ECON104 - Practice Exam 1.pdf - Wage Price Marginal Profit MRP 110.00 3.00 L Q 0 0 0 1 40 40 120 10.00 10.00 2 90 50 150 40.00 50.00 3 130 40 120 10.00

ECON104 - Practice Exam 1.pdf - Wage Price Marginal Profit...

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Wage110.00Price3.00Wage120.00Price5.004$560 BJC Concerts$60 7$420 BJC Concerts $80 2011 Basket for ‘typical college student’2012 Basket for ‘typical college student’ItemPriceQuantityItemPriceQuantity62021260-60.00290.00519022110-10.00350.0041683216040.00360.0031364221090.00320.0029452260140.00230.001424221090.0090.0000---0LQMPLMRPMarginal ProfitTotal Profit10190630-80.00-90.0051802060-50.00-10.0041603090-20.0040.0031304012010.0060.002905015040.0050.001404012010.0010.0000---0LQMPLMRPMarginal ProfitTotal Profit
$1,530$1,703$1,400$1,498Good2011 Quantity2011 PriceNGDPRGDP (2012)2012 Quantity2012 PriceNGDPApples50$1.00 $50.00$55.0055$1.50 $82.50Oranges10$1.50 $15.00$15.0010$1.50 $15.00Pears40$1.00 $40.00$20.0020$1.25 $25.00$105.00$90.00$122.50Percent change in RGDPPercent Change in GDP D-14.3%36.1%-0.4%QUESTION 201.87%1.1QUESTION 1-56$180 PSU Sporting Events$10 9$140 PSU Sporting Events$7 14$98 Gasoline for car$20 6$120 Gasoline for car$30 4$320 Rent$900 1$900 Rent $900 1$900 BJC Concerts$60 7$240 BJC Concerts $80 2011 Basket for ‘typical college student’2012 Basket for ‘typical college student’ItemPriceQuantityItemPriceQuantity6$180 PSU Sporting Events$10 9$90 PSU Sporting Events$7 14$63 Gasoline for car$20

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