FinalF05 - Econ 101 Final Fall 2005 Name Alan C Marco...

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Econ 101, Final Fall 2005 Alan C. Marco 12/16/2005 Name: Instructions. READ THIS. Answer all questions in the space provided (use the back if necessary). Be sure to answer all questions clearly and concisely, and to make your answer obvious and unambiguous. Show all your work since credit is given for the correct answer and the correct methodology. If you need to make assumptions, be clear about what they are. Each question is worth 5 points. Bracketed numbers are points for the section: 85 total. No calculators. No notes. [+] Easier questions. Be sure to get these right. [*] Harder questions; think critically and carefully about your answer. [This rest of this page is intentionally left blank so that I don’t know your name when I’m grading. Yes, I know it’s a waste of paper. In fact, the single-sided is a waste of paper, but you need it for scrap and/or long answers and/or screw-ups.] 1
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1. [+] Assume that pens are supplied competitively. If the price of pencils falls sharply, explain what will happen to the pen market in the short run and in the long run. 2. [+] Show the deadweight loss from a binding price Foor. Label consumer surplus and producer surplus.
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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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FinalF05 - Econ 101 Final Fall 2005 Name Alan C Marco...

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