Midterm2_f05 - Midterm 2 Economics 304K: Principles of...

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Midterm 2 Economics 304K: Principles of Microeconomics Prof. Meg Ledyard 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) Definitio ns. 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) Efficiency b. (2 points) Consumer Surplus c. (2 points) Economic Pro fit d. (2 points) Diminishing Marginal Product e. (2 points) Marginal Product f. (2 points) Explicit costs
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Question 2 (5 points) What is the profit maximizing condition for all firms?
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Question 3 ( 2 3 points) Consider the p erfectly competitive
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Midterm2_f05 - Midterm 2 Economics 304K: Principles of...

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