Quiz 1 Ec21 S2013.pdf - Dartmouth ID(not name Economics 21...

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Page 1 of 8 Dartmouth ID ( not name): ___________________________ Economics 21 Spring 2013 Quiz 1 Instructions: Show all your work! (no credit for correct answers unless the intermediate steps are shown) Do not remove the staple or tear out pages You can earn 45 points in total All items (including the axes) in a graph need to be labeled to get full credit There is one page at the end in case you need additional space Books, notes, your own calculators or cell phones are not allowed. You are only allowed to use the calculator provided by me.
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Page 2 of 8 1. Short Answer Questions (15 points) a. Draw a unit-elastic demand curve (=unitary-elastic demand curve) through the price-quantity point where P=8 and Q=100. Draw two additional price-quantity points on this demand curve (you are free to chose your own values of P and Q on the unit-elastic demand curve). b. True/False/Uncertain. Currently the Social Security and Medicare (“FICA”) tax is split 50-50 between employers and workers. “A proposal to make employers pay the entire FICA tax will make workers
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