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ECO 108 Spring 2011 Test #0 Version C Key

ECO 108 Spring 2011 Test #0 Version C Key - ECO 108.01 0.10...

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ECO 108.01 – 0.10 Section _____ Name_____________________________________ Spring 2011 ( Print ! ) Test #0 Show your work and clearly indicate your answer! As specified in the syllabus, this test is 10% of your course grade or 0% of your course grade. If you want it to count for 10% of your course grade, sign your name in the box below. If you do not sign your name in the box, this test will not count. (20)1. The following diagram shows the profit curve for a firm. You can assume that profit continues to decrease for levels of output greater than 510. (4)a. Estimate the level(s) of output at which the firm’s profit is at local maximum. X = 0 and X = 353 (4)b. Estimate the level(s) of output at which the slope of the profit curve is zero and decreasing. X = 353 (4)c. Estimate the firm’s maximum profit. PFT = 5430 (4)d. Estimate the range of output over which the firm’s profit is increasing. 57 < X < 353 (4)e. Estimate the range of output over which the firm’s profit is positive. 178 < X < 474 (8) 2. Phil’s utility function is U( X, Y ) = min( 4*X, Y ).
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