spring 2008 exam 9 - ECON 2106 Shelby Frost Exam 3 1:00 TR...

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ECON 2106 Shelby Frost Exam 3 1:00 TR Spring 2008 Version C Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version C of the exam. Please mark letter C on your scantron where it reads “Test Form”. When you submit your scantron for grading, you must turn in a signed copy of this page. Failure to do so will result in earnings of $0 for this exam. You may keep the questions for your record of what answers you marked. An answer key will be posted in webct after the exam is over so you can grade your own work. Tear this page off and turn it in when you turn in your scantron; keep the other pages for yourself. Honesty Oath: By signing below, I certify that I have adhered to the GSU Policy on Academic Honesty. The GSU Policy on Academic Honesty includes the following: “B. Cheating on Examinations: Cheating on examinations involves giving or receiving unauthorized help before, during, or after an examination. Examples of unauthorized help include the use of notes, computer based resources, texts, or "crib sheets" during an examination (unless specifically approved by the faculty member), or sharing information with another student during an examination (unless specifically approved by the faculty member). Other examples include intentionally allowing another student to view one's own examination and collaboration before or after an examination if such collaboration is specifically forbidden by the faculty member.” Print name: _____________________ Signature: ___________________________
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ECON 2106 Shelby Frost Exam 3 1:00 TR Spring 2008 Version C Page 1 Name: __________________________ Date: _____________ Multiple Choice: Choose the one alternative that best completes the statement or answers the question. 1. To maximize profit, a monopolistically competitive firm should produce the level of output where: A) price equals marginal cost. C) marginal revenue equals marginal cost. B) price equals total cost. D) all of the above Use the following to answer question 2: Table: Utility U n i t s 012345 67 T o t a l u t i l i t y 02 03 54 55 05 0 4 53 5 2. (Table: Utility) The marginal utility for the second unit is: A) 10. B) 35. C) 5. D) 15. 3. Jenny believes that spending one hour studying for economics will increase her grade by 20 points. Studying for a second hour will increase her grade by 10 points. She also believes that studying for an hour for history will increase her grade by 15 points, but spending a second hour will increase her grade by only 5 points. Jenny has two hours to study. If Jenny wants to maximize her scores, what should she do? A) Study 1 hour for economics and 0 hours for history B) Study 0 hours for economics and 2 hours history C) Study 1 hour for economics and 1 hour for history D) Study 2 hours for economics and 0 hours for history 4. Firms in the monopolistically competitive movie industry face excess capacity. This means that there are _____ movies than the output at which _____ cost is minimized.
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This note was uploaded on 01/19/2011 for the course ECON 11853 taught by Professor Brianallenhunt during the Spring '10 term at Georgia State University, Atlanta.

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spring 2008 exam 9 - ECON 2106 Shelby Frost Exam 3 1:00 TR...

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