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101 Econ Principles of Microeconomics Korinna K. Hansen Student Name: Section #: TA Name: Second Midterm Examination Spring 2007 Version 1 DO NOT BEGIN WORKING UNTIL THE INSTRUCTOR TELLS YOU TO DO SO. READ THESE INSTRUCTIONS FIRST. You have 50 minutes to complete this exam. This exam consists of 30 multiple-choice questions. The first 10 (problems 1 through 10) are worth 2 points each. The next 20 (problems 11 through 30) are worth 4 points each. Please answer all questions on the scantron sheet you are given using a #2 pencil. If there is an error on the exam or you do not understand something, make a note on your exam booklet and we will address this issue after this examination is complete. You cannot ask any questions about the exam while the exam is administered. When you are finished, please bring both the scantron sheet and this exam booklet to the place indicated by the instructors. NO CELLPHONES, CALCULATORS, FORMULA SHEETS ARE ALLOWED. CHOOSE THE BEST ANSWER FOR EACH QUESTION. GOOD LUCK! How to fill out the scantron sheet: 1. Print your last name, first name, and middle initial in the spaces marked "Last Name", "First Name", and "MI". Fill in the corresponding bubbles below. 2. Print your student ID number in the space marked "Identification Number". Fill in the bubbles. 3. Write the number of the discussion section you are registered for under "Special Codes" spaces ABC, and fill in the bubbles. For Discussion sections see the last page. 4. Write the version number of your exam booklet under "Special Codes" space D, and fill in the bubble. The version number is on the top of this page. 1) Assume that your marginal rate of substitution between apricots and peaches is MUP/MUA = -2/3 and that the price of apricots is $3, while the price for peaches is $2 per pound. Therefore (at your current position along your budget line) it must be that you are consuming: a) too many apricots and two few peaches to maximize utility. b) just the right amount of apricots and peaches to maximize utility. 2) Bus rides are an inferior good. Therefore the Engel curve for bus rides has a ___________ slope. a) positive b) negative 3) When the price of a normal good decreases the income effect ______________ the substitution effect for a ___________ price effect. a) reinforces /larger b) takes away from/smaller 4) Given a typical production process when average product (AP) decreases, the marginal product (MP) _________________ a) decreases also always. b) first increases and then decreases 5) The diminishing returns in a production process imply that marginal cost is a) decreasing b) increasing 6) As the quantity produced by a firm increases, the difference between average total cost and average variable cost a) increases b) decreases 7) The following is information for Patty's Pizza Palace: Total Costs = $ 40,000 Fixed Costs = $ 10,000 Total Revenue = $ 35,000 Given this information Patty's Pizza Palace should: a) shut down. b) continue operation. 8) The demand for safety features in cars (antilock breaks, airbags, etc.) has greatly increased after lots of advertising by Volvo, Ford, GM, Toyota and other companies. In response to that increase in demand the demand for labor and capital used in producing safety features has a) decreased. b) increased. 9) A firm produces an output level and sells it at a price that is greater than the marginal cost of producing it. This is a) inefficient because the value that society places on using these resources to produce this product is greater than the cost of using resources to produce it. b) efficient because it can leave firms with positive economic profits 10) Perfectly competitive firms are efficient because a) since there is free entry and exit in the industry they are forced to produce at the minimum average total cost and set their price equal to their MC. b) there is a large number of them and there is always imperfect information. Use the picture below to answer the following question: Y X 11) Such a rotation, as implied by the direction of the arrows, in the consumer's budget line can only occur after: a) only price of good X decreases b) price for good Y increases and price of good X decreases c) price for good X increases and price for good Y decreases d) only price of good Y increases 12) Mary Jones learned how to water-ski within one day. Her utility from participating in the sport was 10 utils