Econ501aFinalW07

Econ501aFinalW07 - The Ohio State University Department of...

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The Ohio State University Department of Economics Final Examination Econ 501.02 Winter 2007 Prof. James Peck Directions: Answer all questions, show all work, and label all graphs. 1. (10 points) True or false, and explain: If a &rm is producing the most output that its technology will allow it to pro- cost. 1
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2. (10 points) True or false, and explain: In a perfectly competitive industry, it is possible for a &rm to receive neg- equilibrium. 2
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3. (10 points) loss associated with a per-unit tax. Will the deadweight loss be higher for a good in which the demand is highly elastic or highly inelastic? 3
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4. (10 points) At the local (monopoly) country club, the members are avid golfers who who also like to do business deals at the golf course. Members typically play golf
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Econ501aFinalW07 - The Ohio State University Department of...

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