Economics 304k mt1 fall 2011 white

Economics 304k mt1 fall 2011 white - Economics...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Economics 304k-Professor Sibley Midterm Exam 1-White Version October 5, 2011 Directions 1. Do not open the exam until told to do so. 2. Show all work on the exam. You will not need any paper other than the exam. 3. There are six questions, of which you must answer five. Answer ONLY five. If you answer all six, we will just grade the first five. 4. Notwithstanding the above, you MUST answer question 4. 5. Each question will be worth 20 points. Write numerical answers on the lines provided.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Suppose that A and B are substitutes, and both are normal goods. Assume that in the market for A the market supply curve is upward-sloping. Using supply- demand diagrams , show how market equilibrium price and quantity for B are affected by the following changes. a. Increase in the price of A. b. Increase in income of consumers of B. c. Cost-reducing innovation for suppliers of A. d. Increase in labor costs for sellers of A. e.
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 10

Economics 304k mt1 fall 2011 white - Economics...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online