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Practice Final Exam UIUC

Practice Final Exam UIUC - ECON 302 Final Exam Summer 2009...

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ECON 302 Final Exam - Summer 2009 Name: ____________________ Form A – 150 points total Multiple Choice (5 points each) Identify the choice that best completes the statement or answers the question. ____ 1. Katie Kwasi’s utility function is u(x 1 ,x 2 ) = 5(ln x 1 ) + x 2 . Given her current income and the current relative prices, she consumes 10 units of x 1 and 15 units of x 2 . If her income doubles, while prices stay constant, how many units of x 1 will she consume after the change in income? a. 10 b. 15 c. 5 d. 20 e. There is not enough information to determine how many. ____ 2. Consider the goalie’s anxiety at the penalty kick. Let the kicker’s payoffs below represent the kicker’s probability of success and the goalie’s payoffs the probability of failure. Goalie Defend left Defend right Kicker Kick left 50, - 50 20, - 20 Kick right 40, - 40 90, - 90 The goalie should defend left with probability ____ 3. Miss Muffet insists on consuming 2 units of whey per 1 unit of curds. If the price of curds is \$5 and the price of whey is \$6, then if Miss Muffet’s income is m , her demand for curds will be ____ 4. Suppose that Dent Carr’s long-run total cost of repairing s cars per week is c ( s ) = 3s 2 + 108 . If the price he receives for repairing a car is \$18, then in the long run, how many cars will he fix per week if he maximizes profits?

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