clear and label the relevant parts of the graph. Once you ve completed the exam, please sign the pledge on page 2 1. (32 points) Jane s income is \$300 per month. She spends all of it on tickets to concerts and films. A concert ticket costs \$15 and a film ticket costs \$10. Her marginal rate of substitution for concerts with films, MRS CF, is F/C, where C stands for the number of concert tickets and F stands for the number of films. (Calculate as a continuous function. Meaning Jane can buy 0.5 concert ticket. It make sense if she goes to concert every other month) A. Write the budget constraint as algebraic expression (place Concert tickets on the left hand side). B. Find equilibrium. How many concert tickets and how many film tickets will she purchase? To get full credit show your work. C. Price of film ticket decreased as \$5. How many film tickets will she purchase? D. Draw price-consumption curve (place film tickets on the horizontal axes and allowing the price of film tickets, P f, to vary). E. (8 points) Draw film ticket demand curve (show two points in the demand curve driven in the above). 2. (16 points) Jane can spend \$100 and her indifference curve is F=U/C. F means film and C means concert. Concert ticket costs \$5 per ticket. The price of film ticket falls from \$5 to \$1.25 per ticket. A. (4 points) Calculate the equilibrium bundle with \$5 and \$1.25 respectively. What is the utility level respectively? B. (6 points) What is the compensated effect? Compensated effects means that how many concert tickets and film tickets she will purchase when she wants to keep her original utility level after price change. C. (6 points) How much money do we need to take away from Jane to compensate for the price cut?

6 Econ 201Beomsoo Kim Spring (16 points) Water's Edge is a small company in Minnesota that makes high-quality, hand-made sweaters. To produce each sweater, the company must use exactly 1 unit of capital, 20 hours of labor, and 50 yards of wool. If labor costs \$5/hour, wool is \$1/yard, and P k =\$50. A. Does this production technology exhibit constant, increasing, or decreasing returns to scale? B. Here is another production function q = L 1/3 K 2/3. Does this production technology exhibit constant, increasing, or decreasing returns to scale? (Show how you get an answer in detail for full credit) 4. (24 points)use supply and demand curve shifts to illustrate the effect of the following events on the market for apples. Make clear the direction of the change in both prices and quantity sold. A. Scientists find that an apple a day does indeed keep the doctor away. B. The price of pears triples. C. A bad weather shrinks the apple crop to one-third its normal size. D. A popular pesticide used on apples for which there are no close substitutes, is suddenly banned by the government 5. (26 points) In this problem, you are to analyze the effects of the December 1973 OPEC oil embargo. Since 1974, the world oil market has been dominated by the OPEC cartel. By collectively restricting output, OPEC has succeeded in pushing world oil prices well above what they would have been in a competitive market. In 1974 OPEC accounted for about two-thirds of the world oil supply. Suppose the supply of oil provided by non-opec members can be described by the linear equation Q= P where demand is measured in billion barrels of oil per year and price is the price per barrel (in 1974 dollars). In 1973, OPEC supplied a fixed amount of 12 billion barrels of oil per year. A. Provide an equation for and graph the world supply of oil. B. Suppose the world demand for oil can be described by the linear equation Q= P. Given the supply and demand, what is the world price for oil? C. At this price, what is the elasticity of demand for oil? D. (8 points) In December of 1973, OPEC members agreed to reduce output by 25% or to 9 billion barrels per year. What was the short-run price for oil after the reduction in output? 6. (16 points)mike derives utility from the consumption of cheeseburgers (C) and Pepsi (P). If P c =\$1.50/burger, P p =\$1/glass, and income=\$25/day, Mike chooses to consume 10 cheeseburgers and 10 Pepsi's per day. If P c falls below \$1.50, Mike will still consume 10 cheeseburgers/day. (explain your reasoning in detail to get full credit) A. Does Mike consider cheeseburgers to be a normal or an inferior good? B. Is Pepsi a normal or inferior good? Can you tell? Honor Pledge:I pledge on my honor that I have not given or received any unauthorized assistance on this examination. Signature:

