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midA-302_SP10_TOOSSIS - Midterm Version A Economic 302...

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Midterm Economic 302 Name: Version A Instructor: Toossi Net-ID: March 17 2010 Section: Before beginning the exam, please verify that you have 9 pages with 40 questions in your exam booklet. On Your scantron sheet, you must place your full name, university ID number, Net-ID & section number . Make sure you bubble in the correct exam version. Please choose the BEST response to the following questions and record your answers on the scantron sheet provided with a number 2 pencil . Only answers marked on the scantron will be counted. Good Luck! Use the following to answer questions 1-2: Consider the market for apartment rental. Suppose that there are 25 people who had a reservation price of $500, and the 26 th person had a reservation price of $200. 1) What would be the free market equilibrium price be if there were 26 apartments to rent? A) $500 B) $200 C) Any price greater than $200 and less than $500 D) None of the above 2) What will be the consumer surplus? 3) If the price of good X (on horizontal axis) doubles and the price of good Y (on the vertical axis) triples & income remains fixed, then 4) If both pepperoni and anchovies are “bads” (less is better), then the indifference curve 1
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5) You already have a ticket to see the Rolling Stones. The ticket cost $20, but scalpers without effort are legally selling the same ticket for $100. You must give up your income as a waiter on a Saturday night in order to see the concert. You would have made $50 at your job. You would quit your job if they paid one penny less. What is the cost of the Rolling Stones concert? A) $80 B) $100 C) $150 D) $130 6) The real price of a product is 7) Let demand be given by P = 100 - 2Q; let supply be given by P = 10+Q. Which statement is true?
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