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finals10l - NAME Sec I MC Sec II Sec III Sec IV Sec...

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NAME_________________________________ Sec. I MC ___________/22 Sec. II ___________/12 Sec. III ___________/12 Sec. IV ___________/12 Sec. V ___________/12 Total ___________/70 ECO 304K INTRODUCTORY MICROECONOMICS SPRING 2009 UNIQUE # 33515 FINAL Be sure you follow directions very carefully. Section I has 22 multiple choice problems (8 pages). Do all 22 of the problems from that section. Section II has 2 problems (2 pages). Do only 1 of the 2 problems from that section. Section III has 2 problems (2 page). Do only 1 of the 2 problems from that section. Section IV has 2 problems (2 pages). Do only 1 of the 2 problems from that section. Section V has 2 problems (2 pages). Do only 1 of the 2 problems from that section. Failure to do a sufficient number of problems in any section, because of missing pages, or not following directions, will result in complete loss of points for that problem. Doing extra problems in any section will not gain you anything, and take time away from working other problems. All multiple choice answers must be in pencil on the scantron forms. Be sure to bubble in your name and EID. On the right hand side, under COURSE put “LATE” and under UNIQUE # put “1pm”. All the answers from the choice section go in this document and can be in pen or pencil. If you need extra paper for writing answers, you must get it from up front.
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SECTION I MULTIPLE CHOICE DO ALL 22 QUESTIONS. ANSWERS GO IN PENCIL ON SCANTRON SHEET 1. A firm has the standard shaped product and short run total cost curves. Which of the following statements must be true? I. If MP is decreasing at L = 4, then AP must be decreasing at L = 4. II. If MC is increasing at q = 7, the MP is decreasing at the level of input that produces 7 units of output. III. If MC is increasing at q = 7, then TC is getting steeper at q = 7. a) Only III is true b) Only II and III are true c) Only I and II are true d) Only I and III are true e) All of them are true 2. A profit maximizing firm is currently hiring 27 workers each of whom is being paid a wage of $50 in a perfectly competitive labor market. Which of the following statements must be true? I) The 28 th worker has an MRP $50 II) The total revenue of the firm is $1350 III) The market wage would increase if the firm tried to hire more workers 3. Ellie is spending her entire income on goods X and Y. Her marginal utility from the last unit of X is 100 and the marginal utility from the last unit of Y that she consumes is 50. Ellie's utility is only maximized if
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