Test.Nov15.2008.aaaa - ECMA04H Second Term Test - November...

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ECMA04H Second Term Test - November 15, 2008 Time: 90 minutes Professor Gordon Cleveland Version A Instructions: PLEASE READ CAREFULLY 1. On the Scantron answer sheet, you must PRINT your last name and first name enter your student number as the identification number FILL IN THE BUBBLES under your name and student number FILL IN THE BUBBLE ASSOCIATED WITH YOUR TEST VERSION NOTE - THIS IS VERSION A 2. If you fail to carry out all the tasks indicated in part 1, 4 marks will be deducted from your final score. 3. This exam consists of 25 multiple choice questions (and a 26 th which will confirm your exam version). For each question, choose the correct answer. If two multiple choice answers both seem to be approximately correct, choose the best of the two answers. Enter the answers to the multiple choice questions on the Scantron sheet provided to you by filling in the appropriate bubble. If answers are not written on this sheet, there will be no marks given for answers. Each correct answer is worth 4 marks (except for question 26, where the correct answer simply confirms your exam version); incorrect answers receive 0 marks. 4. When entering your answers on the Scantron sheet: Use a medium (HB) pencil Fill in the bubble neatly and completely Erase any changes as completely as possible Be very careful to place each answer in the correct place Note: this exam consists of 9 pages, including this cover page. Make sure that all 9 pages are included in your exam, and notify an invigilator immediately if any are missing.
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ECMA04H SECOND TERM TEST November 15, 2008 This term test consists of 25 questions (plus a 26 th identifier question). Answer each question by choosing the best alternative and indicating your choice in the appropriate place on the scantron sheet provided with this exam (it is the only thing you will turn in at the end of the exam). You may take the rest of the exam away with you, so you can use the fronts and back of these pages for your rough work. If you wish to keep a record of your answers, make a note of them on the exam. The scantron sheet will not be returned to you, but correct answers will be posted, and your grade will be communicated to you through the website. Each correct answer to questions 1 through 25 is worth 4 marks (there is no deduction for wrong answers). 1-6. A firm in a perfectly competitive constant cost industry has total costs in the short run given by: TC = 0.5q 2 + 2q + 128 where q is output per day and TC is the total cost per day in dollars. The firm has fixed costs of $96 (already included in the TC equation above). The TC equation generates minimum average costs of $18 (per unit) at q = 16. You are also told that this size firm generates minimum long run average costs (that is, minimum LRAC occurs at q = 16, with min LRAC = $18). Questions 1 through 6 concern this firm and this industry. 1.
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This note was uploaded on 06/11/2011 for the course ECMA 04 taught by Professor Cleverland during the Fall '09 term at University of Toronto- Toronto.

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Test.Nov15.2008.aaaa - ECMA04H Second Term Test - November...

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