ps8 - ECON1001: Principles of Microeconomics Problem set #8...

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Unformatted text preview: ECON1001: Principles of Microeconomics Problem set #8 Due date: 5pm. Friday, 24 Nov. 2006 Please drop off to your TA’s mailbox at 9/F, KKL Building . LATE ASSIGNMENTS WILL NOT BE GRADED. Test 2: 25 th Nov (Sat), 10-11:30am!!! go http://kafuwong.econ.hku.hk/teaching/econ1001/2006F/midterm2.html for details! Name: Student ID: (Please print) Subclass: ECON1001 A / B / C / D / E / F / G / H (circle one) Lecturer: Dr Démurger / Dr Wong / Dr Yip (circle one) A note from the instructor: The problem set is meant to help students review the concepts learnt in this course. Try to do it on your own. If students were attentive in class and have read the corresponding chapters, this problem set should not take more than thirty minutes for most students. Remember! One hour of hard work today will save you more than several hours of hard work tomorrow. If you have difficulty in some specific questions, please mark “please discuss” next to those questions. The TA will try to cover them in discussion sections. Please choose the best answer to each multiple choice question by filling the oval in the following table. Please discuss A B C D E 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Do not hand in this question paper. ECON1001 Problem Set #3- 1 - 1. Smith is a corn farmer earning economic profits and Wesson is a wheat farmer receiving a normal profit. Wesson has an incentive to become a corn farmer because A) his accounting profits are negative. B) he is not currently covering his opportunity costs. C) he could earn more than his next best alternative....
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This note was uploaded on 04/18/2011 for the course ECON 1001 taught by Professor S.c during the Spring '10 term at HKU.

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ps8 - ECON1001: Principles of Microeconomics Problem set #8...

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