in the first hour, 12 utils in the second hour (as she started doing a bit better), 15 utils in the third hour, and 20 utils during the fourth hour when she could go around the lake without falling. Therefore, Mary Jones experienced: a) increasing returns to scale b) decreasing returns to scale c) diminishing marginal utility d) increasing marginal utility 13) The following table shows Jane's total utility when she is reading novels and textbooks. She already has read (consumed) 2 novels and 0 textbooks. It takes 1 hour to read one novel or one textbook. She has 4 hours until she sleeps today. How many novels and textbooks should she read more before she sleeps to maximize her utility today? Number of goods 1 2 3 4 5 a) b) c) d) 1 novel and 3 textbooks 2 novels and 2 textbooks 3 novels and 1 textbook 0 novels and 4 textbooks Total utility of novels 100 170 220 262 295 Total utility of textbooks 40 60 75 88 80 Use the information below for the next 3 questions: You are given the following indifference curves and budget lines for Jim. The prices of cheese and milk are fixed. Milk 6 4 B A 4 10 Cheese 14) If Jim's income goes down, his optimal consumption changes from point A to point B. Which of the following statements is true? a) Milk is a normal good for Jim. b) Cheese is an inferior good for Jim. c) Cheese and milk are substitutes for Jim. d) Milk is an inferior good for Jim. 15) Jim's is income $12 when he consumes at A, and is $7 when he consumes at B. What are the prices of cheese and milk, respectively? a) b) c) d) 1, 1, 2 2, 2, 2 16) What is his marginal rate of substitution at point A or point B? a) 1/2 b) 1 c) 2 d) 1/4 17) In a world of two goods X and Y with prices P X and PY, we can derive the demand for good X for a typical consumer with some preferences and income I, if we observe his/her __________ after we vary _________. a) b) c) d) equilibrium quantity for good X/the price of good X, P X. equilibrium quantity for good Y/the price of good Y, PY. preferences/income equilibrium quantity for good X/income. 18) Which of the statements below is true, given the following picture of a decrease in the price of good X, PX. Y E1 E2 E' X a) b) c) d) Good X is an inferior good and good Y is a normal good Both goods are inferior goods. Good Y is an inferior good and good X is a normal good Both goods are normal goods. 19) A firm in a perfectly competitive industry is producing a quantity at which marginal cost is greater than average total cost. In the short run what must be true? a) this firm will choose to stop operating. b) other firms will enter the industry. c) this firm is earning profits. d) this firm is earning losses. Use this information for the next two questions: Suppose the cost curves for a firm in a perfectly competitive industry are given by TC = 900 + Q2 and MC = 2Q. 20) At which quantity is the average total cost at its minimum? a) 90 b) 30 c) 45 d) 50 21) What is the value of total fixed cost at the quantity found in the question above? a) 300 b) 900 c) 1200 d) 1600 Use the following table for the next two questions: Q TFC TVC 0 0 100 200 300 600 900 AFC AVC 2 2 22) What is the average total cost (ATC) when 100 units are produced? a) 8 b) 5 c) 2 d) 10 23) What is the approximate marginal cost of producing the 300 th unit? a) 10 b) 5 c) 2 d) 1 24) Jimmy Jones' restaurant was fined $50,000 this spring for food safety violations. Therefore this restaurant is experiencing _________ average cost (AC), _________ average variable cost (AVC), and ___________ marginal cost (MC). a) a higher/higher/the same b) the same/higher/lower c) a higher/the same/ambiguous (maybe higher maybe lower) d) a higher/the same/the same 25) Assume that the industry that makes plastic garbage bags is a perfectly competitive industry, and that the industry demand and supply curves for garbage bags are not perfectly elastic or inelastic. If there is an increase in the cost of producing garbage bags by $0.07 per bag, the price of garbage bags in the market will: a) increase by exactly $0.07. b) increase by more than $0.07. c) increase by less than $0.07. d) none of the above. 