F2010 MT2

F2010 MT2 - Econ 001: Midterm 2 (Dr. Spiegel) November 15,...

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Unformatted text preview: Econ 001: Midterm 2 (Dr. Spiegel) November 15, 2010 Instructions: ! This is a 60-minute examination. ! Write all answers in the blue books provided. Show all work. Use diagrams where appropriate and label all diagrams carefully. ! Write your name and your Recitation Instructor's name in every blue book that you use. ! This exam is given under the rules of Penn's Honor system. ! All blue books, blank or filled, must be handed in at the end of this exam. No blue books may be taken from the room. The Midterm has 2 parts. Part 1 consists of 4 multiple-choice questions. Please write you answers in blue book 1. Part 2 consists of 4 short answer questions. Please place your answers in three blue books according to the following instructions. Blue Book 1: MC questions and short answer question 1 Blue Book 2: Short answer question 2 Blue Book 3: Short answer questions 3 and 4 Part I: Multiple Choice Questions 4 points each/16 points total): 1. A company selling baseball caps has the following MR and MC: q 1 2 3 4 5 MR 10 9 8 7 6 MC 2 3 4 7 8 Using this information, we may assume the company: I. produces in a perfectly competitive market II. produces with a technology exhibiting diminishing marginal productivity a. only I b. only II c. Both I and II d. Neither I nor II 2. Using the information from the question above, how many baseball caps will this firm sell?...
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F2010 MT2 - Econ 001: Midterm 2 (Dr. Spiegel) November 15,...

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