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Unformatted text preview: Econ 100B (Grossman)Spring 2010 Midterm 1Version A April 20, 2010 Instructions: This is a closed-book, closed-notes exam. No calculators or electronic devices are allowed. Please turn off and put away all phones and other electronic devices. There are 8 multiple-choice questions and two free-response questions. Answer as many as you can in the time allowed. I do not expect everyone to be able to answer all questions. If you get stuck on something, I suggest moving on and coming back later when/if you have time. If you have a question, please raise your hand. Good luck! Multiple choice 25 out of 50 pts. (8 qns., 3 pts. each + 1) Answer these questions on your Scantron. Your score will only be based on the marks on your Scantron. You will not receive any credit for anything written on your exam paper. You will receive 1 extra point for correctly writing your name, perm number, version (A,B,C, or D), and TAs name on your Scantron. 1. Miguel likes to collect staplers. His inverse demand for staplers is P ( q ) = 20- 4 q . If the price of staplers is $8, what are Miguels total expenditures on staplers and what is his consumer surplus? (a) $24 and $12 (b) $18 and $18 (c) $24 and $18 (d) $12 and $24 2. Sheilas demand for coffee is q ( p ) = 10- 2 p + m/ 5. If p = 4 and m = 50, what is her price-elasticity of demand?...
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- Spring '08