26) Bill and Paul run a tomato farm outside Iowa City. The two brothers produce 20,000 pounds of tomatoes per season and their total cost of production is $10,000 per season. Their cousin Peter has his own smaller tomato farm. Peter's farm produces about 10,000 pounds of tomatoes every season and his total cost (per season) is $7,500. The "Red and Delicious" tomato farm is the largest one in the area. It produces 100,000 pounds of tomatoes per season at a total cost (per season) of $25,000. These data suggest that there are: a) b) c) d) constant returns to scale in the tomato production. negative returns to labor in the tomato production. significant diseconomies of scale in the tomato production. significant economies of scale in the tomato production. 27) If General Electric is earning a rate of return greater than the return necessary for the business to continue operation in the long run, then a) b) c) d) the normal rate of return is zero the firm is earning an economic profit total costs exceed total revenue total costs exceed a normal rate of return 28) The ipod production unit of Apples corporation is experiencing a marginal revenue product of labor, MRPL =$50 and a marginal revue product of capital, MRP K= $100, when the price of labor is PL= $10, and the price of capital is PK = $20. Given this information it is clear that a) Apples is hiring the right amount of both capital and labor, that maximize profits. b) Apples needs to hire less capital and less labor to increase profits c) Apples needs to hire more capital and more labor to increase profits d) Apples needs to hire more capital and less labor to increase profits. 29) Suppose a perfectly competitive firm faces a marginal product of labor (MP L) curve equal to MPL=10-2qL, where qL is the quantity of labor used by the firm. The price of the firm's output is $2. The labor market is also perfectly competitive, and the demand for labor is given by: QL=20-W, and the supply of labor is: QL=4W, where W is the labor wage, and QL is the quantity of labor employed by the industry. How many units of labor, qL, will this firm choose to hire if the firm maximizes profits? a) 1 b) 2 c) 6 d) 4 30) Which of the following can prevent markets from reaching efficiency? I. Price ceilings and price floors II. External costs or benefits III. Increasing marginal cost IV. Diminishing returns to labor a) I. only. b) I. and II. c) I and II and III. d) All of the above. Discussion Sections information Section # 382 383 384 385 386 387 388 389 390 391 392 393 394 395 Time 3:30pm W 3:30pm W 2:25pm W 2:25pm W 8:50am R 8:50am R 9:55am R 9:55am R 3:30pm R 3:30pm R 1:20pm W 1:20pm W 1:20pm F 1:20pm F Room 55 Bascom 6232 SSC 6232 SSC 6228 SSC 116 Ingraham 55 Bascom 4322 SSC 113 Ingraham 122 Ingraham 52 Bascom 6112 SSC 4322 SSC 6228 SSC 223 Ingraham TA Ching-Yang "Jim" Lin Woo Jin Choi Kyoung Jin Choi Woo Jin Choi Jonathan Thornhill Ching-Yang "Jim" Lin Ching-Yang "Jim" Lin Jonathan Thornhill Woo Jin Choi Kyoung Jin Choi Kyoung Jin Choi Woo Jin Choi Kyoung Jin Choi Ching-Yang "Jim" Lin
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midterm 2 review questions
Path: Wisconsin >> ECON >> 101 Spring, 2007
Description: Review Questions for Midterm 2 Econ 101, Lecture 4, Spring 2007 Professor Korinna K. Hansen TAs: Jonathan Thornhill, Kyoung Jin Choi, Woo Jin Choi and Jim Lin 1) In a world of two goods X and Y with prices P X and PY, an increase in both prices PX a...
final review key
Path: Wisconsin >> ECON >> 101 Spring, 2007
Description: Econ 101, Final Review Key Spring 2007 1) c 2) a 3) c 4) d 5) b, this is assuming that fixed cost is included in the marginal cost of the first unit. 6) b 7) a 8) d 9) b 10) c 11) b 12) d 13) b 14) c 15) c 16) d 17) a 18) a 19) c 20) b 21) c 22) d 23...
final review problems
Path: Wisconsin >> ECON >> 101 Spring, 2007
Description: Review Questions for the Final Exam Econ 101, Lecture 4, Spring 2007 Professor Korinna K. Hansen TAs: Jonathan Thornhill, Kyoung Jin Choi, Woo Jin Choi and Jim Lin Use this graph for the next question. 1) Points A, B, and C in the above Figure indic...
finalexamreviewtopics
Path: Wisconsin >> ECON >> 101 Spring, 2007
Description: Additional Topics for Final Exam Econ 101, Lecture 4, Spring 2007 Professor Korinna K. Hansen In addition to all topics you prepared for Midterms 1 & 2, please prepare the following topics: Monopoly Barriers to entry Revenue curves for the Monopolist...
Income and Substition Effects
Path: Wisconsin >> ECON >> 101 Spring, 2007
Description: Y Income and Substitution Effects: Px increases E\' E2 E1 New budget line Hypothetical budget line Original budget line X Income effect Substitution effect Y Income and Substitution Effects: Px decreases E1 E\' Original budget line E2 Hypothetic...