7 Econ 201 Spring 2013 Name: Student ID: Beomsoo Kim Intermediate Microeconomics Midterm Tuesday April 22, 2013 There are 5 questions and 130 possible points. There are 2 pages to this exam. Please write all answers on the examination booklet. You will have 75 minutes to complete the exam. During the exam, you may use a simple calculator (No Scientific or Graphic Calculators) and a dictionary. Use of hand-held electronic devices (such as cell phones, electronic dictionary, etc.) during the exam is strictly prohibited. For all questions, please show all your work to get full credit. Please make your diagrams clear and label the relevant parts of the graph. Once you ve completed the exam, please sign the pledge on page 2 5 points for each sub questions unless specified. 1. (25 points) Consider Jen, a consumer with preferences U(H,F)=F1/3H2/3, where H is the quantity of housing and F is the quantity of food (per month). Suppose Jen has a stipend of \$600/month which she uses to purchase food at a price of \$1/unit and housing at a price of \$10/unit. (place housing on the horizontal axes) a. Calculate Marginal Utility of housing. b. Calculate Marginal Utility of food c. Calculate Marginal Rate of Substitution of food for housing. d. Compute Jen's utility-maximizing bundle of goods. e. Suppose that Jen's employer subsidizes housing by paying 50% of her total housing costs, thereby effectively lowering the price Jen pays for housing to \$5/unit. Compute Jen's new optimal consumption bundle. f. How much does Jen's employer pay in total for this subsidy? How much utility does Jen enjoy with this subsidy (compute her utility at the optimal bundle). g. Suppose that her employer simply gave Jen the dollar cost you found in (c) as a lump sum (instead of subsidizing housing). Calculate Jen s utility with lump sum. Will Jen gain a higher utility from the housing subsidy or the lump-sum equivalent transfer? 2. (30 points) ) Lisa has an income of \$100. She spends all of her income on pizza and burritos. A pizza costs \$10 and a burrito costs \$5. However, the store where Lisa buys her burritos has a special deal. After you've bought six burritos, then you can buy each burrito for \$2.50. Draw Lisa's opportunity set.

8 Econ 201 Spring 2013 Beomsoo Kim 3. (10 points) Suppose that the demand curve for pigs is given by Z=10-2p, where Z is the number of pounds demanded per year and p is the price per pound. Suppose that the price is \$1 per pound. a. Find the quantity demanded. b. Find the total expenditure c. Calculate the consumer surplus Now suppose that the government initiates a program to limit the supply of pigs. Suppose further that, as a consequence of the plan, the price per pound goes up to \$2. d. What is consumer surplus after the price increase? e. What is the maximum amount that pig consumers would be willing to bribe legislators to repeal the supply limitation program? 4. (25 points) Midcontinent Plastics makes 80 fiberglass truck hoods per day for large truck manufacturers. Each hood sells for \$ Midcontinent sells all of its product to the large truck manufacturers. Suppose the own price elasticity of demand for hoods is 0.4 and the price elasticity of supply is 1.5. a. Compute the slope and intercept coefficients for the linear supply and demand equations. b. If the local county government imposed a per unit tax of \$25.00 per hood manufactured, what would be the new equilibrium price of hoods to the truck manufacturer? c. Would a per unit tax on hoods change the revenue received by Midcontinent? 5. (25 points) For what values of a and b will the following production function exhibit increasing, decreasing or constant returns to scale? q = (La + Ka)1/b Honor Pledge: I pledge on my honor that I have not given or received any unauthorized assistance on this examination. Signature:

### Practice Final Exam. Write an expression for each of the following cost concepts. [each 5 points]

Practice Final Exam Total : 200 points Exam time: 7:00 9:00. You have 6 questions in 3 pages. Please make your diagrams clear and label it. Good Luck! 1. Amy is currently spending her income to maximize

### Intermediate Microeconomics 301 Problem Set # 2 Due Wednesday June 29, 2005

Intermediate Microeconomics 301 Problem Set # 2 Due Wednesday June 29, 2005 1. A new chemical cleaning solution is introduced to the market. Initially, demand is Q D = 100 + 2p p 2 and supply is Q S =

### Practice Midterm Exam Microeconomics: Professor Owen Zidar

Practice Midterm Exam Microeconomics: 33001 Professor Owen Zidar This exam is comprised of 3 questions. The exam is scheduled for 1 hour and 30 minutes. This is a closed-book, closed-note exam. There is

### Midterm 2 - Solutions

Ecn 100 - Intermediate Microeconomic Theory University of California - Davis November 13, 2009 Instructor: John Parman Midterm 2 - Solutions You have until 11:50am to complete this exam. Be certain to

### Name: I pledge to obey the Duke University Honor Code during this exam. ECON201 - Final Exam - Spring 2018 Professor Chelsea Garber

Professor Chelsea Garber Name: Please answer all questions in the space provided. You do NOT need to provide explanations for your answers unless the question specifically asks for an explanation. If it

### Practice Midterm Exam Microeconomics: Professor Owen Zidar

Practice Midterm Exam Microeconomics: 33001 Professor Owen Zidar This exam is comprised of 3 questions. The exam is scheduled for 1 hour and 30 minutes. This is a closed-book, closed-note exam. There is

