{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

S10_MT1_A(2) - Econ 100B(Grossman)Spring 2010 Midterm...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Econ 100B (Grossman)—Spring 2010 Midterm 1—Version 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 TA’s 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 Miguel’s 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
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}