Midterm1 1999 - Department of Economics University of...

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Department of Economics Professor: Ken Train University of California, Berkeley Head TA: Roger Studley Fall Semester, 1999 ECONOMICS 1 Midterm Examination #1 In class, September 29 “An economist is someone who sees something that works in practice and wonders if it will work in theory.” -- Unknown Please fill in the information below: Your Name: Your SID#: GSI’s Name: Section Days/Time: This exam is designed for 50 minutes. There are a total of 100 points, 5 questions, and 6 pages (including this cover sheet). The suggested times to spend on each question are in parentheses. Answer the questions in the space provided. (NO BLUE BOOKS.) If you need extra room to answer questions, use the backs of the pages. Calculators are not permitted. If you finish early, please remain in your seat so that you do not disturb the other students. When time is called, please bring your exam to your GSI at the front of the auditorium. Good luck! J >>> D O NOT TURN THE PAGE UNTIL YOU ARE TOLD TO BEGIN THE EXAM . <<<
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Page 2 Question 1: 14 Total Points (7 Minutes) The University of California at Berkeley produces two goods: (i) educated undergraduate students, and (ii) scholarly research. The main input in the production of each of these goods is graduate student labor. It is well known that Berkeley graduate students are quite capable at both tasks, though it is also true that some of them are particularly excellent teachers while others shine most brightly in the research lab. A brilliant economist has determined that with 10,000 graduate students the University could produce the following combinations of Educated Undergrads and Research Projects every four years: Number of Number of Educated
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This note was uploaded on 05/16/2008 for the course ECON 1 taught by Professor Martholney during the Fall '08 term at University of California, Berkeley.

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Midterm1 1999 - Department of Economics University of...

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