### Figure 4 1 Price Quantity Quantity Per Pair Demanded Supplied \$ \$ \$ \$ \$10 2 8

Econ 101 Summer 2005 In class Assignment 2 Please select the correct answer from the ones given Figure 4 1 Price Quantity Quantity Per Pair Demanded Supplied \$ 2 18 3 \$ 4 14 4 \$ 6 10 5 \$ 8 6 6 \$10 2 8

### FINAL. January 17, 2011 GROUP A

EC101 Sections 04 Fall 2010 NAME: ID #: SECTION: Instructions: FINAL January 17, 2011 GROUP A You have 90 minutes to complete the exam. There will be no extensions. Students are not allowed to go out of

### MIDTERM EXAM August 16th, Monday, 2010 (80 POINTS)

MIDTERM EXAM August 16th, Monday, 2010 (80 POINTS) UID: NAME: TYPE: DEMAND READ CAREFULLY. 1. You have 1 hour and 30 minutes. Allocate your time wisely. 2. Solve ALL questions. 3. Show your work for essay

### This exam contains 13 pages (including this cover page) and 17 questions. Check to see if any pages are missing.

ECON 001 Fall 2016 Final Exam December 21, 2016 Time Limit: 120 Minutes Name (Print): Recitation Section: Name of TA: This exam contains 13 pages (including this cover page) and 17 questions. Check to

### Exam 1. Price \$ per minute \$.55 \$.30 \$.25 \$.05. Figure 1. a) 4 b) 5 c) d) 11 e) none

ECONOMICS 10-008 Dr. John Stewart September 24, 2002 Exam 1 Instructions: Mark the letter for your chosen answer for each question on the computer readable answer sheet using a No.2 pencil. Note =1, b)=2

### Economics 101 Fall 2013 Homework 5 Due Tuesday, November 21, 2013

Economics 101 Fall 2013 Homework 5 Due Tuesday, November 21, 2013 Directions: The homework will be collected in a box before the lecture. Please place your name, TA name and section number on top of the

### Econ 001: Midterm 1 February 11th, 2013

Econ 001: Midterm 1 February 11th, 2013 Instructions: This is a 60-minute examination. Write all answers in the blue books provided. Show all work. Use diagrams where appropriate and label all diagrams

### Eastern Mediterranean University Faculty of Business and Economics Department of Economics Fall Semester

Eastern Mediterranean University Faculty of Business and Economics Department of Economics 2016-17 Fall Semester Duration: 110 minutes ECON101 - Introduction to Economics I Final Exam Type A 11 January

### FINAL EXAMINATION VERSION B

William M. Boal Signature: Printed name: FINAL EXAMINATION VERSION B INSTRUCTIONS: This exam is closed-book, closed-notes. Calculators, mobile phones, and wireless devices are NOT permitted. Point values

### Econ Intermediate Microeconomic Theory College of William and Mary December 16, 2013 John Parman. Final Exam

Econ 303 - Intermediate Microeconomic Theory College of William and Mary December 16, 2013 John Parman Final Exam You have until 3:30pm to complete the exam, be certain to use your time wisely. Answer

### This exam contains 15 pages (including this cover page) and 17 questions. Check to see if any pages are missing.

ECON 001 Fall 2016 Final Exam December 21, 2016 Time Limit: 120 Minutes Name (Print): Recitation Section: Name of TA: This exam contains 15 pages (including this cover page) and 17 questions. Check to

### This exam contains 11 pages (including this cover page) and 12 questions.

ECON 001 Fall 2015 A. Duchene Midterm 2 November 4, 2015 Time Limit: 0 Minutes Name (Print): Recitation Section: Name of TA: Read these instructions carefully: This exam contains 11 pages (including this

### Econ 001: Midterm 1 Answer Key October 7th, 2010

Econ 001: Midterm 1 Answer Key October 7th, 2010 Instructions: This is a 60-minute examination. Write all answers in the blue books provided. Show all work. Use diagrams where appropriate and label all

### Your Name: SOLUTIONS UM ID Number. Ford School of Public Policy 555: Microeconomics A Fall 2010 Exam 1 October 6, 2010 Professor Kevin Stange

Ford School of Public Policy 555: Microeconomics A Fall 2010 Exam 1 October 6, 2010 Professor Kevin Stange This exam has 8 questions and spans the topics we have covered so far in the course. Please explain

### Preface. Chapter 1 Basic Tools Used in Understanding Microeconomics. 1.1 Economic Models

Preface Chapter 1 Basic Tools Used in Understanding Microeconomics 1.1 Economic Models 1.1.1 Positive and Normative Analysis 1.1.2 The Market Economy Model 1.1.3 Types of Economic Problems 1.2 Mathematics

### Ecn Intermediate Microeconomic Theory University of California - Davis March 19, 2009 Instructor: John Parman. Final Exam

Ecn 100 - Intermediate Microeconomic Theory University of California - Davis March 19, 2009 Instructor: John Parman Final Exam You have until 5:30pm to complete the exam, be certain to use your time wisely.