LearningGuide1
Path: Wisconsin >> ECON >> 101 Spring, 2007
Description: University of Wisconsin Department of Economics Economics 101: Principles of Microeconomics Korinna K. Hansen Learning Guide 1 Due Date: Week of Monday, Jan. 29th, 2007 Reading Assignment: Case & Fair Chapter 2 and Lecture Material. Problem Assignm...
LGuide2
Path: Wisconsin >> ECON >> 101 Spring, 2007
Description: University of Wisconsin Department of Economics Economics 101: Principles of Microeconomics Korinna K. Hansen Learning Guide 2 Due Date: Week of Monday, February 5th, 2007 Reading Assignment: Case & Fair Chapter 3 up to page 59 and Lecture Materia...
LGuide3
Path: Wisconsin >> ECON >> 101 Spring, 2007
Description: University of Wisconsin Department of Economics Economics 101: Principles of Microeconomics Korinna K. Hansen Learning Guide 3 Due Date: Week of Monday, February 12th, 2007 Reading Assignment: Case & Fair Chapter 3 (mostly beyond page 59) and all ...
LGuide4
Path: Wisconsin >> ECON >> 101 Spring, 2007
Description: University of Wisconsin Department of Economics Economics 101: Principles of Microeconomics Korinna K. Hansen Learning Guide 4 Due Date: Week of Monday, February 26th, 2007 Reading Assignment: Case & Fair Chapter 6 up to the middle of page 126. Pl...
midterm1reviewtopics
Path: Wisconsin >> ECON >> 101 Spring, 2007
Description: Review Topics for Midterm 1 Econ 101, Lecture 4, Spring 2007 Professor Korinna K. Hansen Opportunity Cost Absolute Advantage Comparative Advantage Production Possibility Frontier Marginal Rate of Transformation Law of Increasing Opportunity Cost Law ...
Long-run Producer Theory & Input Market Graphs
Path: Wisconsin >> ECON >> 101 Spring, 2007
Description: ...
midterm1 review questions
Path: Wisconsin >> ECON >> 101 Spring, 2007
Description: Review Questions for Midterm 1 Econ 101, Lecture 4, Spring 2007 Professor Korinna K. Hansen TAs: Jonathan Thornhill, Kyoung Jin Choi, Woo Jin Choi and Jim Lin Use the graph below to answer the following question. 1) In the above Figure, which of th...
Midterm1reviewkey
Path: Wisconsin >> ECON >> 101 Spring, 2007
Description: Econ 101: Principles of Microeconomics - Lecture 4 - Spring 2007 Key to the Review problems for First Midterm 1) d 2) d 3) b 4) b 5) a 6) d 7) a 8) b 9) a 10) c 11) d 12) c 13) a 14) c 15) c 16) d 17) c 18) b 19) a 20) b 21) d 22) b 23) b 24) b 25) c...
midterm2version1key
Path: Wisconsin >> ECON >> 101 Spring, 2007
Description: Version 1 1) b 2) b 3) a 4) a 5) b 6) b 7) b 8) b 9) a 10) a 11) b 12) d 13) c 14) d 15) a 16) c 17) a 18) d 19) c 20) b 21) b 22) a 23) b 24) d 25) c 26) d 27) b 28) c 29) d 30) b ...
midterm1version1key
Path: Wisconsin >> ECON >> 101 Spring, 2007
Description: Version 1 1) a 2) b 3) a 4) a 5) a 6) b 7) b 8) a 9) b 10) b 11) b 12) c 13) a 14) d 15) c 16) c 17) b 18) c 19) a 20) b 21) a 22) d 23) d 24) a 25) c 26) b 27) d 28) d 29) b 30) d ...
midterm1version1s07
Path: Wisconsin >> ECON >> 101 Spring, 2007
Description: Econ 101 Principles of Microeconomics Korinna K. Hansen Student Name: Section #: TA Name: First Midterm Examination Spring 2007 Version 1 DO NOT BEGIN WORKING UNTIL THE INSTRUCTOR TELLS YOU TO DO SO. READ THESE INSTRUCTIONS FIRST. You have 50 mi...
