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Final Review Questions

# Final Review Questions - ECONOMICS 201 FINAL REVIEW Fall...

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ECONOMICS 201 FINAL REVIEW Fall, 2007 V.1 Geoffrey Jehle Some of the multiple choice questions on the exam will be very similar to these review questions. Others will be similar to the review questions you were given before the midterm. If you can do all of these, all of those, you are on top of all your problem sets and class material you should be in good shape.

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2 Multiple Choice 2. Market demand in a competitive industry is P = 40 - 0 . 1 q . Following imposition of a tax on producers, the price paid by consumers of this good rises from \$13 to \$26. Then the loss in consumer surplus from this tax is a. \$7995. b. \$1332.5 c. \$2665. d. \$1998.75 4. Eunjoo’s demand curve for melon de Cavaillon is given by p = 100 - 2 q , where q is the number of melons per week and p is the price per melon. What is the maximum amount of money Eunjoo would pay to be able to consume 20 melons in a week? a. 800.00 dollars. b. 1200.00 dollars. c. 1600.00 dollars. d. 4000.00 dollars. 5. Lanzi’s demand curve for truffe sous pˆate is given by p = 100 - 10 q , where q is the number of truffles per week and p is the price per truffle. If Lanzi pays a price of \$70 per truffle, how much consumer surplus does he enjoy in a week? 6. A perfectly competitive industry is in long-run equilibrium when the government imposes a lump-sum tax on every firm in the industry. In the short run , this tax will
7. A perfectly competitive industry is in long-run equilibrium when the government imposes a lump-sum tax on every firm in the industry. In the long run , this tax will

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Final Review Questions - ECONOMICS 201 FINAL REVIEW Fall...

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