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Economics 302
Name ____________________________________
Spring 2007
Answers to Quiz 1
Student ID # _______________________________
1/25/07
The following quiz is worth a total of 2.5 points.
If your work is illegible or sloppy points will be
subtracted (.25 for marginally sloppy work, .5 for sloppy work, and 1 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.
(.25 points) Y = X and Y = (1/2)X + 20
X = (1/2)X + 20 or (1/2)X = 20 so X = 40 and therefore Y = 40
X = 40, Y = 40
b.
(.25 points) Y = X + 10 and Y = 2X – 10
2X – 10 = X + 10 or 3X = 20 or X = 6 2/3 and Y = 3 1/3
X = 6 2/3, Y = 3 1/3
2.
Simplify the following expressions.
a.
(.25 points) X
3
Y
4
X
2
=
XY
4
b.
(.25 points) Y
1/3
X
1/3
X
3
=
X
2 2/3
Y
1/3
3.
Calculate a value for the following expressions. Show your work: answers
without supporting work will not receive full credit.
a.
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 Spring '07
 GOLD
 Economics, Macroeconomics

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