Cal Poly Pomona, EC 201 - Bruce Brown Midterm I, February 1, 2001
NAME_ (please clearly print your family name with all capital letters)
- You may write on the exam. It will be returned with the scantron forms. - You may use an ordinary language di
Cal Poly Pomona, EC 201 Principles of Microeconomics Professor Brown 1) Assume the following income tax structure (similar to table 12-3, pg. 247) INCOME: MARGINAL TAX RATE: $0 - 25,000 10% $25,000 - 50,000 20% $50,000 + 30%
Handout # 6
a) A perso
Professor Amrik Singh Dua
29 Feb 2016
1. A monopolistically competitive firm produces 100 units of output per period,
selling each unit for $75. Marginal revenue and marginal cost of the one-hundredth
unit are each $50. Average
Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. _ 1. Two goods are substitutes if a decrease in the price of one good a. decreases the demand for the other good. b.
Pricing Considerations and Approaches
The price of an executive is a _, the price of a salesperson is a _, and the
price of a worker is a _.
a. commission; wage; salary
b. wage; commission; salary
c. salary; wage; commission
Economics Chapter 2
Models in Economics
A model is any simplified representation of reality that is used to better understand real-life
o One possibility is to create a real but simplified economy.
o Another possibility is to simulate workings
Econ Chapter 5 Notes
Why Governments Control Prices
All buyers would always like to pay less if they could, and sometimes they can make a strong
moral or political case that they should pay lower prices.
Sellers, however, would always like to get more mon
Econ Chapter 6 Notes
Defining and Measuring Elasticity
Calculating the Price Elasticity of Demand
The price elasticity of demand is the ratio of the percent change in the quantity demanded to
the percent change in the price as we move along the demand cur
Econ Chapter 7
The Economics of Taxes: A Preliminary View
To understand the economics of taxes. Its helpful to look at a simple type of tax known as an
excise tax a tax charged on each unit of a good or service that is sold
The Effect of an Excise Tax on
Opportunity Cost and Choice
There are 4 basic questions that every
economic institution must answer:
What to produce?
How will it be produced and how much
will be produced?
Who will produce it?
Who will get what is produced?
No Dogs Allowed
1. What economic question(s) does this case require the town to ask? (2 points)
What would we be providing the community by building dog parks?
Would building dog parks benefit the land an
Math 12: Intermediate Algebra Instructor: Denise Gutierrez Name:_ Mar 1, 2010 Practice Exam 2 (100 pts) Show your work for full credit 1. Multiply and simplify. (9 pts total) a) ( 1 + 3i ) ( 4 6i ) ans: 14 + 18i b) (5 3i )(9 3i ) ans: 36 42i
2. Solve for
Midterm 1 Managerial Finance, FRL 300 February 1, 2010 SECTION A: Multiple Choices (1 point each) 1. Which one of the following terms is defined as a conflict of interest between the corporate shareholders and the corporate managers? A. articles of incorp
Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. Graph 3-2
These figures illustrate the production possibilities available to Tom and Nicole with 40 hours of labor. _ 1. Refe
Chapter 3 Econ
Supply and Demand: A Model of a Competitive Market
A competitive market is a market in which there are many buyers and sellers of the same good
or service, none of whom can influence the price at which the good or service is sold
Production and Costs of the Firm
Understanding the decisions of the owners
of firms, which lie behind the supply curve
Supply is the amount a firm is willing and
able to produce at different prices, ceteris
Elasticity of Demand and Supply
Price Elasticity of Demand
Elasticitcy is the measure of resposivness
Elastic demand consumers are more resposive to price change
Inelastic demand consumers are less responsive to price change
A. Price Elasticity of Deman
Perfectly Competitive Markets
Objective: To bring together the firm's costs and consumer demand, to learn
how firms decide how much to produce and what price to charge.
I. An Introduction to Perfect Competition
A. Market Structure-charateristics that help
PRACTICE MIDTERM #1
A. Multiple choice
1. Fiona buys a one-year German government bond (called a bund) for $400. She receives principal and interest
totaling $436 one year later. During the year the CPI rose from 150 to 162. The nominal
Cal Poly Pomona
Final Exam Review Question Answers
A jeans manufacturer hires workers to sew jeans in its factory and derives the
following daily yields of total product, or jeans output (in pairs):
Professor Amrik Singh Dua
20 Jan, 2016
Home work Assignment 1
1. You can read 40 pages or write 30 pages in one hour. In the same time, She can
read 35 pages or write 40 pages in the same time.
a) Who has the lower opportunity cost in readi
- Land is a resour
ce supplied by na
- Labor is the eco
nomys pool of w
orkers; - Physical
capital refers to
such as machines
and buildings; - H
uman capital ref
ers to the educati
s and skills of the
Study Guide for Exam I
1. Understand Opportunity Cost: If Jason spends $10,000 traveling the world for one year. The
opportunity cost of spending one year traveling for Jason is?
2. Understand the principles that underlie the economics of indiv
QUESTION '1 lip-Bins mum:
The two tabla Show the total utiJiti I receive from going to my favorite upscale lunchtime aaten' Dannjs and Sizzler's. My budget at ne lunnhme dining in a given month is $60. Suppose that the inial prime (Pl) ofeang
Q1 The respective payments to land, labor, capital and entrepreneurship are
rent, wage, interest, and profit
Q2 The opportunity cost of any action is the expected benefit of the best alternative not chosen.
Q3 Individuals should specialize based on compar
Introduction to Economics
In simplest terms, what is Economics?
Individuals Point of View
What is a persons most scarce resource?
What does an individual do with this
What is the individuals goal?