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UCSD | EC 001
58 sample documents related to EC 001
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UCSD EC 001
Midterm 1 Tuesday, October 18, 2005 Econ 1 NAME: _ Student ID: _ TA: _ SIGNATURE: _ DO NOT OPEN YOUR EXAM UNTIL INSTRUCTED TO DO SO! INSTRUCTIONS 1. Make sure you have all pages (40 multiple choice, 2 short answer). 2. Answer all multiple choice -
UCSD EC 001
Questions for Economics 1 UTILITY MAXIMIZATION 1. Suppose that Menesh is currently consuming 4 packs of cigarettes and 6 pints of beer per week. At this consumption bundle, the marginal rate of substitution between cigarettes and beer is 2/3, in othe -
UCSD EC 001
Questions for Economics 1 UTILITY MAXIMIZATION 1. Suppose that Menesh is currently consuming 4 packs of cigarettes and 6 pints of beer per week. At this consumption bundle, the marginal rate of substitution between cigarettes and beer is 2/3, in othe -
UCSD EC 001
Econ 1, Fall 2004 Homework Assignment 4 Due Thursday, November 4th 1. Suppose that Uncle Alvarez likes to eat raisin bran every morning for breakfast but he doesn\'t care if he eats Kellogg\'s raisin bran or Post raisin bran. For him they are perfect s -
UCSD EC 001
Economics 1 Elements of Economics, Fall 2006 8:00 - 8:50am, Monday/Wednesday/Friday, Price Center Theatre Instructor: Office: Email: Office Hours: Class Web Page: Kate Antonovics Department of Economics, Room 327 kantonov@ucsd.edu Fridays, 9:15-10:1 -
UCSD EC 001
. Multiple Choice. 1) The magnitude of the slope of the budget line is determined by A) the marginal rate of substitution. C) the consumer\'s preferences for the goods. B) relative prices. D) the level of income. 2) If all prices fall by 5 percent a -
UCSD EC 001
1. Consider Brians consumption of books and videos. Suppose that the price of books is pb, the price of videos is pv and Brians income is given by M. a. (5 points) Sketch Brians budget constraint for books and videos, placing books on the x-axis and -
UCSD EC 001
Multiple Choice. 1) The average product of labor is equal to the A) total number of workers hired divided by the total product. B) slope of the marginal product of labor curve. C) total product divided by the total number of workers hired. D) Both an -
UCSD EC 001
Here are examples of short answer questions from previous years. 1. Suppose that the following the points (AGR,MAN)=(10,30) and (AGR,MAN)=(20,10) lie on society\'s production possibilities frontier for manufactured goods and agricultural goods. a. Sup -
UCSD EC 001
Experiment Results Tax on buyer Tax on seller Did it make any difference? Supply & Demand Curves Tax on Buyer Transactions-Tax on Buyer Aggregate Gain-Tax on Buyer Supply and Demand Curves Tax on Seller Transactions-Tax on Seller Aggregate G -
UCSD EC 001
Econ 1, Fall 2005 Professor Kate Antonovics Your course key is: BVQK-KTLW-HZ8P Course Fee: $28.00 USD. To get started in Professor Antonovics\' class, please do the following: First Time Aplia Users: 1. 2. 3. 4. 5. 6. 7. Connect to http:/econ.aplia -
UCSD EC 001
Multiple Choice. 1) Which of the following is correct? A) Both exports and imports include goods and neither includes services. B) Imports includes only goods but exports includes both goods and services. C) Imports includes both goods and services b -
UCSD EC 001
Short Answer 1. Consider the market for high definition televisions (HDTVs). a. (5 points) Using a supply and demand graph, show what will happen to the current equilibrium price and quantity of HDTVs if people expect the price of HDTVs to fall in th -
UCSD EC 001
Economic Organization All societal systems need to decide: 1. What to produce. 2. How to produce it. 3. For whom to produce it. 1. Different Forms of Economic Organization Command economies 2. Cooperative economies 3. Individualistic economies -
