quiz1spring2007 - Economics 302 Spring 2007 Quiz 1 Name...

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Economics 302 Name ____________________________________ Spring 2007 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 b. (.25 points) Y = -X + 10 and Y = 2X – 10 2. Simplify the following expressions. a. (.25 points) X 3 Y 4 X -2 = b. (.25 points) Y 1/3 X 1/3 X -3 = 3. Calculate a value for the following expressions. Show your work: answers without supporting work will not receive full credit. a. (.25 points) 3 2 /3 4 = b. (.25 points) 5 2/3 5 1/3 5 -1 = 4. Complete the following table. In the space below show your work for each missing cell. Year Value of Z Annual % Rate of Change 2003 200 ------ 2004 220 10% 2005 264 (a) = 2006 277.2 (b) =
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a. (.25 points) Work area for cell (a):
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