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sample-midterm-2

sample-midterm-2 - Note on this sample midterm don't worry...

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Note: on this sample midterm, don’t worry about answering questions: Part II, question 3 (c) Part IV, question 4 (b) 1
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Midterm Econ 115a October 15, 2003 Follow all instructions carefully. There are 4 sections to the exam. Think before writing; be brief and concise. Do explain your answers and graphs, but excess verbiage will not be rewarded. Some questions are harder than others. If a question seems too hard, move on to another one and then return to the harder questions later. Do not panic, the exam will be curved. No books, no notes, no calculators. There are 72 points on the exam, so you should take about one minute per point, leaving a few minutes to read instructions and proofread your answers. Unless indicated otherwise, all questions refer to perfectly competitive markets and all changes are short-run. You should explain each answer clearly and concisely. All graphs should be labeled and reasons should be given for each answer. On each bluebook you use, write your name, your Teaching Fellows name and the exam section number. NO SECTIONS THIS WEEK! 2
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Part I Answer this section in a SEPARATE BLUE BOOK labeled “Part I”. Both print and sign your name and your teaching fellow’s name on the bluebook. Be sure to explain each answer, clearly and briefly. This section has 18 points total. 1. (9 points total) Consider the market for corn, which is perfectly competitive. (a) (2 points) Suppose that a new kind of seed allows farmers to grow more corn using the same land, fertilizer and other inputs. Graph the effect on price and quantity of this change.
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