EC_251H_Assignment_No._5_S08_rev - Spring 2008 Economics...

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Spring 2008 Economics 251H R. Fisher ASSIGNMENT NO. 5 DUE: March 20 There are 8 assignments, each due at the start of class according to the schedule. Each assignment is worth 5 points and will be graded on a credit-no credit basis. The maximum number of total possible points is 35, so effectively you may miss one assignment without losing points. To receive credit, the assignment must be turned in on time and you must have made a sincere effort . Correctness of answer is irrelevant for evaluation. Regardless of the type of problem, it is never sufficient merely to state the answer ("12" or "B"). Making a sincere effort means showing how you came to an answer and explaining it. Show your work! A * after the problem number indicates that this was a midterm or final examination question in this class in a recent year. 1. Suppose that the gasoline market is competitive and is initially in equilibrium at a price of $1.00 per gallon and a market quantity of 120 billion gallons per year. Suppose it is also known that the average driver has an annual income of $20,000,
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This note was uploaded on 04/03/2008 for the course ECON 251H taught by Professor Fisher during the Spring '08 term at Michigan State University.

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EC_251H_Assignment_No._5_S08_rev - Spring 2008 Economics...

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