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midterm 2 review questions Wisconsin ECON 101
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  • Title: midterm 2 review questions
  • Type: Problem Set
  • School: Wisconsin
  • Course: ECON 101
  • Term: Spring

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Questions Review 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 and PY will cause an _______________ in consumer's budget line. a) inward shift b) outward shift c) ambiguous (inward or outward) shift d) none of the above Use the following information to answer the next two questions: The graph below shows Fred's indifference curves and budget line for goods X and Y. Y A C B D X 2) The following is true for consumption combinations A and B for Fred: a) Fred is indifferent between consuming combination A or B. b) Fred cannot afford combinations A or B. c) Combinations A and B are preferable to combination C for Fred. d) All of the above. 3) The following is true for consumption combinations A, B, C and D for Fred: a) Fred strictly prefers combination C to combination D. b) Combination D is not affordable for Fred c) Fred will maximize utility when consuming A or B d) None of the above 4. If Betty's marginal rate of substitution between bus rides and taxi rides is -8, MUt/MUb= -8, and the price for a bus ticket is $2 but the price for a taxi ride is $20, then Betty (at her current position along her budget line) must be consuming: a) too many taxi rides. b) too few taxi rides. c) all of the above. d) none of the above. Use the following information to answer the next two questions: Michael has $100 to spend on DVDs and books. DVDs cost $20 per unit and books $25 per unit and Michael has the following utility function for these two goods: # of DVDs 1 2 3 4 5 6 7 Total Utility 50 90 120 135 145 150 153 # of Books 1 2 3 4 5 6 7 Total Utility 40 70 90 105 115 120 122 5) Therefore Michael is experiencing: a) increasing marginal utility for both goods b) decreasing marginal utility for both goods c) increasing marginal utility for books but decreasing for DVDs d) decreasing marginal utility for books but increasing for DVDs 6) Given all the information given above Michael will choose to consume: a) three DVDs and one book b) four DVDs and one book c) three DVDs and two books d) two DVDs and two books 7) John receives the following levels of total utility after consuming one, two, three, four, five and six ice-ream cones at the Union in a day: 10, 18, 25, 31 and 35, and 36. Therefore, John's preferences are consistent with the law of: a) diminishing returns to labor b) increasing returns to labor c) diminishing marginal utility d) increasing opportunity cost 8) Find Jim's optimal consumption bundle for the following 4 items. He is ready to spend $32. Goods Burrito Tacos Salad Soda a) b) c) d) Price $8 $2 $4 $1 Utility of 1st consumption 160 10 40 4 Utility of 2nd consumption 40 10 20 3 Utility of 3rd consumption 20 5 10 3 Utility of 4th consumption 8 4 10 3 3 Burritos. 3 Tacos 1 Salad. 2 Burritos, 2 Tacos, 2 Salads, 4 Sodas. 2 Burrito, 4 Tacos, 3 Salads. 1 Burrito, 2 Tacos, 4 Salads, 4 Sodas. 9) In a world of two goods X and Y with prices P X and PY, we can derive the Engel curve 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, PX. equilibrium quantity for good Y/the price of good Y, P Y. preferences/income equilibrium quantity for good X/income. 10) Cameras are a normal good. Therefore the Engel curve for cameras has a __________ slope. a). positive b). negative Use the following budget line for Jane to answer the next 3 questions: Y 20 16 A 8 30 X 11. If she has sixty dollars then the price of good Y is ____ and the price of good X is _______. a) $3, $2 b) $2, $3 c) $2, $2 d) $3, $3 12. If point A were Jane's optimal bundle what would her marginal rate of substitution be at that point? a) -2 b) -2/3 c) -3/2 d) - 13. Now suppose that point A is no longer the optimal consumption bundle and that at point A Jane's marginal rate of substitution is -1. Jane would be sure to increase her utility by: a) Moving a small amount along her budget line to the right, increasing consumption of X. b) Moving a small amount along her budget line to the left, decreasing consumption of X. c) Moving a small amount along her budget line to the right, increasing consumption of Y. d) Moving a small amount along her budget line to the left, decreasing consumption of Y. Use the following graph to answer the next two questions. Note that the graph describes the situation where the price of Y went up. IC1 indicates the indifference curve before the price change and IC2 indicates the indifference curve after the price change. Y 20 16 A 10 B IC1 C IC2 30 X 14) ____________ shows the substitution effect and _____________ shows the income effect. a) From A to B, from B to C b) From A to B, from C to A c) From C to B, from B to A d) From B to A, from C to B 15) From this graph we can see that good X is _______ and good Y is _________. a) normal, normal b) normal, inferior c) inferior, normal d) inferior, inferior 16) Assume that this individual has a budget of $240 and a linear demand curve. A is (6, 16), B is (18, 10), and C is (24, 4). What is the demand function for Y of this consumer? a) P = 28 Y b) P = 16 2Y c) P = 16 Y d) P = 28 2Y 17) Which of the statements below is true, given the following picture of an increase in the price of good X, PX. Y E2 E' E1 X a). Good X is an inferior good and good Y is a normal good. b). Both goods are normal goods. c). Good X is a normal good. d). The income effect makes the consumer consume more Y. 18) When the price of a normal good increases the income effect ______________ the substitution effect for a ___________ price effect. a). reinforces /larger b). takes away from/smaller 19) When the price of an inferior good increases the income effect ________________ the substitution effect for a ______________ price effect. a). reinforces/larger b). takes away from/smaller 20) When the price of an inferior good decreases the income effect ________________ the substitution effect for a ______________ price effect. a). reinforces/larger b). takes away from/smaller 21) When the price of a Giffen good decreases the income effect ________________ the substitution effect and the end result is a _________ price effect. a). reinforces/negative b). reinforces/positive c). takes away from/negative d). takes away from/ positive 22) Given a typical production process when average product (AP) increases, the marginal product (MP) _________________ a) decreases always. b) increases also always. c) first increases and then decreases d) first decreases and then increases The following table gives you information on hourly labor productivity in a t-shirt factory with fixed capital. Quantity Total # of Of Labor t-shirts 1 20 2 40 3 60 4 80 5 100 23) Therefore this t-shirt factory is experiencing: a) first increasing and then diminishing returns to labor. b) increasing returns to labor at all times. c) constant returns to labor at all times. d) diminishing returns to labor at all times. The following table gives you information on hourly labor productivity in an orange juice factory with fixed capital. Quantity Of Labor 10 12 14 16 18 20 Total # of Orange Juice Cans 20,000 25,000 35,000 50,000 60,000 68,000 24) Therefore this orange juice factory is experiencing: a) first increasing and then diminishing returns to labor b) increasing returns to labor at all times c) constant returns to labor at all times d) diminishing returns to labor at all times Use the following information to solve the next two questions: The "Fresh &Delicious" bakery is considering several different technologies for the production of 10,000 chocolate chip cookies. The table below gives you the capital and labor requirements for each technology: Units of Units of Technology Capital (K) Labor (L) A 1 30 B 2 20 C 3 5 25) If the unit price for capital is $50 and for labor is $10 which technology should the "Fresh & Delicious" bakery use in producing the 10,000 cookies? a) Technology A. b) Technology B. c) Technology C. d) Cannot tell from the information given above. 26) If instead the unit price for capital is $100 and for labor still $10 which technology should the "Fresh & Delicious" bakery use in producing the 10,000 cookies? a) Technology A. b) Technology B. c) Technology C. d) Cannot tell from the information given above. 27) Simon owns a restaurant. Which of the following is not a good example of Simon's fixed costs? a) tables and chairs b) the restaurant's lease c) chef's wages d) ovens Use this graph for the next three questions. $ TC TVC TFC Q A B C D 28) What quantity best approximates the minimum of marginal cost? a) A b) B c) C d) D 29) What quantity best approximates the minimum of the average total cost? a) A b) B c) C d) D 30) What quantity best approximates the minimum of the average variable cost? a) A b) B c) C d) D Use the information below to answer the next three questions: Heaters are produced by Smart Electric corporation using capital (K) and labor (L). Aggregate capital costs are $100,000 for Smart Electric regardless on how many heaters are produced. Smart Electric employees earn salaries of $50,000. Given the following information from Smart Electric answer the next two questions: L 0 1 2 3 4 Q of Heaters 0 2 3 4 5 Fixed Cost Average Fixed Cost E A F C D B Average Variable Cost Total Cost 31) What are the values for A and B? a) 100,000/250,000 b) 100,000/350,000 c) 150,000/350,000 d) 150,000/350,000 