### ECON 210 MICROECONOMIC THEORY FINAL EXAM, FALL 2005

ECON 210 MICROECONOMIC THEORY FINAL EXAM, FALL 2005 PROFESSOR JOSEPH GUSE Instructions. You have 3 hours to complete the exam. There are a total of 90 points available. It is designed to take about 1 minute

### ECON 203 Homework #2 Solutions. 1) Can a set of indifference curves be upward sloping? If so, what would this tell you about the two goods?

1) Can a set of indifference curves be upward sloping? If so, what would this tell you about the two goods? A set of indifference curves can be upward sloping if we violate assumption number three; more

### Ecn Intermediate Microeconomics University of California - Davis April 21, 2010 Instructor: John Parman. Midterm 1

Ecn 100 - Intermediate Microeconomics University of California - Davis April 21, 2010 Instructor: John Parman Midterm 1 You have until 1:00pm to complete this exam. Be certain to put your name, id number

### Ecn Intermediate Microeconomic Theory University of California - Davis June 11, 2009 Instructor: John Parman. Final Exam

Ecn 100 - Intermediate Microeconomic Theory University of California - Davis June 11, 2009 Instructor: John Parman Final Exam You have until 8pm to complete the exam, be certain to use your time wisely.

### Econ103_Midterm (Fall 2016)

Econ103_Midterm (Fall 2016) Total 50 Points. Multiple Choice Identify the choice that best completes the statement or answers the question. 1 point for each question. Total 15 pts. c 1. Which of the following

### Midterm 2 - Solutions

Ecn 100 - Intermediate Microeconomics University of California - Davis November 12, 2010 Instructor: John Parman Midterm 2 - Solutions You have until 11:50am to complete this exam. Be certain to put your

### 2003/2004 SECOND EXAM 103BE/BX/BF Microeconomics, Closed part

1 2003/2004 SECOND EXAM 103BE/BX/BF Microeconomics, Closed part Note 1: Always read all the options before choosing one, and then select the best option. Sometimes the final option may read like all the

### Problem Set 5 Key 10 October 2007

Econ 301 Name Problem Set 5 Key 10 October 2007 Perloff, chapter 5 1. George the Gourmet consumes only two goods, pizzas and hamburgers. His utility is determined solely by his consumption of these two

### Thanksgiving Handout Economics 101 Fall 2000

Thanksgiving Handout Economics 101 Fall 2000 The purpose of this handout is to provide a variety of problems illustrating many of the ideas that we have discussed in class this semester. The questions

### Eastern Mediterranean University Faculty of Business and Economics Department of Economics Fall Semester. ECON 101 Mid term Exam

Eastern Mediterranean University Faculty of Business and Economics Department of Economics 2014 15 Fall Semester ECON 101 Mid term Exam Type A 28 November 2014 Duration: 90 minutes Name Surname: Group

### Econ190 May 1, No baseball caps are allowed (turn it backwards if you have one on).

Heather Krull Final Exam Econ190 May 1, 2006 Name: Instructions: 1. Write your name above. 2. No baseball caps are allowed (turn it backwards if you have one on). 3. Write your answers in the space provided

### MIDTERM I. GROUP A Instructions: November 3, 2010

EC101 Sections 04 Fall 2010 NAME: ID #: SECTION: MIDTERM I November 3, 2010 GROUP A Instructions: You have 60 minutes to complete the exam. There will be no extensions. Students are not allowed to go out

### Massachusetts Institute of Technology Department of Economics Principles of Microeconomics Exam #1 Wednesday, October 10th, 2007

Page 1 of 18 Massachusetts Institute of Technology Department of Economics 14.01 Principles of Microeconomics Exam #1 Wednesday, October 10th, 2007 Last Name (Please print): First Name: MIT ID Number:

### NAME: INTERMEDIATE MICROECONOMIC THEORY FALL 2006 ECONOMICS 300/012 Final Exam December 8, 2006

NAME: INTERMEDIATE MICROECONOMIC THEORY FALL 2006 ECONOMICS 300/012 Section I: Multiple Choice (4 points each) Identify the choice that best completes the statement or answers the question. 1. The slope

