Econ 100A MT2 - Department of Economics University of...

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Department of Economics Spring 2007 University of California Prof. Woroch Economics 100A : MIDTERM #2 EXAM GENERAL INSTRUCTIONS : Write your name and your GSI’s name on the front cover of two blue books. Mark them as #1 and #2. The exam has 3 parts: put Parts I and II in blue book #1, and Part III in #2. There is a total of 100 points with point assignments given in the instructions for each part. A point translates approximately into 1 minute of time. I. DEFINE and RELATE : Choose 2 of the following 3 pairs of terms. For each one, (a) give a precise but concise definition of both terms and (b) describe the relationship between the two. Each is worth 8 points for a total of 16 points. 1. An “English auction” and a “Vickrey auction” 2. A monopolist’s “Lerner Index” and the “Inverse Elasticity Pricing Rule” 3. “Marginal expenditure on labor curve” and the “labor supply curve” II. TRUE or FALSE and EXPLAIN : Choose 4 of the following 5 statements. For each, decide whether it is true or false, and explain the reasoning behind your answer . In each case, supply the critical assumptions you need to come to your conclusion. Each question is worth 7 points for a total of 28. No explanation, no credit. 1. A binding rent control causes greater loss in social welfare if housing is rationed to individuals in order of their willingness to pay, compared to when available housing is randomly allocated to excess demand. 2.
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This note was uploaded on 07/15/2010 for the course ECON 100A taught by Professor Woroch during the Spring '08 term at University of California, Berkeley.

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Econ 100A MT2 - Department of Economics University of...

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