32) What are the values for C and D? a) 50,000/50,000 b) 50,000/150,000 c) 100,000/150,000 d) 33,333/37,5000 33) What are the values for E and F? a) 100,000/50,000 b) 100,000/33,0000 c) 50,000/16,666 d) 50,000/25,000 Use this table for the next two questions. Q TFC TVC 0 0 1 600 2 1150 3 TC MC 300 2100 350 34) What is the average variable cost (AVC) of producing 3 units? a) 900 b) 575 c) 500 d) 300 35) What is the average total cost (ATC) of producing 2 units? a) 875 b) 1500 c) 700 d) 1000 Use the information in the table below for a perfectly competitive firm for the next two questions: Q TFC TVC TC MC AVC ATC 0 $50 0 50 1 $50 20 70 20 20 70 2 $50 30 80 10 15 40 3 $50 45 95 15 15 31.67 4 $50 62 112 17 15.5 28 5 $50 90 140 28 18 28 6 $50 132 182 42 22 30.33 7 $50 186 236 54 26.57 33.71 36) If the market price is $17 in this perfectly competitive industry, this firm will produce _____ units of output that maximize the firm's profits (or minimizes the losses) at ________. a) b) c) d) 3/ - $50 4/ - $44 2/ $0 4/ $18 37) If the market price is $28 and the firm produces 4 units of output, then its profit would be ______ and the firm is _______ when producing this quantity. a) - $50/not maximizing profits b) - $44/ maximizing profits c) $0/not maximizing profits d) $18/maximizing profits 38) If the market price in the perfectly competitive market for blue jeans exceeds the minimum average cost, firms will a) enter the industry since they can enjoy profits. b) exit the industry since they would experience losses. c) firms might exit or enter the industry depending on how many firms are in operation. d) will shut down right away. 39) A firm in a perfectly competitive industry produces a quantity at which marginal cost is less than average variable cost. In the short run what must be true? a) this firm is earning profits b) this firm will stop operating c) this firm is breaking even d) other firms will leave the industry Use the following information to answer the next four The questions: table below gives you the total cost of production (TC) for a perfectly competitive firm for different output quantities (Q) the firm can produce. Fixed cost for this firm is $100. Q 6 7 8 9 10 11 12 TC 200 220 230 250 280 330 400 TVC AVC ATC MC 40) This firm is experiencing a) first an increasing and then a decreasing marginal cost (MC). b) first a decreasing and then an increasing marginal cost (MC). c) constant marginal cost (MC) throughout different levels of production. d) always an increasing marginal cost (MC)of production. 41) The total variable cost (TVC) at quantities 7 and 8 is ________ and _______ for this firm, and the average variable cost (AVC) for quantities 9 and 10 is _________ and _______. The average total cost (ATC) for quantities 10 and 12 are _______ and _______for this firm. a) 120/130/16.66/18/28/30 b) 120/130/16.66/18/28/33.3 c) 130/150/16.25/16.66/28/33.3 d) 120/130/18/20.9/28/33.3 42) If the market price for this good is $50, the firm will produce profit maximizing quantity of a) 8 units. b) 9 units. c) 11 units. d) 12 units. 43) Then the aggregate profits for this perfectly competitive firm will be a) $210 b) $250 c) $200 d) $220 44) Which of the following is always true for a profit maximizing perfectly competitive firm in the short-run equilibrium? a) P = ATC b) P = AVC c) ATC = MC d) MR = MC Use the information in the graph below to answer the next three questions: MC ATC MC AC AVC 55 40 30 20 5 20 30 40 Q 45). For which of the following quantities (5, 20, 30 or 40 units) is the average fixed cost (AFC) the smallest? a) 5 units b) 20 units c) 30 units d) 40 units 46) This perfectly competitive firm will shut down if the market price is a) smaller or equal to $20 b) smaller or equal to $30 c) smaller or equal to $40 d) smaller or equal to $55 47) This perfectly competitive firm will enjoy short run profits if the market price is larger than a) $20 b) $30 c) $40 d) $50 48) Assume that the industry that makes snow shovels is a perfectly competitive industry, and that the industry demand and supply curves for snow shovels are not perfectly elastic or inelastic. If there is an increase in the cost of producing snow shovels by $0.18 per shovel, the price of snow shovels in the market will: a) b) c) d) increase by exactly $0.18 increase by more than $0.18 increase by less than $0.18 given the information we have we cannot determine the direction of the change. 