midterm09 - YORK UNIVERSITY Economics 2350 P Barry Smith...

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Unformatted text preview: YORK UNIVERSITY Economics 2350 P: Barry Smith Midterm Exam April 14, 2009 Instructions . The exam consists of 2 parts: A and B. Part A contains choice and is worth 15 marks. Part B contains no choice and is worth 25 points. You have 80 minutes to complete this exam so, roughly speaking, you have 30 minutes for part A and 50 minutes for part B. Write your answers in the exam booklet that has been supplied to you. Be sure to provide the information requested at the front of the exam booklets. You can only use primitive calculators. If you answer in pencil, your exam will not be remarked after it is returned to you. Part A Answer 3 of the following 4 questions. Each question involves a statement. Be sure to define all relevant terms entering the questions. Include diagrams when they might clarify your answer. Each question is worth 5 marks. 1. Suppose two firms agree to merge to become 1 firm. Suppose that the cost functions for the two firms are currently: C ( y 1 ) = y 2 1 and C ( y 2 ) = 3...
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