### Econ 001: Midterm 2 (Dr. Stein) Answer Key Nov 13, 2007

Instructions: Econ 001: Midterm 2 (Dr. Stein) Answer Key Nov 13, 2007 This is a 60-minute examination. Write all answers in the blue books provided. Show all work. Use diagrams where appropriate and label

### Final Exam - Solutions

Ecn 100 - Intermediate Microeconomic Theory University of California - Davis December 10, 009 Instructor: John Parman Final Exam - Solutions You have until 1:30pm to complete this exam. Be certain to put

### EXAMINATION #2 VERSION A Consumers and Demand September 28, 2017

William M. Boal Signature: Printed name: EXAMINATION #2 VERSION A Consumers and Demand September 28, 2017 INSTRUCTIONS: This exam is closed-book, closed-notes. Calculators, mobile phones, and wireless

### Part I: PPF, Opportunity Cost, Trading prices, Comparative and Absolute Advantage

Economics 101 Spring 2018 Homework #2 Due Thursday, February 22, 2018 Directions: The homework will be collected in a box before the lecture. Please place your name, TA name, and section number on top

### Eastern Mediterranean University Faculty of Business and Economics Department of Economics Fall Semester

Duration: 50 minutes Eastern Mediterranean University Faculty of Business and Economics Department of Economics 2016-17 Fall Semester ECON101 - Introduction to Economics I Quiz 2 Answer Key 16 December

### Economics 101 Summer 2016 Second Midterm June 13, 2016

Economics 101 Summer 2016 Second Midterm June 13, 2016 Name This exam consists of three parts: I) ten binary choice questions each worth 2 points for a total of 20 points; II) twenty multiple choice questions

### Econ 251. Spring Exam 1 Pink

Spring 2015 Lisa has two summer internship offers, and she can only accept one of them. Internship A offers her a compensation of \$5,000 for the summer. Internship B offers her a compensation of \$6,600.

### ECON 3710, Intermediate Microeconomics Exam #1 Spring, 2008

ECON 3710, Intermediate Microeconomics Dr. Tod Porter Exam #1 Spring, 2008 Last Name First Name 1. (30 pts.) Put an "X" directly over the "T" if the statement is true, or an "X" over the "F" if it is false.

### Ecn Intermediate Microeconomic Theory University of California - Davis December 10, 2009 Instructor: John Parman. Final Exam

Ecn 100 - Intermediate Microeconomic Theory University of California - Davis December 10, 2009 Instructor: John Parman Final Exam You have until 12:30pm to complete this exam. Be certain to put your name,

### ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION

Assigned Seat Student Initials Your name (please print) By signing below, I acknowledge that I am aware that taking an exam that without my initials previously recorded at the top of the exam and/or sitting

### Final Exam - Solutions

Econ 303 - Intermediate Microeconomic Theory College of William and Mary December 16, 2013 John Parman Final Exam - Solutions You have until 3:30pm to complete the exam, be certain to use your time wisely.

### (per day) Pizzas. Figure 1

ECONOMICS 10-008 Dr. John Stewart Sept. 25, 2001 Exam 1 Detailed solution for one Form of the Midterm: The general question are the same for all forms but some questions differ in details so correct answer

### EC101 DD/EE Midterm 2 November 5, 2015 Version

EC101 DD/EE Midterm 2 November 5, 2015 Version Name (last, first): Student ID: U Discussion Section: Signature EC101 Midterm 2 F2015 INSTRUCTIONS (***Read Carefully***): ON YOUR QUESTION BOOKLET: Fill

### Micro Problem Set 1 WCC Winter 2016

Micro Problem Set 1 WCC Winter 2016 True=A/False=B 25 points 1) Your boss wants you to maximize total revenue for Harry Potter lunch boxes. At their current price, the price elasticity of demand for these

### Final Review Practice Problems

ECNS 204 Microeconomics Instructor: Eric Belasco Spring 2013 Final Review Practice Problems Consumer theory 1. The market for beer is represented by the following demand and supply functions, where is

### ECO 100Y L0201 INTRODUCTION TO ECONOMICS. Midterm Test #1

epartment of Economics Prof. Gustavo Indart University of Toronto October 26, 2007 ECO 100Y L0201 INTROUCTION TO ECONOMICS SOLUTIONS Midterm Test #1 LAST NAME FIRST NAME INSTRUCTIONS: STUENT NUMBER 1.

### ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION

Assigned Seat Your Initials Your name (please print) ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION Prof. Bill Even March 7, 2016 FORM 1 Directions 1. Fill in your scantron with your unique-id

### SUBJ SCORE # Version A: Page 1 of 9

SUBJ SCORE # Version A: Page 1 of 9 Economics 001 NAME Professor Levinson GU ID # Midterm #2 November 12, 2012 DO NOT BEGIN WORKING UNTIL THE INSTRUCTOR TELLS YOU TO DO SO. READ THESE INSTRUCTIONS FIRST.

