Quiz 3 Answers

Quiz 3 Answers - Name: LANGARA COLLEGE Economics 2296,...

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Unformatted text preview: Name: LANGARA COLLEGE Economics 2296, Section L Quiz 3 l0 minutes, l0 marks March 30, 2010 No books, notes, scrap paper or electronic devices allowed, with the exception of a simple, nonprogrammable calculator. Answer the following 2 questions. Explain your answers fully, show all work. Question I 6 marks Aperfectly competitive industry's demand and supply curves are: Q: 1000 - l5P and Q I zoo + 25P . The total cost of one firm in the industry is TC : q214 + 200. a) How much output will this firm produce? b) Suppose the government imposes an environmental ler.y of $4 per unit of output, and this levy applies only to this onefirm (i.e. the other firms in the industry are located elsewhere). How much output will this firm now produce? Question 2 4 marks Aperfectly competitive industry's demand and supply curves are: Q: 1000 - 15P and Q : 200 + 25P . Suppose the government imposes a quota of 550 units per period on this product....
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This note was uploaded on 09/25/2010 for the course ECON Econ 2296 taught by Professor W.graygiovannetti during the Fall '10 term at Langara.

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Quiz 3 Answers - Name: LANGARA COLLEGE Economics 2296,...

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