Final Review Questions

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

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Unformatted text preview: 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. 2 Multiple Choice 2. Market demand in a competitive industry is P = 40 − 0.1q . 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. b. c. d. $7995. $1332.5 $2665. $1998.75 4. Eunjoo’s demand curve for melon de Cavaillon is given by p = 100 − 2q , 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. b. c. d. 800.00 dollars. 1200.00 dollars. 1600.00 dollars. 4000.00 dollars. 5. Lanzi’s demand curve for truffe sous pˆte is given by p = 100 − 10q , where q is the a 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? a. b. c. d. 33.75 dollars. 22.50 dollars. 45.00 dollars. 112.50 dollars. 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 a. redistribute welfare from firms to the government, but will not create a deadweight loss. b. redistribute welfare from consumers to the government, and will create a deadweight loss. c. redistribute welfare from consumers to the government, but will not create a deadweight loss. d. redistribute welfare from consumers and firms to the government, but will not create a deadweight loss. Multiple Choice 3 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 a. redistribute welfare from consumers to the government, but will not create a deadweight loss. b. redistribute welfare from consumers to the government, and will create a deadweight loss. c. redistribute welfare from consumers and firms to the government, but will not create a deadweight loss. d. redistribute welfare from firms to the government, but will not create a deadweight loss. 8. If, in a market equilibrium, price exceeds marginal cost, we know a. b. c. d. output is produced under constant returns to scale. the firm is advertising heavily. social welfare exceeds its maximum level. someone values an additional unit of the good at something more that it would cost to produce it. 9. Market demand in a perfectly competitive industry is P = 500 − q , and the industry is initially in long-run equilibrium at a price of $250. If the government imposes a perunit (excise) tax of $40 on every firm, then once this industry reaches its new long-run equilibrium, consumers will have suffered a loss in consumer surplus from this tax equal to a. b. c. d. $ $ $ $ 6900.00 4600.00 9200.00 27600.00 10. Katie has short-run total cost T C = (0.1)q 2 + 22, and short-run marginal cost M C = (0.2)q . If Katie sells 18 units, at a price of $12 per unit, how much producer surplus does she earn? a. b. c. d. $122.4 $61.2 $550.8 $183.6 4 Multiple Choice 11. Arielle has weekly total costs T C = q + 12q 2 + 15, and marginal costs M C = 1 + 24q . A customer offers her a lump-sum payment of $356 in exchange for 6 units of her output. If Arielle has no other potential customers this week, will she accept the offer? a. No, because her producer surplus is less than her fixed costs. b. Yes, because her producer surplus will be positive. c. She will be indifferent between accepting and refusing because her producer surplus will be zero. d. No, because her producer surplus will be negative. $ 80 70 60 50 40 30 20 10 D 10 20 30 40 50 60 70 80 90 100 q Figure 1: 13. Jonathan has a monopoly on the truth. Campus demand for the truth is depicted in Figure 1. What is the equation for that demand curve? a. b. c. d. P P P P = (9/8) − 80q = (8/9) − 80q . = 80 − (8/9)q . = 1/80 − (8/9)q . 14. A firm’s demand curve is depicted in Figure 2. What is the (absolute-value of) price elasticity along that demand curve when the firm sells 25 units of output? a. b. c. d. 33/20 22/15 11/5 11/15 Multiple Choice 5 P 50 45 40 35 30 25 20 15 10 5 D 10 20 30 40 50 60 70 80 90 q Figure 2: 15. A uniform-pricing monopoly facing demand P = 30 − 10q has constant marginal cost of $10. If the government imposes a lump-sum tax of $65 on this firm, how much output will the firm produce? a. b. c. d. 0.33 2.00 1.00 0.75 units. units. units. units. 