UCSD EC 001
Economic Organization All societal systems need to decide: 1. What to produce. 2. How to produce it. 3. For whom to produce it. 1 1 Different Forms of Economic Organization 1. Command economies 2. Cooperative economies 3. Individualistic econo -
UCSD EC 001
Elasticity P S P S P Problems with slope P $3 D $2 D D Q Q 5 10 Q (lbs) D Q (ozs) 1 2 Elasticity of Demand Elasticity of demand: a units-free measure of the responsiveness of quantity demanded to a change in price. Midpoint Formula QD Q D P -
UCSD EC 001
Elasticity P S P S D D Q Q 1 1 Problems with slope P P $3 $2 D 5 10 Q (lbs) D Q (ozs) 2 2 Elasticity of Demand Elasticity of demand: a units-free measure of the responsiveness of quantity demanded to a change in price. D = Interpretati -
UCSD EC 001
Key Elements of Consumer Behavior Chapter 5: The Benefit Side of the Market Supplemental Reading What factors influence how much of a good or service people buy? 1. 2. 3. 1 2 The Budget Constraint A budget constraint shows the limits of a househo -
UCSD EC 001
Chapter 5: The Benefit Side of the Market Supplemental Reading Key Elements of Consumer Behavior What factors influence how much of a good or service people buy? 1. 2. 3. The Budget Constraint A budget constraint shows the limits of a household\'s -
UCSD EC 001
The Labor Market T = endowment of time (168 hours/week) L = amount of time spent working R = amount of time spent relaxing Budget Constraint w = the wage rate p = price of consumption c = consumption 50 51 Graphing the Budget Constraint C -
UCSD EC 001
The Labor Market T = endowment of time (168 hours/week) L = amount of time spent working R = amount of time spent relaxing w = the wage rate p = price of consumption c = consumption 50 Budget Constraint 51 Graphing the Budget Constraint C -
UCSD EC 001
Costs in the Short Run Fixed cost (FC): the sum of all payments made to the firm\'s fixed factors of production. Variable cost (VC): the sum of all payments made to the firm\'s variable factors of production. Total cost (TC=FC+VC): the sum of all pa -
UCSD EC 001
Costs in the Short Run Fixed cost (FC): the sum of all payments made to the firm\'s fixed factors of production. Variable cost (VC): the sum of all payments made to the firm\'s variable factors of production. Total cost (TC=FC+VC): the sum of all pa -
UCSD EC 001
Profit Maximization Is this really the goal of all firms? Supply What about firms that produce eco-friendly products? What about firms that want to provide good working conditions for their employees? Two Sides of Profit Maximization 1. Costs: -
UCSD EC 001
Supply Profit Maximization Is this really the goal of all firms? What about firms that produce eco-friendly products? What about firms that want to provide good working conditions for their employees? Two Sides of Profit Maximization 1. Costs: H -
UCSD EC 001
Experiment Results Tax on buyer Tax on seller Did it make any difference? Supply & Demand Curves Tax on Buyer 1 2 TransactionsTax on Buyer Aggregate GainTax on Buyer 3 4 1 Supply and Demand Curves Tax on Seller TransactionsTax on Seller -
UCSD EC 001
Efficiency Markets coordinate the production of a wide range of goods and services. Efficiency & Taxes In many cases, markets also produce the right amount of those goods and services. What do we mean by the right amount? 1 2 Efficiency An a -
UCSD EC 001
Efficiency & Taxes Efficiency Markets coordinate the production of a wide range of goods and services. In many cases, markets also produce the right amount of those goods and services. What do we mean by the right amount? Efficiency An allocati -
UCSD EC 001
