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Midterm 1 Key

# Midterm 1 Key - Fall 2010 Econ 2 Midterm 1 MC Keys...

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Unformatted text preview: Fall 2010 Econ 2 Midterm 1 MC Keys Version A Yellow 1. B 2. B 3. D 4. B 5. B 6. A 7. D 8. A 9. C 10. D 11. C 12. B 13. B 14. B 15. A 16. B 17. B 18. A 19. D 20. B Version B Blue 1. C 2. B 3. D 4. A 5. B 6. D 7. A 8. A 9. A 10. B 11. B 12. A 13. C 14. C 15. B 16. C 17. C 18. C 19. B 20. D Short Answer: 1a. Q=8, P=6 b. CS=16, PS=32 c. Q=16, DWL=16 d. Q=16, CS=0, PS=64 2a. Q=3, TR=15, TC=9, profit=6 OR Q=2, TR=12, TC=6, profit=6 (with discrete quantities, both of these quantities can be considered profit ­ maximizing) b. Q=5, TR=25, TC=15, profit=10 3. the rectangle bounded by 0 and Qm (where MR=MC) on the x ­axis, and Pm (D at Qm) and ATC(Qm) is profit ...
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