16. If M R = $1 where P = $12 along some firm’s demand curve, then the absolute value of elasticity of demand at that point on the demand curve is a. b. c. d. 3/11 4/11 12/11 36/11 17. Ross is a monopolist. Along his demand curve, price is $1 per unit when he sells 100 units. He knows that (the absolute value of) elasticity of demand at 100 units is 1/4. What is marginal revenue equal to? a. b. c. d. -9/4 -6 -3/2 -3 6 Multiple Choice 18. A uniform-pricing monopoly faces the linear demand curve P = 20 − q . To maximize total revenue, this firm should charge a price equal to a. b. c. d. $10/3 $20/3 $15/2 $10 19. A uniform-pricing monopoly faces linear demand of P = 40 − 2q . If marginal cost is constant and equal to $5 per unit, what level of output maximizes firm profit? a. b. c. d. 175/8 units. 35/2 units. 35/8 units. 35/4 units. 20. In long-run equilibrium under monopolistic competition, each firm produces where a. b. c. d. P P P P = AC and AC is at its minimum level. = M C and P = AC . = M R = M C. = AC and M R = M C . 22. Monopolistic competition is characterized by a. b. c. d. few firms selling a homogeneous product. two firms selling a differentiated product. many firms selling a differentiated product. many firms selling a homogeneous product. 23. A uniform-pricing monopoly faces linear demand of P = 40 − 5q . Marginal cost is constant and equal to $30. How much consumer surplus do this firm’s buyers enjoy? a. b. c. d. 1.67 0.83 2.50 5.00 dollars. dollars. dollars. dollars. Multiple Choice 7 24. A monopolist faces demand P = 30 − 10q , has constant marginal costs of 15, and has zero fixed costs. If this monopolist is able to practice perfect price discrimination, its maximum total profit will be a. b. c. d. 5.63 dollars. 7.50 dollars. 11.25 dollars. 2.81 dollars. 25. In monopolistic competition, each firm produces a Pareto-efficient level of its output a. b. c. d. in the short run, but not in the long run. neither in the short run nor in the long run in both the short run and the long run. in the long run, but not in the short run. 26. In order to successfully practice price discrimination, a company must a. b. c. d. be able to prevent resale of its product. face an elastic demand curve for its product. manufacture at least two different products. be in a decreasing-cost industry. 27. A monopolist faces a downward sloping demand curve with constant price elasticity of demand, e, greater than 1 in absolute value. The monopolist seeks to maximize profits. If her production function exhibits constant returns to scale with unit cost c > 0, then the price charged, Pm , will satisfy a. b. c. d. Pm = c/(1 − 1 ) e Pm = c · (1 − 1 ) e Pm = c Pm − c = 1 e 28. A uniform-pricing monopoly faces linear demand P = 30 − 2q . Marginal cost is constant and equal to $10. What is the deadweight loss due to this monopoly? a. b. c. d. 62.50 50.00 75.00 25.00 dollars. dollars. dollars. dollars. 8 Multiple Choice 30. Casey, a monopolistic competitor, has total costs T C = 4q 2 + 5 and marginal costs M C = 8q . He currently faces market demand P = 27/2 − 8q for his product. In the short run, Casey will a. b. c. d. charge charge charge charge $3 and earn zero profit. $4 and earn positive profit. $9 and earn negative profit. $12 and earn zero profit. $ 80 70 60 50 40 30 20 10 D 10 20 30 40 50 60 70 80 90 100 q Figure 3: 32. Katie has a monopoly on righteousness. Campus demand for righteouness is depicted in Figure 3. If Katie must set a uniform price for righteousness, what is the equation for her marginal revenue curve? a. b. c. d. M R = 70 − (28/9)q . M R = (9/28) − 70q M R = 1/70 − (28/9)q . M R = 70 − 140q . Multiple Choice 9 33. Eunjoo enjoys a campus monopoly on Good Taste, which she is able to produce with no fixed costs at all, and at constant marginal cost of only 16 dollars. In addition, she is so discerning, and knows her buyers so well, that she can perfectly price discriminate among them. If campus demand for Eunjoo’s Good Taste is given by p = 40 − 8q , how many units will she produce and sell? a. b. c. d. 2 15/2 3/2 3 34. A uniform-pricing monopoly facing demand P = 40 − 5q has constant marginal cost of $5. If the government imposes a per-unit tax of $5 on this firm, how much output will the firm produce? a. b. c. d. 2.25 0.75 3.00 1.50 units. units. units. units. 