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quiz1answerssummer2006

# quiz1answerssummer2006 - Economics 302 4 Week Summer...

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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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quiz1answerssummer2006 - Economics 302 4 Week Summer...

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