PS1-Answer Key

PS1-Answer Key - Econ300 first midterm Page 2 of 6 1. The...

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Unformatted text preview: Econ300 first midterm Page 2 of 6 1. The slope of a linear function is A. The average rate of change of the function B. The derivative of the function C. The instantaneous rate of change of the function D. All of the above E. None of the above 2. Suppose you have diminishing marginal utility: each additional dollar is worth a little bit less than the dollar before. Your utility function A. is convex B. has an increasing slope C. is concave D. All of the above E. None of the above 3. The function 2 10 2 4 y x x ¡ ¢ is A. Concave B. Convex C. Linear D. All of the above E. None of the above 4. The roots of the equation 2 3 3 6 x x ¢ ¡ are A. {0, 2} B. {1, –2} C. {–1, 1} D. {–1, 2} E. None of the above 5. Consider the function 1/2 1/2 2 y K L , where y is output, K is capital and L is labor. A formula for the isoquant is A. / (4 ) L y K B. 2 / (4 ) K y L C. / (4 ) K y L D. All of the above E. None of the above Econ300 first midterm Page 3 of 6 6. How many local or global maximums does the function below have? x y A. 1 B. 2 C. 3 D. 4 E. None of the above 7. Which function is not continuous on the domain [0, f )? A. 2 2 4 y x x ¡ ¢ B. 2 ln( ) x x y e e ¢ C. 3 4 / y x x ¢ D. All of the above E. None of the above 8. The function f is convex if and only if A. f is at or below all secant lines B. the average rate of change is increasing...
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This note was uploaded on 12/04/2011 for the course ECON 300 taught by Professor Cramton during the Fall '08 term at Maryland.

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PS1-Answer Key - Econ300 first midterm Page 2 of 6 1. The...

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