Economics 1 - Fall 2003 - Train - Midterm 2 Answers

Economics 1 - Fall 2003 - Train - Midterm 2 Answers -...

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Department of Economics Professor Kenneth Train University of California, Berkeley Spring Semester, 2003 ECONOMICS 1 SECOND MIDTERM EXAMINATION In class, April 23 INSTRUCTIONS 1. Please fill in the information below: Your Name: SUGGESTED ANSWERS Your SID#: DO NOT DISTRIBUTE TO STUDENTS! GSI’s Name: Section Number (Days/Time): 2. This exam is designed for 50 minutes. 3. The exam ends at 4:00 pm . 4. If you finish early, please remain in your seat so that you do not disturb the other students. 5. When time is called, please pass your exam to the aisle. Please stay in your seat until the exams are collected. 6. There are a total of 100 points, 4 questions, and 5 pages (including this cover sheet). Points for each question are in parentheses. 7. Answer the questions in the space provided. (NO BLUE BOOKS.) If you need extra room to answer questions, use the backs of the pages. Calculators are not permitted . Have fun! J >>> D O NOT TURN THE PAGE UNTIL YOU ARE TOLD TO BEGIN THE EXAM . <<<
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2 $ Price Cap Q MC AC D1 D2 Q1 Q2 AC(Q2) Question 1: 20 points (10 minutes) For each of the following decide whether the statement is true, false, or uncertain and explain your answer using graphs . You will receive no credit for an answer without an explanation. a) [10 points] Consider a NATURAL monopolist that is regulated under price cap regulation and prices at the cap. This regulated monopolist does not benefit from an outward shift in the demand curve
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This test prep was uploaded on 04/01/2008 for the course ECON 1 taught by Professor Martholney during the Spring '08 term at University of California, Berkeley.

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Economics 1 - Fall 2003 - Train - Midterm 2 Answers -...

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