# answerstoquiz1spring2007 - Economics 302 Spring 2007...

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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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answerstoquiz1spring2007 - Economics 302 Spring 2007...

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