ECON 202-502, SPRING 2012
Principles of Microeconomics
Mock Exam 1 for Mid-term Exam 3
Instructor: Sung Ick Cho
1) The reason that the coffeehouse market is monopolistically competitive rather
than perfectly competitive is because
A) barriers to entry are
ECON 202-502, SPRING 2012
Principles of Microeconomics
Homework 2
Instructor: Sung Ick Cho
Figure 4-1
Figure 4-1 shows Arnold's demand curve for burritos.
1) Refer to Figure 4-1. Arnold's marginal benefit from consuming the third burrito is
A) $1.25.
B) $
ECON 202-502, SPRING 2012
Principles of Microeconomics
Homework 1
Instructor: Sung Ick Cho
1) In economics, choices must be made because we live in a world of
A) unemployment.
B) scarcity.
C) greed.
D) unlimited resources.
Answer:
B
Comment:
Recurring
Dif
ECON 202-502, SPRING 2012
Principles of Microeconomics
Mock Exam 1 for Mid-term Exam 3
Instructor: Sung Ick Cho
1) The reason that the coffeehouse market is monopolistically competitive rather
than perfectly competitive is because
A) barriers to entry are
ECON 202-502, SPRING 2012
Principles of Microeconomics
Mock Exam 2 for Mid-term Exam 3
Instructor: Sung Ick Cho
1) If a firm faces a downward-sloping demand curve,
A) the demand for its product must be inelastic.
B) it can control both price and quantity
1.Quartiles divide a distribution into four equal parts. (Points:1)
True
Question2.2.A percentile divides a distribution into one hundred equal parts. (Points:1)
True
Question3.3.Quartiles are another way to describe the central location of a distribution
1.For the normal distribution, the mean plus and minus 1.96 standard deviations will include about what percent of
the observations? (Points:2)
95%
Question2.2.For a standard normal distribution, what is the probability that z is greater than 1.75? (Point
ECON 202-502, SPRING 2012
Principles of Microeconomics
Final Exam
Instructor: Sung Ick Cho
1) Tabitha shares a flea market booth with her sister. Her share of the rent is $150
per month. She is considering moving to her own, larger booth which she will no
ECON 202-502, SPRING 2012
Principles of Microeconomics
Makeup Mid-term Exam 3
Instructor: Sung Ick Cho
Figure 12-1
1) Refer to Figure 12-1. The marginal revenue from one additional unit sold is the
sum of the gain in revenue from selling the additional un
ECON 202-502, SPRING 2012
Principles of Microeconomics
Mock Exam 2 for Mid-term Exam 2
Instructor: Sung Ick Cho
1) The price elasticity of demand for Stork ice cream is -4.
Suppose you're told that
following a price increase, quantity demanded fell by 10
ECON 202-502, SPRING 2012
Principles of Microeconomics
Mock Exam 1 for Mid-term Exam 2
Instructor: Sung Ick Cho
1) If the percentage increase in price is 15 percent and the value of the price elasticity
of demand is -3, then quantity demanded
A) will incr
ECON 202-502, SPRING 2012
Principles of Microeconomics
Mock Exam 2 for Mid-term Exam 1
Instructor: Sung Ick Cho
1) Cassie's Quilts alters, reconstructs and restores heirloom quilts. Cassie has just
spent $800 purchasing, cleaning and reconstructing an ant
ECON 202-502, SPRING 2012
Principles of Microeconomics
Mock Exam 1 for Mid-term Exam 1
Instructor: Sung Ick Cho
Scenario M1-1
Suppose a t-shirt manufacturer currently sells 5,000 t-shirts per week
and makes a profit of $10,000 per week. A manager at the p
ECON 202-502, SPRING 2012
Principles of Microeconomics
Homework 4
Instructor: Sung Ick Cho
1) Assuming a market price of $4, fill in the columns in the following table. What is
the profit-maximizing level of production? What are the two ways to determine
1.The test scores for a class of 147 students are computed. What is the location of the test score associated with the
third quartile? (Points:2)
111
Question2.2.What statistics are needed to draw a box plot? (Points:2)
Minimum, maximum, median, first and