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3rd midterm sample 1

3rd midterm sample 1 - Midterm 3 Version 1 Page 1 Economics...

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Midterm 3; Version 1; Page 1 Economics 101 Professor Hertel Midterm 3 April 19, 2007 Student Name: _________________________ID# ____________ Discussion # _______ DO NOT BEGIN WORKING UNTIL YOU ARE TOLD TO DO SO. READ THESE INSTRUCTIONS FIRST. You have 70 minutes to complete the exam, which consists of 25 multiple-choice questions. The exam is worth 100 points. Each question is worth 4 points. Please answer the questions on your coding sheet with a #2 pencil. Be sure to fill in the coding sheet carefully and accurately. How to fill in the coding sheet : 1. Print your last name, first name, and middle initial in the spaces marked "Last Name," "First Name" and "MI." Fill in the corresponding bubbles below. 2. Print your student identification number in the spaces marked "Identification Number." Fill in the bubbles. 3. Write the discussion section number for which you are officially registered under "Special Codes" spaces ABC , and fill in the bubbles. Discussion sections are as follows: 4. Finally, after filling in your section code, please put the version number in the “Special Codes” spaces . You will end up with a 4-digit “Special Codes” number – a three digit section number followed by a one digit exam number. If you have a question during the exam, stay seated and please raise your hand. To show respect to your fellow students, please stay seated in your exam seat for the full 70 minutes. All exams and answer sheets must be turned in as you leave the exam. I will post results on the website according to the last 5 digits of your ID. If there are duplicates in these last five digits, e-mail your TA who will have your score. The exam will be discussed in section next week. Relax. Stop, take a deep breath, and think carefully before you answer any questions. Good luck! 329 W 9:55am 334 F 8:50am 330 W 8:50am 331 W 8:50am 339 F 11:00am 333 F 12:05pm 332 F 12:05pm 341 R 12:05pm 344 W 11:00am 342 F 1:20pm 346 F 9:55am 345 F 9:55am Woo Hyun Chang Alexander Yuskavage 336 R 3:30pm 328 W 9:55am 340 R 12:05pm 338 F 11:00am 343 F 1:20pm Yasushi Asako Chen-Yu Li Jiao Shi
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Midterm 3; Version 1; Page 2 Use the following to answer question 1: 1. The accompanying table shows the demand for wooden stakes in the town of Sunnyvale. Suppose the marginal cost of producing stakes is zero. The only two firms producing wooden stakes, Spike Inc. and Buffy Co., agree to produce only 50 stakes, with each firm producing only 25. What is Buffy's quantity effect on profits if she cheats on the agreement and produces 30 stakes? a) 10 b) 45 c) 20 d) 9 e) None of the above. 2. Bookstores in New York are monopolistically competitive, and the bookstore industry is currently in long- run equilibrium. Cornerbooks is selling detective novels and romance novels. The owner knows that some consumers of detective novels with high willingnesses to pay are not coming to his store because they don't even like to see romance novels. The owner is thinking of differentiating his store by specializing in
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3rd midterm sample 1 - Midterm 3 Version 1 Page 1 Economics...

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