e130md1_Fall2007A

e130md1_Fall2007A - Professor Valerie Ramey Econ 130, Fall...

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Professor Valerie Ramey Econ 130, Fall 2007 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. (20 Points) Short Answers. Some of the points awarded are for the clarity of your explanation. A. Consider a town where a single landlord owns all of the housing. His MC curve is upward sloping but not vertical. Because rents are high, the city council is considering imposing a rent control below the current market price. Could this policy raise the quantity of rental housing available? Considering only the short-run, use a graph accompanied by words to answer this
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e130md1_Fall2007A - Professor Valerie Ramey Econ 130, Fall...

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