Exam 2solutions-1

# Exam 2solutions-1 - -1Exam 2 Econ 140 Spring 2007 Second...

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-1Exam 2 Econ 140 Spring 2007 Second Midterm exam Professor G. Bhattacharya Exam 2A Please write your name and your KU Student ID below Name : KUID: Please select your TA (circle your choice below): Zaire Aouani Michael Mount Emily Geier Jay Kimmel Zach Leritz Lisa Li Please write the time of your discussion section:

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My discussion section meets on ____________ at ___________ 1. Dennis buys \$20 of gasoline every week regardless of the price of gasoline. We can conclude that, for Dennis, a. demand for the product is elastic. b. the elasticity of demand equals one*** c. demand for the product is inelastic. d. demand for the product is zero. 2. For Lucy, who loves eating chocolate candies, we hear that she is willing to pay at least \$100 for the first piece of Snickers bar, at least \$50 and \$45 for the second piece and the third piece respectively. (In case you do not know, a Snickers candy bar costs around a dollar). We can conclude therefore, that for Lucy, who is willing
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## This note was uploaded on 04/28/2008 for the course ECONOMICS 142 taught by Professor Bhattacharyya during the Spring '08 term at Kansas.

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Exam 2solutions-1 - -1Exam 2 Econ 140 Spring 2007 Second...

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