Sample Final Exam _ 101_dec 2014_1

Sample Final Exam _ 101_dec 2014_1 - Final Exam...

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Final Exam Microeconomics Instructor – Nisha Malhotra Time allowed: 150 minutes (2 ½ hours) 1. Read all questions carefully and circle the right answer or write wherever needed. 2. Each question is worth two points unless otherwise indicated. 3. At the end of the exam you need to return this question booklet . 4. When you finish the exam hand in your exam and leave the exam hall. Please do not talk to anyone while you exit the room. 5. If only 10 minutes are left please keep sitting until all the exams are collected 6. In case cell phones are switched on, or you are found talking in the exam hall your exam will be taken from you/cancelled. 7. Please keep your ID cards out. 8. Good Luck! a) Name ___________________________ b) Student ID _________________
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Question 1. The demand and supply schedules for coffee are given in the table. a. What is the price of a cup of coffee? How much coffee is bought? (4pts) b. Suppose the Govt. introduces a consumption tax of 75¢ a cup, what is the new market price of a cup of coffee? How much coffee is bought? (4 pts) c. Calculate consumer’s and producer’s burden of the tax.
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