midterm2reviewtopics
Path: Wisconsin >> ECON >> 101 Spring, 2007
Description: Review Topics for Midterm 2 Econ 101, Lecture 4, Spring 2007 Professor Korinna K. Hansen Budget constraint Opportunity set Slope of the budget constraint Shifts and rotations of the budget constraint Total utility and marginal utility The law of dim...
ch01
Path: Virginia Tech >> ME >> 2124 Spring, 2008
Description: ...
lecture notes3
Path: Cal Poly >> STAT >> 321 Winter, 2008
Description: Stat 321 Day 3 Measures of Spread Announcements Lab questions? NHL: $209.78 NFL: $322.82 MLB: $147.72 NBA: $244.48 HW 1 (due Tuesday) questions? Reminder: Office Hour today 1-3 Last Time Measures of Center Mean = average all values ...
LGuide12
Path: Wisconsin >> ECON >> 101 Spring, 2007
Description: University of Wisconsin Department of Economics Economics 101: Principles of Microeconomics Korinna K. Hansen Learning Guide 11 Due Date: Week of Monday, May 7, 2007 Reading Assignment: Case & Fair Chapter 15 up to page 345. Also, all relevant lectu...
LGuide11
Path: Wisconsin >> ECON >> 101 Spring, 2007
Description: University of Wisconsin Department of Economics Economics 101: Principles of Microeconomics Korinna K. Hansen Learning Guide 11 Due Date: Week of Monday, April 30, 2007 Reading Assignment: Case & Fair Chapter 14 pp. 310- end, and all relevant lectur...
LGuide9
Path: Wisconsin >> ECON >> 101 Spring, 2007
Description: University of Wisconsin Department of Economics Economics 101: Principles of Microeconomics Korinna K. Hansen Learning Guide 9 Due Date: Week of Monday, April 16, 2007 Reading Assignment: Case & Fair Chapter 13 up to page 287. Problem Assignment: P...
LGuide7
Path: Wisconsin >> ECON >> 101 Spring, 2007
Description: University of Wisconsin Department of Economics Economics 101: Principles of Microeconomics Korinna K. Hansen Learning Guide 7 Due Date: Week of Monday, March 19, 2007 Reading Assignment: Case 9 (not the appendix). Problem Assign...
LGuide5
Path: Wisconsin >> ECON >> 101 Spring, 2007
Description: University of Wisconsin Department of Economics Economics 101: Principles of Microeconomics Korinna K. Hansen Learning Guide 5 Due Date: Week of Monday, March 5, 2007 Reading Assignment: Case & Fair Chapter 6 (the whole chapter including the appendi...
sol_practice_midterm1_eco2302
Path: UT Dallas >> ECON >> 2302 Spring, 2006
Description: SOLUTIONS TO PRACTICE EXAM 1 Economics 2302 Principles of Microeconomics Professor Isaac McFarlin Examination 1 University of Texas at Dallas Exam#: WARNING: I strongly recommend you first work through the practice exam COMPLETELY before looking at ...
S06_Syllabus_ECO2302
Path: UT Dallas >> ECON >> 2302 Spring, 2006
Description: Tentative 01/09/2006 Economics 2302 Spring 2006 Principles of Microeconomics University of Texas at Dallas Professor: Isaac McFarlin Office: Green Hall, Rm. GR3.816 Phone: (972) 883-4761 E-mail: imcfarlin@utdallas.edu (Not via WebCT) Course websit...
s06_prac_final_&_sol_eco2302
Path: UT Dallas >> ECON >> 2302 Spring, 2006
Description: MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Which of the following is the best definition of economics? A) The study of how consumers spend their income B) The study of how the federal gov...
s06_prac_exam2_eco2302
Path: UT Dallas >> ECON >> 2302 Spring, 2006
Description: Economics 2302 Principles of Microeconomics Professor Isaac McFarlin Practice Examination 2 University of Texas at Dallas Student Name (print) _ Student ID: xxx xx - _ Student Signature (required) __ INSTRUCTIONS: The exam is closed book. You may...
ps1_econ2302
Path: UT Dallas >> ECON >> 2302 Spring, 2006
Description: Economics 2302 Professor McFarlin Problem Set 1 Principles of Microeconomics University of Texas at Dallas [Note: Problem sets in this class will not be collected or graded.] Economics is a quantitative social science. If you take a moment and scan...
