Econ 200B Aut 14 Midterm 2A Key Web

Econ 200B Aut 14 Midterm 2A Key Web - Econ 200 Autumn 2014...

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1 Econ 200 Autumn 2014 Midterm 2A Key Name: TA/Quiz Section/Time: 80 points Please write legibly and mark your answers clearly. Illegible writing will result in lost points. We will also deduct points for sloppy and unclear explanations. Show your work. Academic integrity is the cornerstone of the Department’s rules for student conduct and evaluation of student learning. Students accused of academic misconduct will be referred directly to the Office of Community Standards and Student Conduct for disciplinary action pursuant to the Student Conduct Code and, if found guilty, will be subject to sanctions. Sanctions range from a disciplinary warning, to academic probation, to immediate dismissal for the Department and the University, depending on the seriousness of the misconduct. Dismissal can be, and has been, applied even for first offenses. Moreover, a grade of zero can be assigned by the instructor for the course.
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3 1. ( 25 points ) Iggy’s Ice Cream Shack sells ice cream. The quantity of o utput (pounds of ice cream scooped per day) and the corresponding number of workers per day are in the following table: L (workers/day) Q (lbs of ice cream/day) MPL (lbs/worker/ day) TC ($) MC ($/lb) ATC ($/lb) AVC ($/lb) 1 3 3 130 10 43.33 10 2 9 6 160 5 17.78 6.67 3 14 5 190 6 13.57 6.43 4 16 2 220 15 13.75 7.50 5 17.5 1.5 250 20 14.29 8.57 6 18 0.5 280 60 15.56 10 The Shack is a profit maximizing firm in a perfectly competitive market , and a worker earns $30 per day.
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