Sample Final S12010 - THE UNIVERSITY OF NEW SOUTH WALES...

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THE UNIVERSITY OF NEW SOUTH WALES SCHOOL OF ECONOMICS SESSION 1, 2010 ECON1101 MICROECONOMICS I Sample FINAL EXAMINATION 1. Time Allowed - 2 Hours 2. This Paper is Worth 50% of The Total Subject Mark 3. This examination paper consists of three parts – Part A, Part B and Part C 4. Part A consists of 20 multiple choice questions each worth one (1) mark. 5. Answer all the questions in Part A on the answer sheet provided, using pencil only: Print your student number, name and initials in the space provided and mark the appropriate boxes below your student number, name and initials. For each question, mark the appropriate response (a), (b), (c), or (d). Choose the most correct response to each question in Part A. There is no negative marking. 6. Part B consists of one written answer question, worth FIFTEEN (15) marks. You must answer this question. 7. Part C consists of 5 questions each worth FIFTEEN (15) marks. You must answer one (1) only of these questions. 8. Answers to questions in Part B and C must be written in ink. Pencil may be used in answers to Part B and C for drawing, sketching or graphical work only. 9. This question paper may be retained by the candidate. 10. Students may bring non-programmable hand held calculators. 11. There are twelve (12) pages in this paper
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Part A - Multiple Choice Answer all 20 questions in Part A on the answer sheet provided as per instructions on front cover. Question 1 Which of the following statements is true ? (a) A profit maximising monopolist will always set price and output at a level where demand is price elastic. (b) A profit maximising monopolist always produces where Average Revenue equals Average Cost (c) A profit maximising monopolist will, in long run equilibrium, always use a scale of plant that minimises long run Average Costs. (d) A profit maximising monopolist will always produce where marginal cost is greater than price. Question 2
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This note was uploaded on 12/31/2011 for the course ECON 1101 taught by Professor Julia during the Three '08 term at University of New South Wales.

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Sample Final S12010 - THE UNIVERSITY OF NEW SOUTH WALES...

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