35. A uniform-pricing monopoly facing demand P = 90 − 5q has marginal cost M C = 15q . If the government imposes a per-unit tax of $10 on this firm, how much output will the firm produce? a. b. c. d. 1.60 3.20 8.00 6.40 units. units. units. units. 10 Multiple Choice $ 50 45 40 35 30 25 20 15 10 5 AVC MC D MR 10 20 30 40 50 60 70 80 q 90 100 Figure 4: 36. Consider the monopoly equilibrium depicted in Figure 4. If price controls require this firm set its price at or below p =$35, they would a. b. c. d. cause this firm to reduce output. cause this firm to shut down in the short run. cause this firm to increase output. have no effect on this firm’s choice of output. 37. A uniform-pricing monopoly faces linear demand P = 50 − 2q . Marginal cost is constant and equal to $10 at every level of output. How much producer surplus does this firm enjoy? a. b. c. d. 50.00 dollars. 400.00 dollars. 500.00 dollars. 200.00 dollars. 40. A uniform-pricing monopoly faces linear demand P = 20 − 2q . It has fixed costs of $8 and marginal cost of $10 at every level of output. If regulation requires that this firm earn no more than normal (i.e. zero economic) profit, how much output will it produce? a. b. c. d. 4.00 units. 10.00 units. 0.80 units. 2.50 units. Multiple Choice 11 41. A uniform-pricing monopoly faces demand P = 80 − q . It has fixed costs of $20 and marginal cost M C = 4q. If regulation requires that this firm charge a price that will maximize the sum of consumer and producer surplus, what price will it charge? a. b. c. d. 64.00 dollars. 66.67 dollars. 48.00 dollars. 128.00 dollars. 42. Which form of monopoly regulation can be most beneficial for consumers? a. b. c. d. price controls. all forms of regulation can be equally beneficial. per-unit tax. lump-sum tax. 44. Ross and Rachel produce the same homogeneous product and each has constant marginal costs of $7. Market demand is linear, with vertical intercept 60 and horizontal intercept 70. Ross and Rachel are Bertrand competitors, so pricing is important to them. What price will each firm charge in the unique Nash equilibrium in their market competition? a. b. c. d. Both firms charge a price of $6. One firm charges $7, the other stays out of the market. Both firms charge a price of $20. Both firms charge a price of $7. 45. Kartik and Arielle produce the same homogeneous product and each has constant marginal costs of $7. Market demand is linear, with vertical intercept 40 and horizontal intercept 90. Kartik and Arielle are Bertrand competitors, so each chooses (simultaneously) the price he or she will charge. What price will each firm charge in the unique Nash equilibrium in their market competition? a. b. c. d. Both firms charge a price of $40/3. One firm charges $7, the other stays out of the market. Both firms charge a price of $7. Both firms charge a price of $6. 12 Multiple Choice 46. Kevin and Lauren are Cournot duopolists facing the common market demand P = 72 − 4Q. Both have zero marginal cost, but Kevin has fixed costs of $49, while Lauren has fixed costs of $20. How much output does Lauren produce in the market (Nash) equilibrium? a. b. c. d. 18 3/2 6 15 47. Dan and Lauren are Cournot duopolists facing the common market demand P = 20−16Q. Both have zero fixed cost, but Dan has constant marginal costs of $8, while Lauren has constant marginal costs of $10. How much output does Lauren produce in the market (Nash) equilibrium? a. b. c. d. 5/12 1/9 1/24 1/6 48. Casey and Asya are Cournot-competitors facing the common market demand P = 3 − (1/18)q . Marginal cost is zero for both firms. What is the deadweight loss due to their oligopoly? a. b. c. d. 22.50 dollars. 6.00 dollars. 9.00 dollars. 18.00 dollars. 49. Kyle and Katie are Cournot-competitors facing the common market demand P = 15 − (1/15)q . Marginal cost is zero for both firms. How much profit does Katie earn in the Nash equilibrium? a. b. c. d. 750.00 dollars. 375.00 dollars. 1125.00 dollars. 