Economics 302
Name ________________________
4 Week Summer Session 2006
Answers to Quiz 1
Student ID # __________________
5/30/06
The following quiz is worth a total of 12.5 points.
In addition, 1 to 2.5 points will be subtracted from
your final score if your work is illegible or sloppy (1 point for marginally sloppy work, 2 points for
sloppy work, and 2.5 points for unbearably sloppy work).
1.
Solve the following sets of equations for the equilibrium values of X and Y.
Show your work: answers without supporting work will not receive full credit.
a.
(1/2 point) Y = 2X + 10 and Y = 5X + 24
2X + 10 = 5X + 24
7X = 14
X = 2
2(2) + 10 = 14 = 5(2) + 24 = 14 = Y
b.
(1/2 point) X = Y and X = 200  .2Y
Y = 200  .2Y
1.2Y = 200
Y = 166.67
X = 166.67
2.
Simplify the following expressions.
a.
( 1/2 point):
X
2
Y
3
X
1
=
X Y
3
b.
(1/2 point):
X
2
Y
3
X
4
Y
1
=
X
6
Y
4
c.
(1/2 point): (X
2
Y
3
)/(X
3
Y
1
) =
Y
2
/X
d.
(1/2 point): (X
1/2
Y
1/2
)/(X) =
(Y
1/2
)/ X
1/2
)
3.
Calculate a value for the following expressions.
Show your work: answers
without supporting work will not receive full credit.
a.
(1/2 point): 2
3
/2
2
=
(2*2*2)/(2*2) = 8/4= 2
b.
(1/2 point): 2
3
3
2
/3 =
2
3
3 = 2*2*2*3 = 24
c.
(1/2 point): 2
3
3
3
+
2
2
3
2
=
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 Spring '07
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 Economics, Macroeconomics, Supply And Demand, Micronesia

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