Basic Concepts Imports: goods and services we buy from other countries. International Trade (Chapter 16) Exports: goods and services we sell to other countries. Balance of trade: the value of all exports minus the value of all imports Currently -
UCSD EC 001
International Trade (Chapter 16) 1 Basic Concepts Imports: goods and services we buy from other countries. Exports: goods and services we sell to other countries. Balance of trade: the value of all exports minus the value of all imports Current -
UCSD EC 001
Consumption Possibilities in a Many-Person Economy Wine Suppose you can trade 30 bottles of wine for 1 car. Where along the PPF should you produce? Wine Consumption Possibilities in a Many-Person Economy Suppose you can trade 30 bottles of wine for -
UCSD EC 001
Consumption Possibilities in a Many-Person Economy Wine Suppose you can trade 30 bottles of wine for 1 car. Where along the PPF should you produce? Cars 1 Consumption Possibilities in a Many-Person Economy Wine Suppose you can trade 30 bottles of -
UCSD EC 001
Answer Key 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. A D D C A B C D B C D A E E D A E C D D C E A D B B E C E D B A C D B E B C E A Page -
UCSD EC 001
Answer Key 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. B D A B E C E E D E A C B D D C D A B A D C D A A A E E C B D C D B C C E B E D Page -
UCSD EC 001
Short Answer: Please write your answer in the space provided. 1. (8 points) Hurricane Katrina has impacted many levels of the U.S. economy. First, the supply of grain has decreased because grain suppliers have been unable to ship much of their grain -
UCSD EC 001
Short Answer: Please write your answer in the space provided. 1. (8 points) Hurricane Katrina has impacted many levels of the U.S. economy. First, the supply of grain has decreased because grain suppliers have been unable to ship much of their grain -
UCSD EC 001
1. Consider Brians consumption of books and videos. Suppose that the price of books is pb, the price of videos is pv and Brians income is given by M. a. (5 points) Sketch Brians budget constraint for videos and books, placing videos on the x-axis and -
UCSD EC 001
Multiple Choice. 1) In the above figure, the average variable cost curve is curve A) A. B) B. C) C. D) D. 2) The long run is distinguished from the short run in that, in the long run, A) input prices can vary. C) the firm no longer maximizes its pr -
UCSD EC 001
Multiple Choice. 1) The figure above portrays a total revenue curve for a perfectly competitive firm. The firm\'s marginal revenue from selling a unit of output A) equals $1.00. C) equals $0.50. B) equals $2.00. D) cannot be determined. 2) In the ab -
UCSD EC 001
Multiple Choice. 1) In the above table, the average product of three workers is A) 2. B) 1. C) 4. D) 3. 2) In the above figure, the firm\'s initial average total cost curve is SRAC. If the price is P1, in the long run the firm will A) reduce its pla -
UCSD EC 001
Multiple Choice. 1) In the above figure, Reggie\'s budget line rotates outward from BL1 to BL2. He initially consumes at point A. If his new consumption bundle is at point D, this implies that kiwi fruit and mangoes are A) normal goods. C) neither su -
UCSD EC 001
1. Fiberglass is an important input to the production of surfboards, skateboards and snowboards. a. (4 points) Suppose that the recent wave surf movies (no pun intended) has inspired people to start surfing. Using a supply and demand graph, show how -
UCSD EC 001
Midterm 1 Thursday, October 14, 2004 Econ 1 v1a NAME: _ Student ID: _ TA: _ SIGNATURE: _ DO NOT OPEN YOUR EXAM UNTIL INSTRUCTED TO DO SO! INSTRUCTIONS 1. Make sure you have all pages (25 multiple choice, 3 short answer). 2. Answer all multiple cho -
UCSD EC 001
Answer Key 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. D B D D E B C B B B E11. D E D C B C D C A D C C D D Page 9 -
