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Quiz 1 - VERSION 1 FAMILY NAME INITIAL STUDENT ID S O L U T...

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VERSION 1 1 FAMILY NAME / INITIAL STUDENT ID # S O L U T I O N S MIME 310 ENGINEERING ECONOMY – QUIZ #1 May 6, 2008 – 8:30 to 9:15 Multiple-choice Statements and Short Problems – Circle the correct answer on this paper and record it on the computer answer sheet. Questions 1 to 3 are worth 2 points each, questions 4 and 5, 1 point each, and questions 6 to 9, 0.5 of a point each, for a total of 10 points Note : There are no penalties for incorrect answers. Use the following information to answer questions 1 and 2. GJ Inc. makes 80 fibreglass truck hoods per day for large truck manufacturers. Each hood sells for $500 and GJ Inc. sells all of its product to the large truck manufacturers. The supply function for hoods is [ Q s = -40 + 0.24 P ]. The demand function for hoods is linear and at the sales price of $500, the price elasticity of demand is 0.4.
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