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Questions Review 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 the following is true? a) Point A is the most efficient b) Point B is the most efficient. c) Point C is unattainable. d) b) and c) are true Use this graph for the next question. 2) If an economy operates at point A on the production possibilities curve shown in Figure above. a) it cannot increase its output of food without having to give up some clothing. b) it cannot increase its output of clothing without having to give up some food. c) it is using its resources efficiently. d) all of the above are true. Haircuts T-shirts 3. The picture above gives you the production possibility frontier (PPF) for t-shirts and haircuts in an economy. What is the explanation for the over time shift in the PPF? a). Higher demand for t-shirts in the economy. b). Technological advances in the t-shirt industry. c). Technological advances in the haircut industry. d). Unemployment and Inefficiencies in the haircut industry. Use the following information to answer the next two questions: A carpenter and an electrician live next door to each other. Each has a house that is in the same need of repairs. In each house some carpentry work needs to be done and some electrical work. The amount of repairs needed is identical. The carpenter can complete the carpentry work in either house in 1 day and the electrical work in 2 days. The electrician can complete the carpentry work in either house in 3 days and the electrical work in 4 days. (Hint: Note that in this example large numbers imply less productivity. That is the reverse of what we have seen in other similar problems and makes it a harder problem). 4) For the carpenter, the opportunity cost for carpentry is ____________ of electrical work and the opportunity cost for electrical work is ___________ of carpentry a) 2; 1/2 b) 1/2; 2 c) 1/2; 1/2 d) 2; 2 5) For the electrician, the opportunity cost for carpentry is ____________ of electrical work and the opportunity cost for electrical work is ______________ of carpentry. a) 3/4; 4/3 b) 4/3; 3/4 c) 3/4; 3/4 d) 4/3; 4/3 Use the following information to answer the next three questions: Wheat A B C E F D Rice 6) In this economy that produces wheat and rice production is most efficient in points: a) C b) F and E c) D d) A and B and D 7) As the economy moves from point D to B to A the opportunity cost of wheat is: a) increasing. b) decreasing. c) stays constant. d) increasing and then decreasing. 8) As the economy moves from point D to B to A the opportunity cost of rice is: a) increasing. b) decreasing. c) stays constant. d) increasing and then decreasing. 9) Macro Island and Micro Island produce Bananas and Apples and have linear PPFs. They have same resources. The following table shows the number of workers needed in producing each unit of good. (For example, the second column in Micro Island indicates that they need 5 workers to produce one apple.) Then, ________ Island has an absolute advantage in producing both bananas and apples and ________ Island has a comparative advantage in producing bananas. Macro Island Banana 50 Apple 10 Micro Island Banana 10 Apple 5 a) Micro, Micro b) Macro, Macro c) Micro, Macro d) Macro, Micro Use the following graph of a certain ppf to answer the next two questions. Q. Cherries A B E D C Q. Apples 10) Which of the points of production is efficient? a) A, B, C, and E b) D and E c) A, B, and C. d) A, B, C and D. 11) The opportunity cost of apples between A and B is _______ and the oppotunity cost of apples between B and C is _______ . a) increasing, increasing b) decreasing, decreasing c) increasing, decreasing d) decreasing, increasing Use the following information to answer the next 3 questions: Trees 50 B 100 Bushes George is a gardener. He trims bushes and plants trees. His production possibility frontier for a week is given in the graph above. (Assume all trees and plants are identical for George). 12) The marginal rate of transformation for George when he performs the two tasks in the PPF above is: a) 50 b) - 2 c) 1/2 d) 100 13) George's opportunity cost for planting a tree is: a) 2 b) 1/2 c) 50 d) 100 14) As George moves along his PPF from point A to B his opportunity cost for trimming bushes a) decreases. b) increases. c) does not change. d) first increases and then decreases. Use the following information to answer the next 2 questions: The supply of ripe tomatoes in Madison is given by Q= 40, and the demand by Q = 80-P. 15). The equilibrium price and quantity in the market of ripe tomatoes in Madison are: a). P = 50 and Q = 40 b). P = 40 and Q = 80 c). P = 40 and Q = 40 d). P = 80 and Q = 40 16). If the surgeon general were to present more evidence for the benefits of tomatoes to our health the result in the market for tomatoes would be ________________ equilibrium quantity and _______________ equilibrium price. a). a higher / a lower b). an ambiguous change in (higher or lower) / a higher c). a higher / an ambiguous change in (higher or lower) d). no change in /a higher Use the following information for the next two questions: The demand for cheese in Madison is determined by Qd = 100 P. The supply for cheese is given by Qs = (1/2) P 20. 17) In this market, the equilibrium price and quantity are respectively a) 60 and 40. b) 40 and 60. c) 80 and 20. d) 50 and 5. 18) If the unit of prices is US $, how high are the consumer and producer surplus in the market for cheese? a) CS = $400, PS = $600 b) CS = $200, PS = $400 c) CS = $800, PS = d) $200 CS = $600, PS = $400 Use the following information to answer the next 3 questions: The supply in the camera market in Wisconsin is given by: P=10 + ( ) Q. (All quantities of cameras are in thousands and prices in $). The demand curve for cameras is given in the graph below: P 130 130 Q 19) The demand for cameras graphed above is following the functional form: a) Q = 130 P b) P = 130 + Q c) Q = 130 P d) P = 130 + Q 20) The equilibrium quantity and price in the market for cameras in Wisconsin are: a) P = $ 80 and Q = 50 thousands b) P = $50 and Q = 80 thousands c) P = $ 45 and Q = 100 thousands d) P = $ 60 and Q = 40 thousands 21) If the world price for cameras outside of Wisconsin is 40, and Wisconsin can import cameras from other states/countries, how many cameras will be imported in Wisconsin? a) 130 thousand. b) 50 thousand. c) 20 thousand. d) 30 thousand. 22) A minimum wage in the labor market is an example of what? a) price ceiling. b) price floor. c) deadweight loss. d) price subsidy. 23) Consider a market for automobiles that is in equilibrium. Imagine a scenario where the price of gas falls. Comparing the equilibrium before the change in the price of gas with the equilibrium after the price change, what has happened to consumer surplus? a) it has increased. b) it has decreased. c) it is not possible to determine with the information given. d) it has not changed. Use the following information to solve the next 4 problems: Consider the market of digital cameras. Assume that the demand curve is given by P = 1000 (1/2)Q and the supply is given by P = (1/2)Q. 24) Therefore the equilibrium price and quantity in the market for digital cameras are: a) P=1,000 and Q=500 b) P=500 and Q = 1,000 c) P=800 and Q = 400 d) P=600 and Q=800 25) The consumer surplus is: a) 200,000 b) 300,000 c) 250,000 d) 350,000 26) Now assume that a price ceiling of 400 is imposed. After the price ceiling in the market of digital cameras we will see: a) A shortage of 500 cameras b) A shortage of 800 cameras c) A shortage of 400 cameras d) A surplus of 400 cameras 27) Comparing the two scenarios, how has consumer surplus changed as a result of the price ceiling? a) increased by 70,000 b) decreased by 10,000 c) increased by 50,000 d) none of the above 28) The price of winter boots falls from $100 to $90 and the quantity demanded rises to 500 units. With only this information we can conclude the following about the elasticity of demand for winter boots: a) The demand is very elastic b) The demand is very inelastic. c) The demand cannot be unitary elastic d) We cannot conclude anything about the size of the elasticity. 29) The price increase from $200 to $400 for color television sets increases the quantity supplied of color television sets from 8,000 to 12,000. The elasticity of supply for the color television sets in this price range therefore is: (Hint: use the midpoint formula to solve this problem). a) 6 b) 3/4 c) 3/5 d) None of the above. 30) There is a new technology introduced into the digital camera industry. Firms can produce in a more efficient way and the equilibrium of the market changes. Let's say the original equilibrium was P=$300, Q=500. The new equilibrium is P=200, Q= 700. The price elasticity of demand is: a) 5/6 b) 6/5 c) 2 d) -2 31). A decrease in the demand for apple juice is expected to decrease the equilibrium quantity exchanged to a greater degree when the a). supply for apple juice is more elastic. b). supply for apple juice is more inelastic. c). demand for apple juice if more inelastic. d). supply and the demand for apple juice are both more inelastic. 32) The cross price elasticity of demand for soda and newspapers is -0.4. Therefore soda and newspapers are _____________________________ goods. a) substitute b) inferior c) normal d) complementary 33). A 10 percent increase in the price of watermelons increases the demand for peaches by 15 percent. Therefore the cross-price elasticity of demand between watermelons and peaches is: a). 1.5 b). 1.5 c). 15 d). -15 34) Mary's income elasticity of demand for ham is 0.9. Ham is therefore a _______________ good for Mary. a) giffen b) inferior c) complementary d) normal 35) Goods with very close substitutes exhibit a more ___________________________ a) elastic demand b) inelastic demand c) elastic supply d) inelastic supply 36) The demand for chocolate bars is a linear curve. When chocolate bars cost $2 a piece, 10 are purchased and the elasticity of demand is 1. Then the slope of this demand curve is: a) 5 b) 20 c) 1/5 d) unable to calculate from the information above. 37) The determinants of the price elasticity of demand include a) availability of substitutes. b) price c) time. d) a and c are true 38) The demand for low fat Columbus yogurt is __________________ then the demand for yogurt in general a) more elastic b) more inelastic 39) Sony decides to lower the price of PS2s from $129 to $99. As a result of this price change total revenues increase for Sony. Which of the following must be true? a) PS2s are an inferior good. b) PS2s have an inelastic demand at $129. c) PS2s have an elastic demand at $129. d) PS2s are a giffen good. 40). If the quantity demanded of Sony PS3 decreased by 8% when the price of Nintendo Wii decreases by 16%, the cross price elasticity of demand between PS3 and wii is a. 0.5. b. -5. c. -2 d. 2 41) The demand for mangos is a linear curve. At a price $1 per mango 5 mangos are consumed and the slope of the demand curve is 1/10. Then the price elasticity of demand for mangos is a). 20 b). 0.5 c). 2 d). 50 42) When the linear demand curve Qd=6-2P is unit elastic, a) price is $1.5. b) price is $3.00. c) quantity is 2. d) quantity is 4.