UCSD EC 001
Multiple Choice. 1) Perfect competition occurs in a market where there are A) many firms producing goods that differ somewhat. B) a few firms producing identical goods. C) a few firms producing goods that differ somewhat in quality. D) many firms pro -
UCSD EC 001
Name: _ Date: _ 1. The income elasticity of demand for the BMW Z3 is found to be 0.9. This means the BMW Z3 A) is a normal good. B) has inelastic demand. C) is a superior good. D) has elastic demand. E) is a luxury good. 2. A) B) C) D) E) The Pric -
UCSD EC 001
Questions for Economics 1 PRODUCTION POSSIBILITIES FRONTIER 1. Suppose that the following the points (AGR,MAN)=(10,30) and (AGR,MAN)=(20,10) lie on society\'s production possibilities frontier for manufactured goods and agricultural goods. a. Suppose -
UCSD EC 001
Questions for Economics 1 EQUILIBRIUM 1. Consider the market for CDs. Suppose that the demand curve for CDs is given by QD=200-10P and suppose that the supply curve for CDs is give by QS=20P-100. a. What are the equilibrium price and quantity of CDs? -
UCSD EC 001
Questions for Economics 1 ELASTICITY 1. What is the most you can say about the relationship between the elasticity of demand at point A, point B and point C? P C A D1 B D2 Q 2. Assume that the equilibrium price of surfboards is $550, that t -
UCSD EC 001
Questions for Economics 1 BUDGET CONSTRAINTS 1. Every morning Professor Gordon buys a bagel and a cup of coffee from Peabody\'s. At Peabody\'s the price of bagels is $2.00 and the price of a cup of coffee is $1.00. a. Assuming that Professor Gordon has -
UCSD EC 001
Questions for Economics 1 BUDGET CONSTRAINTS 1. Every morning Professor Gordon buys a bagel and a cup of coffee from Peabody\'s. At Peabody\'s the price of bagels is $2.00 and the price of a cup of coffee is $1.00. a. Assuming that Professor Gordon has -
UCSD EC 001
Questions for Economics 1 FIRM PRODUCTION 1. Consider the following cost curves for a given firm. P MC AFC Q a. On the above diagram, carefully sketch and label an average variable cost curve (AVC) and an average total cost curve (ATC). b. Suppose t -
UCSD EC 001
Questions for Economics 1 FIRM PRODUCTION 1. Consider the following cost curves for a given firm. P MC ATC AVC AFC Q a. On the above diagram, carefully sketch and label an average variable cost curve (AVC) and an average total cost curve (ATC). b. -
UCSD EC 001
EFFICIENCY AND EXCHANGE 1. Consider a labor market in which all firms are identical, and, the equilibrium level of employment is E and the equilibrium wage is w. Thus, the total earnings for all workers is simply w*E . Suppose that the demand for lab -
UCSD EC 001
Questions for Economics 1 PRODUCTION POSSIBILITIES FRONTIER 1. Suppose that the following the points (AGR,MAN)=(10,30) and (AGR,MAN)=(20,10) lie on society\'s production possibilities frontier for manufactured goods and agricultural goods. a. Suppose -
UCSD EC 001
HW % Drop Six Experiment Final Extra MIDTERM Lowest Extra Credit Credit MIDTERM 1 2 91 1 71 79 81 1 71 59 87 1 82 85 83 1 78 53 82 1 55 56 83 1 58 63 88 1 88 65 0 0 0 0 0 0 96 1 84 78 10 0 0 95 1 79 74 92 1 72 79 93 1 83 64 95 1 87 77 92 1 75 63 88 1 -
UCSD EC 001
Economics 1 Introductory Microeconomics, Fall 2005 Tuesday/Thursday 8:00 - 9:20am, Price Center Theatre Instructor: Professor Kate Antonovics Office: Department of Economics, Room 327 Email: kantonov@ucsd.edu Office Hours: Wednesdays, 2:30-3:30pm Cl -
UCSD EC 001
Econ 1, Fall 2004 Homework Assignment 1 Due Thursday, October 7th Homework is due at the beginning of class. If you cannot come to class, you may try to make arrangements with your TA to turn in your assignment early. You may work together on these a
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