49) With oil prices higher this winter than in previous years, the airline companies are experiencing _________ average cost (AC), _________ average variable cost (AVC), and ___________ marginal cost (MC). a) the same/ higher/the same b) a higher/ higher/the same c) a higher/higher/ambiguous (maybe higher maybe lower) d) a higher/ higher/higher Use this information for the next five problems: Sam runs a sandwich shop, a perfectly competitive representative firm. Consider what the following changes would do to Sam's sandwich shop. 50) The price of turkey, ham and roast beef has increased. Therefore Sam a) will produce larger quantities and enjoy lower profits or even a loss. b) will produce smaller quantities and enjoy lower profits or even a loss. c) will produce smaller quantities and enjoy the same profits d) will produce the same quantities but enjoy lower profits or even a loss. 51) A new tax of $.20 per sandwich is imposed on all sandwich shops in Madison. Therefore Sam a) will produce larger quantities and enjoy lower profits or even a loss. b) will produce smaller quantities and enjoy lower profits or even a loss. c) will produce smaller quantities and enjoy the same profits d) will produce the same quantities but enjoy lower profits or even a loss. 52) A safety code violation is discovered at Sam's, and OSHA (a federal agency) imposes a $500 fine. Therefore Sam a) will produce larger quantities and enjoy lower profits or even a loss. b) will produce smaller quantities and enjoy lower profits or even a loss. c) will produce smaller quantities and enjoy the same profits d) will produce the same quantities but enjoy lower profits or even a loss. 53) Property taxes for business are raised in Madison. Therefore Sam a) will produce larger quantities and enjoy lower profits or even a loss. b) will produce smaller quantities and enjoy lower profits or even a loss. c) will produce smaller quantities and enjoy the same profits d) will produce the same quantities but enjoy lower profits or even a loss. 54) Sam's rent was increased this month by $600. Therefore Sam a) will produce larger quantities and enjoy lower profits or even a loss. b) will produce smaller quantities and enjoy lower profits or even a loss. c) will produce smaller quantities and enjoy the same profits d) will produce the same quantities but enjoy lower profits or even a loss. 55) A perfectly competitive wheat farm has very rich soil and requires little irrigation and care, while a neighboring perfectly competitive wheat farm has poor soil and requires constant intervention to produce wheat. Both firms are producing the profit-maximizing level of output, but the following is true when you compare these two wheat producers. a) The marginal cost (MC) curve is lower, and the equilibrium quantity and profits higher for the rich soil farm. b) The marginal cost (MC) curve and the equilibrium quantity are the same for both farms, but the rich soil farm will enjoy lower profits or losses. c) The marginal cost (MC) curve and the profits are higher for the rich soil farm. d) We really cannot compare the relative size of marginal cost (MC), equilibrium quantity and profits/losses for the two firms. 56) When a producer experiences constant returns to scale, the average cost (AC) and marginal cost (MC) ___________ as production increases. a) first increase and then decrease b) first decrease and then increase c) remain constant d) always decrease Use the figures below to answer the next two questions: P P MC ATC S AVC 22 20 16 D 10 22 20 16 10 10 12 16 Q Representative Firm Market The figures above depict the perfectly competitive market for apples. The panel on the left shows the cost structure of a representative firm and the panel on the right shows the demand and supply conditions in the market. There are 300 identical apples suppliers in the market. 57) The short run equilibrium quantity in the market is _____ and the short rum equilibrium price is ______. Each firm supplies apples and enjoys economic profit in the short run. a) b) c) d) 3000, 20, 10, negative 3000, 22, 12, positive 3600, 20, 12, zero 3600, 22, 10, positive 58) Which of the following statement is TRUE? a) In the long run, the number of apples suppliers in the market will be fewer than 300. b) In the long run, the price of apples will increase. c) In the long run, the quantity of apples supplied by each firm will increase. d) All of the above. Use this information for the next two questions. Suppose the cost curves for a firm that produces road bikes in a perfectly competitive industry are given by TC = 3200 + 2Q2 and MC = 4Q. 59) In the long run what quantity will this firm produce? a) 10 b) 20 c) 40 d) 60 60) In the long run what is the price for road bikes? a) 50 b) 55 c) 100 d) 160 61) A determinant of the demand for automobile workers would be the: a) number of automobile workers supplied. b) number of automobile workers demanded. c) price of automobiles. d) wage of automobile workers. 