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Midterm II Sample Questions
Midterm II will be on Monday, November 10
th
.
Please arrive at least a few minutes early;
the test will begin promptly at 10:10AM.
In the past students usually require the entire
time allowed to take my tests.
The test is closed book, closed note and no calculators are allowed.
I recommend you
review lecture notes (from October 8
th
through November 5
th
), recitation notes, the
relevant textbook chapters (68 and 1314), online handouts and Homeworks III and IV.
There will be time during recitation on Friday, November 7
th
for Midterm review; you
should bring any questions you have to recitation.
Also, I will be holding review sessions
next week:
•
Thursday, November 6
th
, 6:30PM7:30PM, Hanson Hall 1104
•
Friday, November 7
th
, 2:30PM4:00PM, Hanson Hall 1104
•
Saturday, November 8
th
, Noon1:00PM, Hanson Hall 1104
For these review sessions I do not prepare anything, I just come to answer any questions
you may have.
So come with questions.
Immediately below is a Midterm II that I wrote for Spring 2008.
Below that is a Midterm
II that I wrote for Spring 2007.
Below that is a Midterm II that I wrote for Spring 2006.
The below problems should only be taken as
examples
of possible questions, of course I
can ask questions not listed here.
The format of the test will be short answer questions (about 6 to 9 questions).
The format
will be similar to the format of the midterms below.
I will
not
be posting solutions to the midterms below.
If you have questions about the
correct answers for the questions below you can ask during: recitation next week, your
TA’s and my office hours and the review sessions I will be having next week.
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Midterm II
75 minutes
Econ 1101: Principles of Microeconomics
Michael Walrath
April 10
th
, 2008
Name: _______________________________________________
TA’s Name: __________________________________________
Section Number: ______________________________________
(TA’s Name and Section Number are worth 6 points, NOT bonus)
On the following pages, please show all of your work.
If you need more space, use the back of the page.
Clearly state where your
work/answer are.
Clearly highlight/circle solutions.
Calculators are NOT allowed.
You may leave answers as fractions.
Fully label all graphs.
Read each question carefully and be sure to answer all parts of every question.
There are a total of 150 points possible on this test.
There should be 10 pages including the cover sheet.
3
Question 1 (15 points):
Suppose the supply curve for laptops is given by the equation
Q
Q
P
S
2
1
500
)
(
+
=
.
(a)
The above equation gives the price on the Supply curve for a given Q.
Rewrite
this equation so that it gives you the quantity supplied,
S
Q
, for a given P.
(b)
What will be the quantity of laptops supplied at a price of $700?
(c)
What will be the quantity of laptops supplied at a price of $800?
(d)
Using the (quantity, price) pairs determined in parts (b) and (c) determine the
price elasticity of supply (PES) for laptops.
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This note was uploaded on 02/03/2009 for the course BUS 1001 taught by Professor Walrth during the Spring '08 term at UMSL.
 Spring '08
 walrth
 Economics

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