Midterm2_answers - Midterm 2 Economics 304K: Principles of...

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Midterm 2 Economics 304K: Principles of Microeconomics Prof. Meg Ledyard 12-1 pm 50 Min. Name _____________________ You have 50 min for the exam. There are a total of 100 points. You may NOT use calculators or other aids. You may leave any fractions un-simplified. Please show all of your work on the following pages. If you need more space, please use the back. Properly label all graphs. You should have 7 pages including this one. Please count them to be sure.
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1. (6 points total) Define 3 of these (each is worth 2 points) (If you answer more than 3, I will grade all of them and give you the LOWEST 3 scores.) : a. (2 points) Diminishing Marginal Product b. (2 points) Indifference Curves c. (2 points) Giffen Good d. (2 points) Income Effect e. (2 points) Economic Profit f. (2 points) Marginal Rate of Substitution 2. (5 points) What is the profit maximizing condition for all firms? MR = MC
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This note was uploaded on 09/14/2009 for the course ECON 304K taught by Professor Ledyard during the Fall '08 term at University of Texas at Austin.

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Midterm2_answers - Midterm 2 Economics 304K: Principles of...

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