Econ 281 B4 Midterm1_2 Wi 09 (2)

Econ 281 B4 Midterm1_2 Wi 09 (2) - Page 1 of 8 Econ 281 B4...

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Page 1 of 8 Econ 281 B4 Midterm I, Winter 2009 Instructor: Valentina Galvani Winter 2009 Mid-term Exam I Special Code 2 INSTRUCTIONS: 1. Complete the name, identification number and special code fields on the general purpose answer sheet. Answer sheets missing any of this information will not be marked. Answer the multiple choice questions on the general purpose answer sheet. There are 10 multiple choice questions, each worth 3 points. 2. There are two open problems. Answer in the space provided below and after the problem statements. 3. This exam is worth 60 points. 4. You have 75 minutes. 5. Print your name and student identification number in the space below. Student Name (PRINT) ____________________________________ I.D. # _____________________________________ Good luck!
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Page 2 of 8 Econ 281 B4 Midterm I, Winter 2009 1. Good A and good B are complements in consumption. The supply for good A increases, which decreases the price of good A. The decrease in the price of good A a. decreases the quantity demanded for good B b. increases the quantity demanded for good B c. decreases the demand of good B d. increases the demand of good B ** 2. We have an equilibrium in the beef market where P* = $15 and Q* = 85. Due to illegal inter-corporate gang warfare between beef firms, all of the suppliers of beef as a whole have sustained huge losses, causing some suppliers to exit the market. With all the rest being equal, which of the following combinations of price and quantity represents a possible new point of equilibrium for the beef market? a.
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Econ 281 B4 Midterm1_2 Wi 09 (2) - Page 1 of 8 Econ 281 B4...

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