Chapter 8 true false
Path: Mines >> EBGN >> 312 Fall, 2002
Description: Chapter 8: Aggregate Expenditure and Equilibrium Output True or False 1. Consumption is a highly volatile component of aggregate expenditure. TRUE FALSE 2. The marginal propensity to consume is the slope of the aggregate expenditure function (C +...
Chapter 9 hw4
Path: Mines >> EBGN >> 312 Fall, 2002
Description: Chapter 9: The Government and Fiscal Policy Multiple Choice 1. In macroeconomics, the debate over the role of government includes the views of Keynesian economists who believe that: The government is incapable of stabilizing the economy. The govern...
externality and tax graphs
Path: Wisconsin >> ECON >> 101 Spring, 2007
Description: ...
Home work Statistics 220
Path: Carnegie Mellon >> STAT >> 220 Fall, 2005
Description: Homework Assignment Statistics 220, Fall 2005 Homework Assignment #1 Problems from Devore: 1. 2. 3. 4. 5. 6. 7. Problem 1.10 Problem 1.36 Problem 1.38 Problem 1.41 Problem 1.42 Problem 1.44 Problem 1.51 Homework Assignment #2 Due September 14 Show y...
PrevExam-1 part4
Path: Mines >> EBGN >> 312 Fall, 2002
Description: ...
ps4_ans_econ2302
Path: UT Dallas >> ECON >> 2302 Spring, 2006
Description: Economics 2302 Professor McFarlin Solution to problem Set 4 Principles of Microeconomics University of Texas at Dallas 1. Here\'s a table with all the info: L 0 1 2 3 4 5 6 7 8 Q 0 30 70 100 120 130 135 140 140 MPL 30 40 30 20 10 5 5 0 APL 30 35 33...
ps2_econ2302
Path: UT Dallas >> ECON >> 2302 Spring, 2006
Description: Economics 2302 Professor McFarlin Problem Set 2 Principles of Microeconomics University of Texas at Dallas [Note: Problem sets in this class will not be collected or graded.] 1. Consider an economy comprised of Jack and Jill, each of whom is capab...
PrevExam-1
Path: Mines >> EBGN >> 312 Fall, 2002
Description: ...
CPSC 303 Syllabus Numerical Approximation and Discretization 2007 Class Home Page
Path: UBC >> CPSC >> 303 Winter, 2007
Description: CPSC 303: Numerical Approximation and Discretization 2007 Class Home Page CPSC 303, Term 2, Winter 2007-2008 Class Home Page Numerical Approximation and Discretization Contents of this page Late breaking news Things to print r Handouts r H...
1.07_hw.0
Path: UBC >> CPSC >> 303 Winter, 2007
Description: Numerical Approximation and Discretization CPSC 303, Term 2, Winter 20072008 Assigned Monday January 7. Not due for grading. Submit by Thursday, January 24 if you wish to have the TA check it. Homework #0 This homework is designed to give you a litt...
1.07 soln.hw1
Path: UBC >> CPSC >> 303 Winter, 2007
Description: Numerical Approximation and Discretization CPSC 303, Term 2, Winter 20072008 Homework #1 Solutions 1. Weather Simulation. (10 points) Imagine trying to predict the weather in Vancouver tomorrow using a computer simulation. What might be involved in...
1.21 Linear Algebra Fact Sheet
Path: UBC >> CPSC >> 303 Winter, 2007
Description: Numerical Approximation and Discretization gg QHQD erm PD inter PHHT{PHHU Linear Algebra Review Notation: intry ppers in row nd olumn of F hen tlking out mtriesD rememerX rows then olumnsF4 etor P R hs rows @ olumn vetorAF intry ppers in row F p...
1.27 Interpolation Error Examples
Path: UBC >> CPSC >> 303 Winter, 2007
Description: Numerical Approximation and Discretization CPSC 303, Term 2, Winter 20072008 Interpolation Error Examples Consider a problem similar to what we studied using interpolateSine.m: interpolate f (x) = sin(2x) on the interval x [0, +1]. Our error formul...