### Eastern Mediterranean University Faculty of Business and Economics Department of Economics Spring Semester

Eastern Mediterranean University Faculty of Business and Economics Department of Economics 2015 16 Spring Semester ECON101 Introduction to Economics I First Midterm Exam Duration: 90 minutes Answer Key

### SUBJ SCORE # Version D: Page 1 of 9. (signature) 2. Please write your name and GU ID carefully and legibly at the top of this page.

SUBJ SCORE # Version D: Page 1 of 9 Economics 001 NAME Professor Levinson GU ID # Midterm #2 November 12, 2012 DO NOT BEGIN WORKING UNTIL THE INSTRUCTOR TELLS YOU TO DO SO. READ THESE INSTRUCTIONS FIRST.

### Economics E201 (Professor Self) Sample Questions for Exam Two, Fall 2013

, Fall 2013 Your exam will have two parts covering the topics in chapters 4 (page 91 through end of chapter), 5 and 6 from the Parkin chapters and chapter 10 (up to page 317, up to but not including the

### Exam 1. Pizzas. (per day) Figure 1

ECONOMICS 10-008 Dr. John Stewart Sept. 30, 2003 Exam 1 Instructions: Mark the letter for your chosen answer for each question on the computer readable answer sheet using a No.2 pencil. Note a)=1, b)=2

### Ecn Intermediate Microeconomic Theory University of California - Davis September 9, 2009 Instructor: John Parman. Final Exam

Ecn 100 - Intermediate Microeconomic Theory University of California - Davis September 9, 2009 Instructor: John Parman Final Exam You have until 1:50pm to complete this exam. Be certain to put your name,

### Multiple choice questions 1-60 ( 1.5 points each)

NAME: STUDENT ID: Final Exam ECON 101, Section 2 summer 2004 Ying Gao Instructions Please read carefully! 1. Print your name and student ID number at the top of this cover sheet. 2. Check that your exam

### ECON 251 Exam 2 Pink. Fall 2012

ECON 251 Exam 2 Pink Use the table below to answer the following four questions The table below shows Harry s total utility from consuming beer and wine. The price of beer is \$2 per bottle. The price of

### Policy Evaluation Tools. Willingness to Pay and Demand. Consumer Surplus (CS) Evaluating Gov t Policy - Econ of NA - RIT - Dr.

Policy Evaluation Tools Evaluating Gov t Policy - Econ of NA - RIT - Dr. Jeffrey Burnette In economics we like to measure the impact government policies have on the economy and separate winners and losers.

### THE UNIVERSITY OF WESTERN ONTARIO. E. Rivers ECONOMICS 1021B-001 March 18, 2012 MIDTERM #2. 2. Check that your examination contains 50 questions.

NAME THE UNIVERSITY OF WESTERN ONTARIO LONDON CANADA E. Rivers ECONOMICS 1021B-001 March 18, 2012 MIDTERM #2 INSTRUCTIONS: 1. You will have 2 hours to complete the exam. 2. Check that your examination

### Chapter 4: Individual and Market Demand. Chapter : Implications of optimal choice

Econ 203 Chapter 4 page 1 Overview: Chapter 4: Individual and Market Demand Chapter 4 + 5.1-5.3: Implications of optimal choice What happens if changes? What happens to individual demand if a price changes?

### University of Toronto June 14, ECO 100Y INTRODUCTION TO ECONOMICS Midterm Test # 1

Department of Economics Prof. Gustavo Indart University of Toronto June 14, 2007 SOLUTION ECO 100Y INTRODUCTION TO ECONOMICS Midterm Test # 1 A LAST NAME FIRST NAME STUDENT NUMBER SECTION ( Morning or

### Version #1. Midterm exam 2 November 18th, Student Name: ID# Discussion #

Econ 101-Fall 2008, Lecture 2 Professor Kelly Midterm exam 2 November 18th, 2008 Version #1 Student Name: ID# Discussion # You have 75 minutes to answer the exam. The exam contains 12 binary choice questions

### ECON 1001 A. Come to the PASS workshop with your mock exam complete. During the workshop you can work with other students to review your work.

It is most beneficial to you to write this mock midterm UNDER EXAM CONDITIONS. This means: Complete the midterm in 1.5 hour(s). Work on your own. Keep your notes and textbook closed. Attempt every question.

