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Midterm-ExCrdt-Spring2014

Midterm-ExCrdt-Spring2014 - UWM Econ 328 Professor Grant...

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UWM Professor Grant Econ 328 Spring 2014 NAME _____________________________ MIDTERM EXTRA: Due Tuesday, Mar 25, 2014 in class at 11a. Print and write legibly on these pages; do not include extra sheets/spacing. PART I: CIRCLE the best single answer for each problem; then legibly WRITE a sentence or two definition/justification for EACH. 1. What is the elasticity of demand for oranges (using the midpoint formula) when the price of oranges changes from $200 to $160 per bushel and causes the quantity demanded to change from 1000 to 1400 bushels? AND explain the effect. A) 1.5 B) 0.10 C) 10.0 D) 0.67 2. Hedonic valuation A) is only a measurement of the natural amenities affecting humans. B) separates and measures the value of each characteristic of a good, such as pleasure of use and functionality, on the good’s total value. C) demonstrates the substitutability of one attribute for another for houses. D) is mandatory for project analysis for government agencies, like the NSA. 3. When determining the optimal amount of pollution, we often graph units of pollution on the x-axis and prices on the y-axis. Then typically in the graph
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