midterm1_A

midterm1_A - University of California, San Diego Economics...

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University of California, San Diego October 16, 2006 Economics 2 Lecture 9:00-9:50 AM Professor Augusto Nieto Fall Quarter 2006 MIDTERM EXAM 1 VERSION A There are 15 multiple choice questions, each worth 6 points. You have 50 minutes to work on the exam. ANSWER ALL QUESTIONS IN THE SCANTRON FORM. YOU CAN USE THIS FORM AS SCRATCH PAPER. ANSWERS IN THIS FORM WILL BE IGNORED. Use the following to answer questions 1-5: 0 5 10 15 20 25 30 35 40 45 2 4 6 8 10 12 14 16 Q (lbs/day) Price ($/lb) S D Daily Supply and Demand: Oranges in Hurricane Alley 1. At the quantity of 10 pounds per day, the marginal benefit to consumers of an extra pound of oranges is ____. A)$0 B) $4 C) $8 D) $12 E) $16 2. The price of $4.00 per pound will lead to a(n) _____ of _____ pounds of oranges per day. A) excess supply; 20 D) excess demand; 20 B) excess supply; 30 E) excess demand; 30 C) equilibrium quantity; 20
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3.At the quantity of 10 pounds per day, what is the cost of harvesting an extra pound of oranges? A) $2
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This note was uploaded on 07/30/2008 for the course ECON 2 taught by Professor Kim during the Spring '08 term at UCSD.

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midterm1_A - University of California, San Diego Economics...

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