fall 2008 exam 3

# Fall 2008 exam 3 - ECON 2106 Shelby Frost Exam 3 11:00am TR Fall 2008 Version A Do NOT open your exam until you are told to do so Turn off your

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ECON 2106 Shelby Frost Exam 3 11:00am TR Fall 2008 Version A Page 2 This page is left blank intentionally.
ECON 2106 Shelby Frost Exam 3 11:00am TR Fall 2008 Version A Page 3 Name: __________________________ Date: _____________ Multiple Choice: Choose the one alternative that best completes the statement or answers the question. 1. The municipal swimming pool charges lower entrance fees to local residents than to nonresidents. Assuming that this pricing strategy increases the profits of the pool, we can conclude that nonresidents must have a _______ for swimming at the pool than residents. A) lower demand C) greater demand B) less price-elastic demand D) more price-elastic demand Use the following to answer question 2: Table: Utility from Oranges and Starfruit Pounds of oranges Total utility from oranges Pounds of starfruit Total utility from starfruit 0 0 0 0 1 24 1 70 2 44 2 130 3 60 3 180 4 72 4 220 5 80 5 250 6 84 6 270 7 84 7 280 2. (Table: Utility from Oranges and Starfruit) Oranges costs \$2 per pound and starfruit cost \$5 per pound. The accompanying table shows Ned's total utility from eating various amounts of oranges and starfruits. How many pounds of oranges and starfruit should Ned eat, if Ned has \$26? A)

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## This note was uploaded on 01/19/2011 for the course ECON 32233 taught by Professor Shelbyfrost during the Fall '08 term at Georgia State University, Atlanta.

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Fall 2008 exam 3 - ECON 2106 Shelby Frost Exam 3 11:00am TR Fall 2008 Version A Do NOT open your exam until you are told to do so Turn off your

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