Midterm1_spring05 - Midterm 1 Economics 304K: Principles of...

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Midterm 1 Economics 304K: Principles of Microeconomics Prof. Meg Ledyard 2-3 pm 50 Min. Name _____________________ You have 50 min for the exam. There are a total of 100 points. You may NOT use calculators or other aids. You may leave any fractions un-simplified. Please show all of your work on the following pages. If you need more space, please use the back. Properly label all graphs. You should have 8 pages including this one. Please count them to be sure.
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Question 1 (6 points) Definitions. Please define 3 of the following words (each is worth 2 points). (If you define more than 3, I will grade all of them and give you the LOWEST 3 scores.) a. (2 points) Equilibrium b. (2 points) Substitutes c. (2 points) Opportunity cost d. (2 points) Demand e. (2 points) Price Floor f. (2 points) Indifference curve
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Question 2 (21 points) Will and Grace make chicken and rice. It takes Will 15 min to make chicken and 5 min to make rice. It takes Grace 5 min to make chicken, and 10 min to make rice. They each have 10 hrs. to spend making chicken and rice.
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This note was uploaded on 03/18/2008 for the course ECON 304K taught by Professor Ledyard during the Spring '08 term at University of Texas at Austin.

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Midterm1_spring05 - Midterm 1 Economics 304K: Principles of...

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