e130md1_Fall2006A

e130md1_Fall2006A - Professor Valerie Ramey Econ 130 Fall...

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Professor Valerie Ramey Econ 130, Fall 2006 Midterm 1 - Version A This exam has a total of 50 points, which you have 50 minutes to complete. When drawing graphs, use Q* for the efficient level of output and Q’ for the level of output that actually occurs. Credit will only be awarded if you show your work. Academic Integrity: The only materials allowed for this exam are a blank bluebook, writing implements, non-graphing calculators and an English-foreign language dictionary. No other materials may be used. Students caught violating the UCSD Policy on the Integrity of Scholarship will be prosecuted. 1. (10 Points) Consider an industry for a good with the following characteristics: 100 consumers each have a marginal benefit curve: MB i = 50 – 2 Q i for 0 Q i 25 = 0 for Q i > 25 for i = 1, 2, …., 100. The industry supply curve is given by MC = (1/50) Q, where Q is the total quantity sold. A.
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e130md1_Fall2006A - Professor Valerie Ramey Econ 130 Fall...

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