test_102609_sol - Midterm 1:10-2:10pm Matt Turner You will...

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EC313-Fall 2009 Midterm 1:10-2:10pm, October 26, 2009 Matt Turner You will have 60 minutes to complete this exam. Anyone still working on their exam after this time expires is subject to an automatic penalty of not less than 5 points. No notes or books are allowed, but you may use a calculator. All cell phones and pagers must be off. When you write up your answers, your goal should be to (1) be correct, and (2) convince your reader that your answer is correct. Answers which do not achieve these goals will not be awarded full credit. To accomplish the second objective, it is helpful if your work is legible and if all steps are presented, possibly with a line of explanation. Total points =100/Share of total grade =35% . 1. Suppose that the willingness to pay for seal products, y t , at time t , is given by P ( y t ) = 200 - y t , and that the marginal cost of producing seal products is a line through the origin with slope one. The government is considering an increase in the quota on seal products from 25 to 50.
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