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microexam2004 - MICROECONOMICS I(Midterm I 45 minutes...

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MICROECONOMICS I (Midterm I) 45 minutes. Choose 12.5 points. Questions with an (*) have bonus points. 1. Shortly explain, why do we study microeconomics? (3.5 points) 2. Explain emergence and development of markets in microeconomics. (4. points) 3. (*) Explain consumer behavior. (2.5 point) 4. Explain consumer equilibrium in terms of cardinal utility. (2.5 points) 5. (*) Explain importance and conclusion of the optimization and equilibrium principle (3.5 points) Good luck! MICROECONOMICS I (Midterm) 45 minutes, Choose 4 questions. Questions with an (*) have bonus points. 1. (*) Explain consumer behavior. 2. Explain consumer equilibrium in terms of cardinal utility. 3. Explain importance and conclusion of the optimization and equilibrium principle 4. (*)By using cross elasticies, how can you define an industry? What difficulties does this lead? 5. (*)Should a producer, facing a negatively slopped demand curve for the commodity sold, operate in the inelastic range of the demand curve? Why?
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