1.21_hw.2
Path: UBC >> CPSC >> 303 Winter, 2007
Description: Numerical Approximation and Discretization. CPSC 303, Term 2, Winter 20072008. Assigned Monday January 21. Due Monday February 4. Maximum 2 late days. Homework #2 1. Paper and Pencil. (10 points) (a) Imagine that we have already computed an interpol...
1.24 Approximation & Error Example
Path: UBC >> CPSC >> 303 Winter, 2007
Description: Numerical Approximation and Discretization CPSC 303, Term 2, Winter 20072008 Approximations & Errors Example There are two sources of error we need to take into account when we are designing and analyzing numerical algorithms: data error (which occu...
Answers to Ch 2 Problems
Path: JMU >> ECON >> 201 Fall, 2007
Description: Answers to Problems: Chapter 2 1. In time it takes Ted to wash a car he can wax one-third of a car. So his opportunity cost of washing one car is one-third of a wax job. In the time it takes Tom to wash a car, he can wax one-half of a car. So his opp...
Ch7 Answer to Problems
Path: JMU >> ECON >> 201 Fall, 2007
Description: ...
chapter 3 answers
Path: JMU >> ECON >> 201 Fall, 2007
Description: Answers to Problems 1a. Substitutes b. Complements c. Probably substitutes for most people, but complements for some others who like to eat ice cream and chocolate together. d. Substitutes. 2. The supply curve would shift: a. Right. The discovery is ...
Ch 11 Answers to Problems
Path: JMU >> ECON >> 201 Fall, 2007
Description: Answers to Problems 1a. All others Study a lot Study a lot -5 for Sam -5 for others Sam Study a little -6 for Sam 10 for others -1 for Sam -1 for others Study a little 10 for Sam -6 for others b. All study a lot and receive an average grade. From th...
Ch 10 Answers to Problems
Path: JMU >> ECON >> 201 Fall, 2007
Description: Answers to Problems 1. As shown in the following table, Volvo\'s greater production volume gives it substantially lower average production cost, and this advantage helps explain why Volvo\'s market share has in fact been growing relative to Saab\'s. Saa...
Ch 6 Answers to Problems
Path: JMU >> ECON >> 201 Fall, 2007
Description: Chapter 6 Answers to Problems 1. If the price of a fossil is below $5.40, Zoe should devote all her time to photography because when the price is, say, $5 per fossil, an hour spent looking for fossils will give her 5($5) = $25, or $2 less than she\'d ...
Syllabus
Path: UCSB >> ECON >> 01 Summer, 2007
Description: Econ 1: Principles of Microeconomics I. Administrative Information Lecturer: Francisco Azeredo Office: NH 2028 Teaching assistant: Ben Hansen Office: NH 2044 Class: MTW TA section: R R 9:30 10:55am 9:30 10:55am 12:30 1:55 pm Office Hours: TW 11:00...
Homework3
Path: UCSB >> ECON >> 01 Summer, 2007
Description: UNIVERSITY OF CALIFORNIA SANTA BARBARA Economics 1 Principles of Economics Summer 2007 Session A Homework #3 I. Problems: Chapter 5 I.1 Book Problems Francisco Azeredo Ben Hansen Please place your answers in the space below. Take the time to draw ...
chapter 4 answers
Path: JMU >> ECON >> 201 Fall, 2007
Description: Answers to Problems 1. For the demand curve shown, the slope is 1 so (1/slope) is also 1. The absolute value of the price elasticity of demand at any point on this demand curve is thus the ratio (P/Q) at that point. A B C D E P 100 75 50 25 A B C D E...
Ch 5 answers
Path: JMU >> ECON >> 201 Fall, 2007
Description: Answers to Problems 1. Because willingness to pay for food quality is likely to be an increasing function of income, we expect patrons of the gourmet restaurant to have higher incomes, on average, than the patron of the diner. And since willingness t...
PQuiz10
Path: Wisconsin >> ECON >> 101 Spring, 2007
Description: Econ 101: Principles of Economics Korinna K. Hansen NAME: Disc. Section: Practice Quiz 10 Use clear graphs to answer the questions below. Be brief, but clear and neat. Make sure that you label all your axes and curves. 1). (4 points). True or False...