### Version 1 DO NOT BEGIN WORKING UNTIL THE INSTRUCTOR TELLS YOU TO DO SO. READ THESE INSTRUCTIONS FIRST.

Economics 101 Name Fall 2012 TA Name 11/27/2012 Discussion Section # Second Midterm Student ID # Version 1 DO NOT BEGIN WORKING UNTIL THE INSTRUCTOR TELLS YOU TO DO SO. READ THESE INSTRUCTIONS FIRST. You

### Andy consumes baseball cards and football cards.

Economics 301 - Homework 3 Fall 006 Stacy Dickert-Conlin Name Due: September 8, at the start of class Three randomly selected questions will be graded for credit. All graded questions are worth 10 points.

### Economics 101 Fall 2013 Answers to Homework #6 Due Tuesday, Dec 10, 2013

Economics 101 Fall 2013 Answers to Homework #6 Due Tuesday, Dec 10, 2013 Directions: The homework will be collected in a box before the lecture. Please place your name, TA name and section number on top

### TranscendFinals ENGINEERING ECONOMY. Preface

Preface This booklet contains information from chapters 1 through 8 of McGill s course, FACC 300: Engineering Economy. These chapters are generally tested on the final exam of the semester. This booklet

### This exam contains 11 pages (including this cover page) and 17 questions. Check to see if any pages are missing.

ECON 001 Spring 2018 Final Exam May 8, 2018 Time Limit: 120 Minutes Name (Print): Recitation Section: Name of TA: This exam contains 11 pages (including this cover page) and 17 questions. Check to see

### Chapter 4 DEMAND. Essential Question: How do we decide what to buy?

Chapter 4: Demand Section 1 Chapter 4 DEMAND Essential Question: How do we decide what to buy? Key Terms demand: the desire to own something and the ability to pay for it law of demand: consumers will

### Problem Set 1 (Due 9/10)

Problem Set 1 (Due 9/10) 1. Normal Preferences Ralph consumes only beer and pizza, and he likes both goods. Please answer the following questions about his preferences. (a) Suppose that Ralph becomes sated

### Exam I Answer Key. I. Definitions: Provide precise definitions for each of the following terms. (5 points each)

Economics 10A Fall 1999 John F. Stewart Exam I Answer Key Instructions: Answer each question in the space provided. If you use graphs, make sure they are fully labeled. If a question asks for an explanation,

### Econ : Principles of Microeconomics Midterm practice problems

Econ 1101-005: Principles of Microeconomics Midterm practice problems The following four questions consider the market for widgets. For each of the following situations, determine what happens to the equilibrium

### Introduction to Agricultural Economics Agricultural Economics 105 Spring 2013 First Hour Exam Version 1

Introduction to Agricultural Economics Agricultural Economics 105 Spring 2013 First Hour Exam Version 1 Name Section There is only ONE best correct answer per question. Place your answer on the attached

### SHOW ALL YOUR WORK IN A NEAT AND ORGANIZED MANNER

EQUATIONS YOU MAY NEED FOR THIS EXAM Depreciation = (Purchase price - salvage value) / years of useful life Average Value or Average Value of Investment = (Purchase price + salvage value) / 2 Slope = change

### Economics 101. Tuesday, November 27, 2018 VERSION 1 NO CELL PHONES, CALCULATORS, OR FORMULA SHEETS ARE ALLOWED FOR THIS EXAM.

Economics 101 Fall 2018 Second Midterm Tuesday, November 27, 2018 Name Discussion Section TA Name Student ID VERSION 1 The exam consists of three parts: (1) 9 Binary Choice Questions worth 2 points each

### ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION

YOUR NAME Assigned Seat ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION Prof. Bill Even October 7, 2013 FORM 1 Directions 1. Fill in your scantron with your unique-id and the form number

### ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION

YOUR NAME Assigned Seat ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION Prof. Bill Even October 7, 2013 FORM 2 Directions 1. Fill in your scantron with your unique-id and the form number

### Supply and Demand of Affordable Housing

ECONOMICS 10-008 Final Exam Dr. John Stewart May 6, 2003 Instructions: Mark the letter for your chosen answer for each question on the computer readable answer sheet using a No.2 pencil. Note =1, =2 and

### Econ 001: Midterm 1 Answer Key February 15th, 2011

Econ 001: Midterm 1 Answer Key February 15th, 2011 Instructions: This is a 60-minute examination. Write all answers in the blue books provided. Show all work. Use diagrams where appropriate and label all

### Final Exam - Solutions

Ecn 100 - Intermediate Microeconomics University of California - Davis June 8, 2010 Instructor: John Parman Final Exam - Solutions You have until 10:00am to complete this exam. Be certain to put your name,

