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Unformatted text preview: First Midterm Exam Econ 382, Professor Platt, BYU October 9th through 11th, 2008 Name: Instructions No books, notes, or other references may be used. Calculators may be used. Rulers and colored pens or pencils are permitted. Please do not use red. The questions are arranged roughly in order of point value, with the most important concepts being given the highest point values. You should focus on correctly completing the highest point questions first. There is no time limit for the exam. For particular question types, follow these instructions: • Set Up — For the specified environment, define the elements needed for a solution to the problem. Provide the maximization problem(s) (as a maximization, not as a La- grangian) for each agent, as well as any additional conditions required for equilibrium. No discussion or solution is necessary. • Solve — Provide the information requested in Set Up questions, then completely solve the problem. Be sure to compute all variables in equilibrium (including prices and each quantity). No discussion is necessary. • Illustrate — Provide an appropriate graph to represent the concept requested. While the graphs need not be drawn to scale, please draw them neatly so that the crucial features are visible. This should be accompanied by two or three brief sentences explaining how the graph reflects the concept....
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This note was uploaded on 03/17/2010 for the course ECON 388 taught by Professor Mcdonald,j during the Spring '08 term at BYU.
- Spring '08