93.75 dollars. Multiple Choice 13 50. Cournot duopolists face the common market demand P = 80 − 3Q, where Q is the combined output of both firms. If each firm has marginal and fixed costs of zero, a. b. c. d. no Nash equilibrium exists in this market. each firm produces the same positive level of output in the Nash equilibrium. a Nash equilibrium exists, but it can not be calculated. each firm produces output of zero in the Nash equilibrium. 51. Cournot duopolists face the common market demand P = 72 − 10Q, where Q is the combined output of both firms. If each firm has marginal and fixed costs of zero, a. b. c. d. the market equilibrium will involve no deadweight loss. the market equilibrium will involve a deadweight loss. market price will equal marginal cost for both firms. the market equilibrium is efficient with at least two firms in the market. 52. In a Bertand duopoly, firms compete by a. b. c. d. choosing choosing choosing choosing to enter or exit the market. their prices. the quantity they will sell. to lead or follow. 53. In a Stackelberg duopoly, when both firms face a common market demand curve and have identical constant marginal costs, a. b. c. d. the follower will charge a lower price than the leader. the firm charging the lowest price gets the entire market. the leader will produce more output than the follower. neither firm would benefit from being the leader. 54. Consider the Cournot, Bertrand, and Stackelberg models of oligopoly behavior. Which of these predict that joint-monopoly, or collusion, is the most likely market outcome? a. b. c. d. Cournot. Bertrand and Stackelberg. Neither Cournot, Bertrand nor Stackelberg. Stackelberg. 14 Multiple Choice q2 50 Firm 1’s 40 30 20 10 Firm 2’ 10 20 30 40 50 q1 Figure 5: 56. Reaction functions for two Cournot-competitors are given in Figure 5, where q1 is the output of Firm 1, and q2 the output of Firm 2. If Firm 2 were to sell 24 units of output, Firm 1’s best response would be to sell a. b. c. d. 10 units. 44/3 units. 10/3 units. 25 units. 57. Arjun and Asya are Cournot duopolists facing the common market demand P = 24−20Q. Both have zero fixed cost, but each has constant marginal cost of $10. How much output does Asya produce in the market (Nash) equilibrium? a. b. c. d. 7/120 7/60 7/12 7/30 61. According to the First Welfare Theorem, a. b. c. d. everyone can be made better off by income transfers from richer to poorer agents. competition will eventually lead to overall equality of incomes. competitive market equilibria are Pareto efficient. competitive market equilibria are not Pareto efficient. Multiple Choice 15 62. According to the Second Welfare Theorem, a. any Pareto efficient outcome can be achieved through competition and appropriate redistribution. b. Pareto efficient outcomes will not be valued by society. c. competitive market equilibria can sometimes be unstable. d. competitive market equilibria are usually equitable. Y 10 2 8 6 4 2 1 2 4 6 8 10 12 14 X Figure 6: The next four (4) questions refer to the Edgeworth box economy of Figure 6. Corners labeled “1” and “2” indicate origins for Agent 1 and Agent 2, respectively. The heavy line running from southwest to northeast is the contract curve for these two traders. 66. If Agent 1’s endowment contains 1 unit of X and 8 units of Y , then Agent 2’s endowment must contain a. b. c. d. 14 units of X and 10 units of Y 14 units of X and 2 units of Y . 15 units of X and 10 units of Y . 1 unit of X and 8 units of Y . 16 Multiple Choice 67. Once again suppose that Agent 1’s endowment contains 1 unit of X and 8 units of Y . If a trade were proposed that would result in the allocation A= 8 7 , 4 6 then a. b. c. d. Neither Agent 1 nor Agent 2 would agree to the trade. Agent 1 would agree to the trade, but Agent 2 would refuse it. Both Agent 1 and Agent 2 would agree to the trade. Agent 2 would agree to the trade, but Agent 1 would refuse it. 68. Once again suppose that Agent 1’s endowment contains 1 unit of X and 8 units of Y . If a trade were proposed that would result in the allocation A= 15 0 , 6 4 then a. b. c. d. Neither Agent 1 nor Agent 2 would agree to the trade. Agent 1 would agree