final_exam_marking guide 202 11 am (Spring 2010)

final_exam_marking guide 202 11 am (Spring 2010) - Marking...

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Marking guide, final exam, Econ 202, Spring 2010 (11 am) Multiple-choice (1) d (2) b (3) c (4) d (5) a (6) a (7) c (8) e (9) b (10) d or c Short-answer (1) 20 points total (a) 5 points total 2 points: understanding that rational Zelder chooses texting if net marginal benefit exceeds that for phoning 1 more point: knowing that net marginal benefit of texting is B 2 – C 2 1 more point: knowing that net marginal benefit of phoning is B 1 – C 1 1 more point: stating specific condition: B 2 – C 2 > B 1 – C 1 (b) 5 points total 1 point: figuring out C 1 = 1(60/60) = 1 1 more point: figuring out C 2T = 5(60/60) = 5 1 more point: computing C 2 = C 2M + C 2T = .2 + 5 = 5.2 1 more point: filling in C 1 and C 2 in comparative net benefit expression: B 2 – 5.2 > B 1 – 1 1 more point: rewriting this expression to show that additional benefit of texting must exceed 4.2: B 2 – B 1 > 4.2 (c) 5 points total 1 point: figuring out C 1 = 1(240/60) = 4 1 more point: figuring out C 2T = 5(240/60) = 20 1 more point: filling in C 1 and C 2 in comparative net benefit expression: B 2 – 20.2 > B 1 – 4 1 more point: writing this comparative net benefit expression to show that additional benefit of texting must exceed 16.2: B 2 – B 1 > 16.2 1 more point: interpreting this to mean that when Zelder’s time is more costly, the advantage of texting must be larger (compared to when his time is less costly) (d) 5 points total 1 point: appreciating that efficiency means incorporating benefits and costs for whole society (Zelder and Linda)
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