test_102109_sol - EC314-Fall 2009 Midterm 1:10-2:10pm Matt...

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Unformatted text preview: EC314-Fall 2009 Midterm 1:10-2:10pm, October 21, 2009 Matt Turner You 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 mark=35%. 1. Consider a fishery where the stock of fish, x , grows according to F ( x ) = 3 x- 1 2 x 2 , where harvest depends on effort E and the stock of fish according to H ( x , E ) = 10 xE , and where the price of fish, p , is 2 and the price of effort, c , is 20....
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This note was uploaded on 11/04/2010 for the course ECO 314 taught by Professor Matthewturner during the Fall '08 term at University of Toronto.

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test_102109_sol - EC314-Fall 2009 Midterm 1:10-2:10pm Matt...

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