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Exam2_W08 - University of California Davis Department of...

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University of California, Davis Department of Economics ECONOMICS 1A Winter 2008 Prof Scott E. Carrell Second Midterm Exam Total points=100 points, ANSWER ALL QUESTIONS (60 points for Multiple Choice and 40 points for short answer) Last Name: First Name: Your Student ID Number: Please check your registered section number: B01 Teny Maghakian M 6:10pm WELLMN 00129 B02 Teny Maghakian M 5:10pm WELLMN 00129 B03 Teny Maghakian W 5:10pm WELLMN 00129 B04 Teny Maghakian W 6:10pm WELLMN 00129 B05 Ryan Sandler T 6:10pm WELLMN 00207 B06 Ryan Sandler T 7:10pm WELLMN 00107 B07 Ryan Sandler R 6:10pm WELLMN 00205 B08 Ryan Sandler R 7:10pm WELLMN 00107 B09 Shih-Wei Chao T 5:10pm WELLMN 00207 B10 Shih-Wei Chao T 6:10pm WELLMN 00107 B11 Shih-Wei Chao R 5:10pm WELLMN 00205 B12 Shih-Wei Chao R 6:10pm WELLMN 00107 Write your name (last name first), subject, date, and your registered section number in the boxes on the Scantron form as illustrated below: NAME Last name, First name SUBJECT ECN 1A TEST Form C DATE 02/04/08 HOUR Your section (e.g., B06) Enter your student ID number in the “ID Number” section on your Scantron, but leave the “Test Form ” and “Subj Score” sections of the Scantron blank. 1
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PART I - MULTIPLE CHOICE PROBLEMS (4 points each) Read each of the following questions carefully and circle the letter of the one best answer . Note that diagrams are often helpful in determining the correct answer. 1) A profit maximizing perfectly competitive firm in a long-run equilibrium is producing where its marginal cost is $0.50. Their total variable costs are $100 and fixed costs are positive. From this information you know the following must be true: A) Price is greater than $0.50. B) The firm is producing 200 units of the good. C) The firm is producing more than 200 units of the good. D) Economic profits are negative.
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