midterm1_spring06_edited - Midterm 1 Economics 304K:...

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1 Midterm 1 Economics 304K: Principles of Microeconomics Prof. Meg Ledyard Spring 2006 50 Min. Name _____________________ UT EID ____________________ 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 9 pages including this one. Please count them to be sure.
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2 Question 1 (9 points) Definitions. Please define 3 of the following words (each is worth 3 points). (If you define more than 3, I will grade all of them and give you the LOWEST 3 scores.) a. (3 points) Giffen Good b. (3 points) Substitution effect c. (3 points) Equilibrium d. (3 points) Opportunity cost e. (3 points) Comparative advantage
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3 Question 2 (15 points) Sasha and Irena are stranded on an island. They spend 10 hours a day making ice skates and costumes. It takes Sasha 6 min to make an ice skate and 12 min to make a costume.
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midterm1_spring06_edited - Midterm 1 Economics 304K:...

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