econ302-q3b-summer09-answer%20key - Econ302 Quiz 2 Form B...

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Econ302 Quiz 2 May 26, 2009 Form B Answer Key 1. The demand curve for tickets to the George Winston concert (with special guest star, Kenny G) is given as follows: Q = 200 - 0.1P At a price of $30, what is the consumer surplus from concert tickets? a. $0 b. $20 c. $2,000 d. $1,970 e. $194,045 2. The bandwagon effect corresponds best to which of the following? a. Snob effect b. External economy c. Negative network externality d. Positive network externality 3. Use the following two statements to answer this question: I. Production functions describe what is technically feasible when the firm operates efficiently. II. The production function shows the least cost method of producing a given level of output. a. Both I and II are true. b. I is true, and II is false. c. I is false, and II is true. d. Both I and II are false. 4. The marginal product of an input is a. total product divided by the amount of the input used to produce this amount of output. b.
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This note was uploaded on 06/11/2009 for the course ECON 302 taught by Professor Toossi during the Spring '08 term at University of Illinois at Urbana–Champaign.

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econ302-q3b-summer09-answer%20key - Econ302 Quiz 2 Form B...

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