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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...
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Path: Virginia Tech >> ME >> 2124 Spring, 2008
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Path: Cal Poly >> STAT >> 321 Winter, 2008
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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...
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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...
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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
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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...
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Path: UT Dallas >> ECON >> 2302 Spring, 2006
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s06_prac_exam2_eco2302
Path: UT Dallas >> ECON >> 2302 Spring, 2006
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Path: UT Dallas >> ECON >> 2302 Spring, 2006
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Path: Mines >> EBGN >> 312 Fall, 2002
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Path: Mines >> EBGN >> 312 Fall, 2002
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Path: Wisconsin >> ECON >> 101 Spring, 2007
Description: ...
Home work Statistics 220
Path: Carnegie Mellon >> STAT >> 220 Fall, 2005
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Path: Mines >> EBGN >> 312 Fall, 2002
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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
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Path: Mines >> EBGN >> 312 Fall, 2002
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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Path: JMU >> ECON >> 201 Fall, 2007
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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...
PQuiz6
Path: Wisconsin >> ECON >> 101 Spring, 2007
Description: Econ 101: Principles of Microeconomics Korinna K. Hansen NAME: Disc. Section: Practice Quiz 6 A firm can produce different amounts of orange juice with three different production technologies, with labor and capital requirements as follows: Technol...
PQuiz7
Path: Wisconsin >> ECON >> 101 Spring, 2007
Description: Econ 101: Principles of Microeconomics Korinna K. Hansen NAME: Disc. Section: Practice Quiz 7 (6 points) Mary\'s cake company faces the following cost schedule: Q 0 1 2 3 4 5 TFC 50 TVC 0 20 TC 50 AFC -50 AVC - ATC -70 MC - 50 50 90 100 30...
PQuiz8
Path: Wisconsin >> ECON >> 101 Spring, 2007
Description: Econ 101: Principles of Microeconomics Korinna K. Hansen NAME: Disc. Section: Practice Quiz 8 The market demand for gardeners in the Madison area is given by P L = 100 2QL, and the market supply by PL = 10 + QL, where QL is the quantity of labor i...
pquiz9 solution
Path: Wisconsin >> ECON >> 101 Spring, 2007
Description: ...
PQuiz9
Path: Wisconsin >> ECON >> 101 Spring, 2007
Description: Econ 101: Principles of Microeconomics Korinna K. Hansen NAME: Disc. Section: Practice Quiz 9 Suppose that the price at which a monopolist can sell its product is P = 10 - Q, where Q is the number of units sold per period. The monopolist\'s marginal...
midterm 2 review questions key
Path: Wisconsin >> ECON >> 101 Spring, 2007
Description: Review Questions for Midterm 2 Econ 101, Lecture 4, Spring 2007 Answer Key 1a) 2d) 3d) 4a) 5b) 6a) 7c) 8b) 9d) 10a) 11a) 12b) 13a) 14a) 15c) 16a) 17c) 18a) 19b) 20b) 21c) 22c) 23c) 24a) 25c) 26c) 27c) 28b) 29d) 30c) 31b) 32a) 33d) 34c) 35a) 36b) 37c)...
Monopoly and Monopolistic Competition Graphs
Path: Wisconsin >> ECON >> 101 Spring, 2007
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Homework4
Path: UCSB >> ECON >> 01 Summer, 2007
Description: UNIVERSITY OF CALIFORNIA SANTA BARBARA Economics 1 Principles of Economics Summer 2007 Session A Homework #4 I. Problems: Chapter 7 Q1, Q3, Q4, Q8, Q9, Q10 II. Problems: Chapter 8 Q3, Q6, Q7, Q8, Q9, Q10 Francisco Azeredo Ben Hansen OBS: Ben will ...
pquiz11 solution
Path: Wisconsin >> ECON >> 101 Spring, 2007
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pquiz10 solution
Path: Wisconsin >> ECON >> 101 Spring, 2007
Description: ...
solutions-01
Path: Carnegie Mellon >> STAT >> 220 Fall, 2005
Description: Solutions to Homework Assignment #1 Statistics 220, Fall 2005 Due September 7, 2005 1.10 a The stem-and-leaf plot should look something like this. 5|9 6|33588 7|00234677889 8|127 9|077 10|7 11|368 What constitutes large or small variation usually de...
