mt2 - Econ 100B, Midterm 1 Version A yellow Tuesday, May...

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Econ 100B, Midterm 1 LAST NAME: _________________________ Version A – yellow Tuesday, May 27, 2008 FIRST NAME: _________________________ STUDENT ID: _________________________ SIGNATURE: __________________________ You have one hour and twenty minutes for the exam. Show all work. We reserve the right to deduct points from answers that are hard to read. There are a total of 80 points possible. No notes, calculators, electronic devices, etc. are allowed. There are two versions of the exam-- if you have the right answer to the wrong version of the exam, we may suspect you of cheating. 1) (22 points) Assume the cost function for Pike’s Oatmeal is: 2 2 15 Q Q SRTC + + = a) Below what price would Pike’s be better off shutting down? (3 pts) b) Find the supply curve for Pike’s Oatmeal. (3 pts) c) If Pike’s is profit-maximizing how much Q should it produce when P=12? (2 pts)
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d) Does the second order condition for profit-maximization hold? (3 pts) e) If there are 10 identical firms (including Pike’s) in the oatmeal industry, what is the short run market supply curve? (4 pts)
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This note was uploaded on 09/18/2008 for the course ECON 100B taught by Professor Rauch during the Winter '07 term at UCSD.

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mt2 - Econ 100B, Midterm 1 Version A yellow Tuesday, May...

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