### ECON Midterm #2 Practice Problems

ECON 1101 - Midterm #2 Practice Problems Question #1 Suppose that there is a small country known as Econland. Now lets open up Econland to the world economy. Suppose the world price of widgets is \$2. Since

### EXAMINATION 4 VERSION A "Perfect and Imperfect Competition" April 30, 2014

Signature: William M. Boal Printed name: EXAMINATION 4 VERSION A "Perfect and Imperfect Competition" April 30, 2014 INSTRUCTIONS: This exam is closed-book, closed-notes. Simple calculators are permitted,

### Managerial Economics 2013 Block Course by MFZ,TUT CH 3& 4 in your text book. Please you need text book okay??

CH 3& 4 in your text book. Please you need text book okay?? ! " " " #! \$! % % & & & ' ( ) # % !* + % ( , % % !* + % ( ' -."/." 01. ! 2 3, ) 4 " 4 " 5 3, ) %, % ", % " " " " #!! % 3 ) ' " !* + % ( , % %

### 2. What is Taylor s marginal utility per dollar spent on the 2 nd race? a. 2 b. 3 c. 4 d. 5

ECON 251 Practice questions based on Spring 2013 Exam 2 Taylor has \$100 to spend on playing golf and running in races. The price of a round of golf is \$20 and the price of running a race is \$10. The total

### This exam contains 9 pages (including this cover page) and 11 questions. Check to see if any pages are missing.

ECON 001 Fall 2017 A. Duchene Midterm 1 October 3, 2017 Time Limit: 60 Minutes Name (Print): Recitation Section: Name of TA: This exam contains 9 pages (including this cover page) and 11 questions. Check

### Economics 101. Version 1

Economics 101 Spring 2018 April 10, 2018 Midterm 2 Name TA Name Discussion Section # Student ID # Version 1 DO NOT BEGIN WORKING UNTIL THE INSTRUCTOR TELLS YOU TO DO SO. READ THESE INSTRUCTIONS FIRST.

### Econ Lecture l Final for Fall Section 1: Multiple Choice (2 points each) Please circle the best answer for the following 25 questions.

Name Student ID # Section # Econ 1101 - Lecture l Final for Fall 1997 Section 1: Multiple Choice (2 points each) Please circle the best answer for the following 25 questions. 1. The benefit to a firm of

### Econ 3144 Fall 2005 Test 1 Dr. Rupp

Econ 3144 Fall 2005 Test 1 Dr. Rupp Name Sign Pledge I have neither given nor received aid on this exam Multiple Choice Questions (3 points each) 1. Your roommate is a smoker. She smokes in your house.

### FIRST MIDTERM EXAMINATION ECON 200 Spring 2007 DAY AND TIME YOUR SECTION MEETS:

FIRST MIDTERM EXAMINATION ECON 200 Spring 2007 STUDENT'S NAME: STUDENT'S IDENTIFICATION NUMBER: DAY AND TIME YOUR SECTION MEETS: BEFORE YOU BEGIN PLEASE MAKE SURE THAT YOUR EXAMINATION HAS BEEN DUPLICATED

### Econ 303. Weeks 3-4 Consumer Theory

Econ 303 Weeks 3-4 Consumer Theory CHAPTER 3 OUTLINE 3.1 Consumer Preferences 3.2 Budget Constraints 3.3 Consumer Choice 3.4 Revealed Preference 3.5 Marginal Utility and Consumer Choice Consumer Behavior

### Problem Set 3 21 September 2007

Eco 301 Name Problem Set 3 21 September 2007 1. Suppose that the U.S. demand and supply for soft drinks are given by Q D = 300-2 P Q S = 4 P The price is in cents per can and quantity is in millions of

### Econ 300: Intermediate Microeconomics, Spring 2014 Final Exam Study Guide 1

Econ 300: Intermediate Microeconomics, Spring 2014 Final Exam Study Guide 1 Chronological order of topics covered in class (to the best of my memory). Introduction to Microeconomics (Chapter 1) What is

### ECON 201: Introduction to Macroeconomics Professor Robert Gordon Midterm Exam 1: October 17, 2016

ECON 201: Introduction to Macroeconomics Professor Robert Gordon Midterm Exam 1: October 17, 2016 NAME Circle the TA session you attend: Bence - 3PM Bence - 4PM Cagri - 3PM Cagri - 4PM Chris - 3PM Chris

### Econ 2113 Test #2 Dr. Rupp Fall 2008

D Econ 2113 Test #2 Dr. Rupp Fall 2008 Name Pledge: I have neither given nor received aid on this exam Version A Signature: Directions: Bubble in name: Last, First Bubble in 00 in Special Codes Sign the