62) Suppose that a firm faces competitive goods' and labor markets. The final good's price is $5, and the worker's wage is $8. To hire an additional worker can increase output by 2 units. To fire an existing worker will decrease output by 5 units. a) The firm should hire at least one more worker to increase profit. b) The firm should fire at least one worker to increase profit. c) The firm should do nothing, since the decision right now is optimal. d) We don't know if the firm maximizes profits or not, given the information above. Given the following information answer the next 4 questions: Paul's hamburger place uses a fixed amount of capital and variable amounts of labor to produce hamburgers. The labor market for hamburger making employees is perfectly competitive and the market wage currently runs at $20 an hour. The market of hamburgers is also perfectly competitive and hamburgers sell at $5.00 a piece. Quantity of Labor QL 0 1 2 3 4 5 6 Number of Hamburgers Per Hour 0 6 15 25 30 34 32 Marginal Product of Labor MPL Marginal Revenue Product of Labor MRPL D E A B C 63) Paul's hamburger place is experiencing a) gains from specialization and then diminishing returns to labor b) increasing returns to labor and then diminishing returns to labor c) positive marginal product of labor at all QL d) all of the above 64) What are the values for A, B and C? a) 9, 12, 10 b) 9, 10, 5 c) 10, 10, 5 d) 5, 5, 5 65) What are the values for D and E? a) $30 and $45 respectively. b) $120 and $180 respectively c) $6 and $9 respectively d) $45 and $30 respectively 66) Paul's hamburger place should hire _______ employees to maximize profits. a) 7 b) 2 c) 3 d) 5 Use this information to answer the next 2 questions: Hally produces watches in a perfectly competitive output market and hires labor in a perfectly competitive market. The price of a watch is $4. As Hally hires more workers, watches are produced according to the following production function. Workers hired/week Watches produced /week 1 10 2 15 3 19 4 22 5 24 6 25 67) What is the marginal revenue product (MRP) of the second worker hired? a) 10 b) 20 c) 25 d) 100 68) Suppose we know there is another watchmaker named Joe, and the wage at Joe's firm is $12 per week. Assume that both the output market and the labor market are perfectly competitive. How many workers will Hally hire? a) 2 b) 3 c) 4 d) 5 69) In response to recent increases in the minimum wage Nick's computer company has adopted more capital intensive technologies that are complementary to skilled labor and substitutes to unskilled labor. Therefore Nick's a) supply of unskilled labor has increased and his supply for skilled labor has decreased. b) supply of unskilled labor has decreased and his supply for skilled labor has increased. c) demand for unskilled labor has increased and his demand for skilled labor has decreased. d) demand for unskilled labor has decreased and his demand for skilled labor has increased 70) After the introduction of sewing machines the marginal product of (by hand) sewing labor _________, but the marginal product of labor that operates the sewing machines _________ a) decreased/increased. b) increased/decreased. c) increased/increased. d) decreased/decreased. . 71) Society is producing an efficient mix of output when: a) Price > Marginal Cost in each market b) Price is equal to Marginal Cost in each market c) Price < Marginal Cost in each market d) Price is larger then the Average Variable Cost in each market 72) General equilibrium is the condition that exists when a) most markets in an economy are in simultaneous equilibrium. b) all markets in an economy are in simultaneous equilibrium. c) the typical firm in an output market maximizes profits. d) the typical consumer in an economy maximizes utility. 73) We have a Pareto optimal allocation of resources when a) there is a large number of input and output markets. b) resources are allocated among firms efficiently, final products are distributed among households efficiently, and the system produces the things that people want. c) all producers experience increasing returns to labor. d) all consumers maximize utility along their budget line.

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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
Description: o~: Co~S;01Il. \'1I\\AodJL QlQ oJ Mol.Aov-\'~s t levd-ivea ~ ~. I\'S AC AR. I I HR Q Q.e.i:Y\'~ : Pn\\.2.- Le.o.cl~k(.; p M10U .Do 1Mi lA.~ t +\'i r-lA.1 S e,;h .I1A.L JO r\'\\ <:.cL. P...
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...
PQuiz5
Path: Wisconsin >> ECON >> 101 Spring, 2007
Description: Econ 101: Principles of Microeconomics Korinna K. Hansen NAME: Disc. Section: Practice Quiz 5 You need one large, clear graph for this quiz, and no long sentences. Betty spends all her income, I, in goods x and y, and good x is an inferior good for...

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