p2k sp09 - D:\00_Classes\101 archive\101_spring 09\exams s09

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Unformatted text preview: D:\00_Classes\101 archive\101_spring 09\exams s09 micro\e2_101_s09_OV_key.doc 1 Econ 1110 INTRO MICRO - Wissink - S09 PRELIM #2 April 7, 2009 J. WISSINK YOUR NAME: _____________________________ Your C.U. Netid: _____________ YOUR C.U. STUDENT NUMBER: ____________________________ Check YOUR TAs NAME : ____JinYoung (Tuesdays am) ____Qingqing (Thursdays am) ____Jonathan (Tuesdays pm) ____Jingxian (Thursdays pm) ____Lee (Fridays) --------------------------------------------------------------------------------------------------------------- INSTRUCTIONS: There are three sections in this exam: Part I: 12 multiple choice questions (3 points each) ANSWER ON EXAM PAPER BY CIRCLING THE BEST CHOICE Part II: Problems 1&2 (16 points each) ANSWER BOTH IN THE ANSWER BOOKLET PROVIDED & CLEARLY LABEL YOUR BOOK AS PART II. Make sure your name and netid are on the answer booklet Part III: Problems 3&4 (16 points each) - ANSWER IN THE ANSWER BOOKLET PROVIDED & CLEARLY LABELE PART III. Make sure your name and netid are on the answer booklet. TURN IN ALL MATERIALS! The entire set of questions and the two answer booklets. ANSWER ALL QUESTIONS. TOTAL POINTS = 100. TOTAL TIME = 90 minutes HINTS: Read all questions carefully. Write legibly and remember to label all graphs and axes in diagrams. NO QUESTIONS CAN BE ASKED DURING THE EXAM: If you need to use the restroom, quietly bring your exam papers up to the TA proctoring and they will hold your materials while you are out at the restroom. ONLY SIMPLE FUNCTION LOW TECH CALCULATORS ARE ALLOWED. NO CELL PHONES OR GRAPHING CALCULATORS ARE ALLOWED. NO DEVICES THAT HAVE CALCULATOR "apps" AS WELL AS OTHER FUNCTIONS ARE ALLOWED EITHER. NO BOOKS. NO NOTES. NO HELP SHEETS. NO TALKING TO EACH OTHER. NO ASKING THE PROCTORS ANY QUESTIONS. GOOD LUCK! D:\00_Classes\101 archive\101_spring 09\exams s09 micro\e2_101_s09_OV_key.doc 2 Part I: Multiple Choice: Circle the best answer. Do them ALL. 1. Given standard shaped cost curves, marginal cost is equal to average variable cost when a) average total cost is at its maximum. b) average variable cost is at its maximum. c) average total cost is rising. d) average variable cost is at its minimum. e) marginal cost is at its maximum. 2. Which one of the following statements about cost curves is true? a) The AVC curve only includes explicit variable accounting costs. b) Increases in input prices for variable factors of production will shift the firms marginal cost curve up and also shift the firms total variable cost curve up. c) The FC curve only includes implicit fixed opportunity costs. d) An increase in the price of a fixed factor of production will shift the firms marginal cost curve up....
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This note was uploaded on 09/19/2010 for the course ECON 1101 taught by Professor Evans during the Fall '08 term at Cornell University (Engineering School).

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p2k sp09 - D:\00_Classes\101 archive\101_spring 09\exams s09

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