Practice_Test1_revised

Practice_Test1_revised - Name: _ Student No: _ LANGARA...

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Name: _________________________________ Student No: _______________________ LANGARA COLLEGE Economics 2296, Section 1 Test 1 Time allowed: 80 minutes October 14, 2008 Answer the following eight questions in the exam booklet. Turn off all cell phones, pagers or anything else that might beep or that can be used to communicate with others. No books, notes, scrap paper or electronic devices allowed, with the exception of a simple, nonprogrammable, calculator. Explain your answers fully, show all work. Question 1 (6  marks) Consider a competitive market for which the quantities demanded and supplied (per year) at various  prices are given as follows: Q D  = 28 – 0.1P Q S  = 8 + 0.1P Where the price is in dollars and the quantity is in millions. a) What are the equilibrium price and quantity? b) Calculate the price elasticity of demand when the price is $100. c)
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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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Practice_Test1_revised - Name: _ Student No: _ LANGARA...

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