Econ501aFinal02

Econ501aFinal02 - The Ohio State University Department of Economics Final Examination Econ 501a Winter 2002 Prof James Peck Directions Answer all

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The Ohio State University Department of Economics Final Examination Econ 501a Winter 2002 Prof. James Peck Directions: Answer all questions, show all work, and label all graphs. 1. (10 points) True or false, and explain: on one of IBM±s short-run average total cost curves.² 1
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2. (15 points) functions depicted below. The market is originally in short-run and long- run equilibrium. If the price of capital increases, in what direction (increase, decrease, or no e/ect) do the equilibrium prices and quantities move in the short run and in the long run? 0 5 10 15 20 25 30 35 $/x 2 4 6 8 10 x Firm±s Cost Curves 0 5 10 15 20 25 30 35 px 10 20 30 40 X Original Market Equilibrium 2
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3. (10 points) True or false, and explain with a graph and brief verbal explanation.
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This note was uploaded on 07/17/2008 for the course ECON 501.02 taught by Professor Yang during the Spring '08 term at Ohio State.

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Econ501aFinal02 - The Ohio State University Department of Economics Final Examination Econ 501a Winter 2002 Prof James Peck Directions Answer all

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