to the trade, but Agent 2 would refuse it. Both Agent 1 and Agent 2 would agree to the trade. Agent 2 would agree to the trade, but Agent 1 would refuse it. 69. Once again suppose that Agent 1’s endowment contains 1 unit of X and 8 units of Y . If a trade were proposed that would result in the allocation A= 10 5 , 8 2 then a. b. c. d. Both Agent 1 and Agent 2 would agree to the trade. Agent 2 would agree to the trade, but Agent 1 would refuse it. Neither Agent 1 nor Agent 2 would agree to the trade. Agent 1 would agree to the trade, but Agent 2 would refuse it. Multiple Choice 17 Y 10 2 8 6 4 2 1 2 4 6 8 10 12 14 X Figure 7: The next two (2) questions refer to the Edgeworth box economy of Figure 7. Corners labeled “1” and “2” indicate origins for Agent 1 and Agent 2, respectively. The heavy line running from southwest to northeast is the contract curve for these two traders. 70. Suppose that Agent 1’s endowment contains 12 units of X and 2 units of Y . In this economy, the allocation 0 15 B= , 0 10 a. b. c. d. is is is is Pareto efficient, but is not in the core Pareto efficient for Agent 1, but not for Agent 2. Pareto efficient and is in the core. not Pareto efficient, and is not in the core. 71. Once again suppose that Agent 1’s endowment contains 12 units of X and 2 units of Y . If this Edgeworth box economy were a perfectly competitive market system, then the following would be a Walrasian equilibrium (market-clearing) relative price of X a. b. c. d. px /py px /py px /py px /py = 2/5. = 2/15. = 6/5. = 1/10. 18 Multiple Choice 72. Katie, a profit-maximizing, price-taking√ producer, makes output, q , from labor, l, ac√ cording to the production function q = 8 l, where M P L = 8/(2 l). If the market wage of labor is $5, and the market price of output is $10, how much output does Katie want to sell? a. b. c. d. 64/3 units. 128/3 units. 192 units. 64 units. 73. Arielle, a profit-maximizing, price-taking producer, makes output, q , from labor, l, ac√ √ cording to the production function q = 9 l, where M P L = 9/(2 l). If the market wage of labor is $6, and the market price of output is $84, how much labor does Arielle want to hire? a. b. c. d. 3969 units. 2646 units. 19845/2 units. 3969/2 units. 74. Arielle, a utility-maximizing, price-taking worker/consumer, gets utility from consuming goods, q , and dis-utility from hours of labor, l, according to the utility function u(l, q ) = 8q − 4l2 , where M Uq = 8 and M Ul = −8l. Arielle owns some stock and gets dividend (profit) income of $7 every day. If the market wage of labor is $19 per hour, and the market price of output is $1, how much does Arielle want to work each day? a. b. c. d. 4 hours. 17 hours. 19 hours. 2 hours. Multiple Choice 19 75. Daniel, a utility-maximizing, price-taking worker/consumer, gets utility from consuming goods, q , and dis-utility from hours of labor, l, according to the utility function u(l, q ) = 4q − 2l2 , where M Uq = 4 and M Ul = −4l. Daniel owns some stock and gets dividend (profit) income of $24 every day. If the market wage of labor is $54 per hour, and the market price of output is $3, how much of the consumption good does Daniel want to buy each day? a. b. c. d. 332 664 287 336 units. units. units. units. 76. Eunjoo lives in an Edgeworth box, even though she inherited an endowment of 6 units of X and 2 units of Y . Eunjoo’s utility function is u(x, y ) = x3/4 y 1/4 , where M Ux = (3/4)(y/x)1/4 and M Uy = (1/4)(x/y )3/4 . If Eunjoo faces Walrasian equilibrium (WE) prices p∗ = $10 and p∗ = $2, then her Walrasian equilibrium allocation (WEA) will x y contain a. b. c. d. 12 units of X and 16 units of Y . 24/5 units of X and 8 units of Y . 6/5 units of X and 6 units of Y . 8/5 units of X and 2 units of Y . 77. Like everyone else in this economy, Jonathan consumes just two goods. His utility function is u(x, y ) = x1/2 y 1/2 , where M Ux = (1/2)(y/x)1/2 and M Uy = (1/2)(x/y )1/2 . Everyone is agreed that the best Pareto efficient allocation of goods in this economy will give Jonathan 7 units of X and 10 units of Y . Then Walrasian equilibrium relative prices that could support this allocation as a market equilibrium allocation are a. b. c. d. (p∗ /p∗ ) = 5/14. x y (p∗ /p∗ ) = 20/7. x y (p∗ /p∗ ) = 10/7. x y (p∗ /p∗ ) = 30/7. x y 78. An allocation of goods to agents is called “fair” if it a. b. c. d. is envy-free and Pareto efficient. is envy-free. is Pareto efficient. represents equal division of all goods. 