Course Hero Logo

Econ-110F-2017-Final (7).pdf - Queen’s University...

Course Hero uses AI to attempt to automatically extract content from documents to surface to you and others so you can study better, e.g., in search results, to enrich docs, and more. This preview shows page 1 - 3 out of 11 pages.

Queen’s UniversityDepartment of EconomicsECON 110Principles of EconomicsFall Term 2017/18Instructor:BarberFall ExaminationDecember 16th, 2017Please read all questions carefully. Record your multiple choice answers on the scantron provided. Record your shortquestion answers in the answer booklet provided.The exam has two parts: Part I consists of thirty (25) multiple choice questions. Each question is worth 2 marks.Part II consists of short answer questions, marks are noted in parenthesis. There is NO choice, please answer all thequestions. The exam is180 minuteslong and there are a total of100 Marks. Budget your time carefully.
PART I:Answer the following multiple choice questions (2 Marks each).WRITE YOUR ANSWERS IN THESCANTRON SHEET PROVIDED.1. Consider a local market for 4-litre containers of windshield-wiper fluid. In January 2015, 100000 containerswere sold at a price of $3 each. In March 2015, 120000 containers are sold at a price of $8 each. Does thischange in equilibrium price and quantity violate the “law of demand”?
2. Suppose that the demand and supply curves in the market for apples have the following functional form:QD=250-4pandQS= 10 +p. If the prevailing price on the market is 50, then

Upload your study docs or become a

Course Hero member to access this document

Upload your study docs or become a

Course Hero member to access this document

End of preview. Want to read all 11 pages?

Upload your study docs or become a

Course Hero member to access this document

Term
Spring
Professor
GregorKizales
Tags
Economics, Supply And Demand, Nash equilibriums

Newly uploaded documents

Show More

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture