Quiz 1 Ec21 S2015a-1.pdf

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Page 1 of 8 Your Dartmouth ID ( not your name): ___________________________ Economics 21 Spring 2015 Prof. Luttmer 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 are two pages 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 (21 points) a. Suppose the price elasticity of demand is -0.5. When the price is 8, the quantity demanded equals 80. What is the quantity demanded if the price is 10? b. Define “ad valorem tax”. c. What are the arguments of a compensated (or Hicksian) demand function? d. Multiple choice questions (see next page for the questions). The answer to Q1 is: (fill in a letter). The answer to Q2 is: (fill in a letter). The answer to Q3 is: (fill in a letter). The answer to Q4 is: (fill in a letter).
Page 3 of 8 The questions are below, but I only grade the letters you fill in on the previous page; I don’t grade anything you write on this page. A note on language: -10 is a “more negative” number than -5; -2 is a “less negative” number than -5. In all the questions below, assume that students only consume two goods: movies (M) and drinks (D).

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