20 Multiple Choice C C 79. Chris has utility function uC (x, y ) = x1/2 y 1/2 , where M Ux = (1/2)(y/x)1/2 and M Uy = K (1/2)(x/y )1/2 . Katie has utility function uK (x, y ) = x1/3 y 2/3 , where M Ux = (1/3)(y/x)2/3 K and M Uy = (2/3)(x/y )1/3 . If 9 units of X and 8 units of Y are to be divided between them, one fair allocation would a. b. c. d. give give give give Chris Chris Chris Chris 27/5 units of X and Katie 18/5 units of X . 54/5 units of X and Katie 9/5 units of X . 9/5 units of X and Katie 36/5 units of X . 54/5 units of X and Katie 9/5 units of X . 82. In a two-market perfectly competitive economy, Walras’ law assures us that a. there can never be excess supply in any market, only excess demand. b. when demand equals supply in one market, demand will equal supply in the other market, too. c. when there is excess demand in one market, there will be excess demand in the other market, too. d. when there is excess supply in one market, there will be excess supply in the other market, too. 83. In a two-good economy, the market price of X is px = $7 and the market price of Y is py = $7. In the X market, quantity demanded is less than quantity supplied by 9 units. Then we know that in the Y market, a. b. c. d. quantity quantity quantity quantity demanded demanded demanded demanded is less than quantity supplied by 27/4 units. exceeds quantity supplied by 3 units. is less than quantity supplied by 27 units. exceeds quantity supplied by 9 units. 85. According to the Coase Theorem, when parties are able to bargain costlessly in the presence of externalities, a. b. c. d. any complete assignment of property rights will result in an efficient level of output. resources will often be wasted on bargaining. an efficient, though sub-optimal, allocation of property rights will result. the assignment of property rights will have no effect on the distribution of welfare. Extra Space for Scratch 21 86. Good q is produced and consumed in a perfectly competitive market. If consumption of this good involves positive externalities, the market equilibrium level of output will be a. b. c. d. greater than the Pareto efficient level of output. sometimes greater, and sometimes less, than the Pareto efficient level of output. less than the Pareto efficient level of output. equal to the Pareto efficient level of output. 88. In a competitive industry output, q , is produced at marginal private cost M P C = 2q. Production of this good also generates negative externalities, so that the full marginal social cost of its production is M SC = 3q. Consumer demand for industry output is P = 240 − 2q. A per-unit Pigovian tax that would yield the efficient level of output as the post-tax market equilibrium is: a. b. c. d. 120 per unit. 16 per unit. 48 per unit. 24 per unit. 89. To determine the efficient quantity of a (pure) public good, government must a. tax everyone equally. b. tax according to each person’s willingness to pay. c. find the quantity where the vertical sum of individuals’ demand curves intersects the marginal cost of producing the good. d. find the quantity where the horizontal sum of individuals’ demand curves intersects the marginal cost of producing the good. ECONOMICS 201 FINAL REVIEW 1 ANSWERS V.1 Geoffrey Jehle 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. C C C A B D C D D C C C C D D D D C C C B A A D C A D C B D D 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. A A A D C C D C B B B B C C A D C A B C B D A A D A C 2 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. A B C A A B D A C C C ...
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This note was uploaded on 04/26/2010 for the course ECON 101 taught by Professor Staff during the Spring '08 term at Vassar.

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