Ch 8 (partal) Answers to Problems
Path: JMU >> ECON >> 201 Fall, 2007
Description: Ch 8 Answers to Problems 1 a. False: the maxim tells us that there are no unexploited economic opportunities when the market is in long-run equilibrium. b. False: firms in long-run equilibrium have to make an accounting profit in order to cover the o...
Homework2
Path: UCSB >> ECON >> 01 Summer, 2007
Description: UNIVERSITY OF CALIFORNIA SANTA BARBARA Economics 1 Principles of Economics Summer 2007 Session A Homework #2 I. Problems: Chapter 3 I.1 Book Problems Francisco Azeredo Ben Hansen Please place your answers in the space below. Take the time to draw ...
1.07_hw.1
Path: UBC >> CPSC >> 303 Winter, 2007
Description: Numerical Approximation and Discretization CPSC 303, Term 2, Winter 20072008 Assigned Wednesday January 9. Due Friday January 18. Homework #1 For questions involving Matlab coding, please submit a hardcopy of your Matlab program. Among the comments ...
Homework 1
Path: UCSB >> ECON >> 01 Summer, 2007
Description: UNIVERSITY OF CALIFORNIA SANTA BARBARA Economics 1 Principles of Economics Summer 2007 Session A Homework #1 I. Problems: Chapter 1 I.1 Book Problems Please place your answers in the space below. Q1. Francisco Azeredo Ben Hansen Q2. Q5. 1 Q8. ...
PQuiz11
Path: Wisconsin >> ECON >> 101 Spring, 2007
Description: Econ 101: Principles of Microeconomics Korinna K. Hansen NAME: Disc. Section: Practice Quiz 11 Consider the following payoff matrix for an oligopoly consisting of two firms, Company A and Company B: Company B chooses: Low price High price Low price...
pquiz12 solution
Path: Wisconsin >> ECON >> 101 Spring, 2007
Description: ...
PQuiz12
Path: Wisconsin >> ECON >> 101 Spring, 2007
Description: Econ 101: Principles of Microeconomics Korinna K. Hansen NAME: Disc. Section: Practice Quiz 12 In solving this problem make sure that you present clear, well labeled graphs that incorporate all the information you are given. You can use the back of...
PracticeQuiz01
Path: Wisconsin >> ECON >> 101 Spring, 2007
Description: Econ 101: Principles of Economics Korinna K. Hansen NAME: Disc. Section: Practice Quiz 1 Use graphs where necessary, and show your work for the problems below. Be brief, but clear and neat. You can use the back of this page as scrap. We will not lo...
ProducerTheoryGraphs
Path: Wisconsin >> ECON >> 101 Spring, 2007
Description: ...
Public good graphs from class
Path: Wisconsin >> ECON >> 101 Spring, 2007
Description: ...
syllabus
Path: Wisconsin >> ECON >> 101 Spring, 2007
Description: Office: E-Mail: Phone: University of Wisconsin Department of Economics Economics 101: Principles of Microeconomics Spring 2007 Korinna K. Hansen Office Hours: 6414 Social Science Building Monday 1:00 2:00 pm KOHANSEN@ssc.wisc.edu Wednesday 9:50 10...
Oligopoly graphs from class
Path: Wisconsin >> ECON >> 101 Spring, 2007
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PQuiz2
Path: Wisconsin >> ECON >> 101 Spring, 2007
Description: Econ 101: Principles of Economics Korinna K. Hansen NAME: Disc. Section: Practice Quiz 2 Use graphs where necessary, and show your work for the problems below. Be brief, but clear and neat. Make sure that you label all your axes and curves. 1). (6 ...
PQuiz3
Path: Wisconsin >> ECON >> 101 Spring, 2007
Description: Econ 101: Principles of Economics Korinna K. Hansen NAME: Disc. Section: Practice Quiz 3 Use graphs where necessary, and show your work for the problems below. Be brief, but clear and neat. Make sure that you label all your axes and curves. The US...
PQuiz4
Path: Wisconsin >> ECON >> 101 Spring, 2007
Description: Econ 101: Principles of Microeconomics Korinna K. Hansen NAME: Disc. Section: Practice Quiz 4 Mary has a total of $80 to spend on books or movies each month and both goods must be purchased in whole (no fractional units). Movies cost $8 each, while...
