Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. _ 1. The collapse of communism in the Soviet Union and Eastern Europe took place mainly in the a. 1960s. b. 1970s. c. 1980s. d
Name: _ Class: _ Date: _
Econ 20A - Final Exam - Summer 2007
Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. _ 1. Which of the following best describes the economy's stock of equipment and
Winter 2007 Answers to Final Examination
1. (10 points) Consider a firm which can practice perfect price discrimination. Government imposes a tax of $10 per unit, nominally paid by the seller. Before the tax was imposed, Smith paid a
Winter 2007 Answers to Midterm Examination
1. Suppose that in the year 2010 the number of births is temporarily high. Hoes does this baby boom affect the price of baby-sitting services in 2015 and in 2025? [Hint: 5-year olds need baby
Economics 20A Quiz #6 Answers
1. Explain why an oligopolist will never produce a quantity at which at which its marginal revenue is negative. ANSWER: A firm maximizes profit where marginal cost equals marginal revenue. Marginal cost is
Economics 20A Quiz #5 Please answer both questions. Be sure to explain your answers. Good luck!
1. In the diagram below, show the area representing consumer surplus when the monopolist chooses the profit-maximizing output.
ANSWER: The firm max
Economics 20A Answers to Quiz #4 Please answer both questions. Be sure to explain your answers. Good luck!
1. A firms average total cost at output 10 is $12 per unit. Its average total cost at output 11 is $13 per unit. Give the lowest
Economics 20A Quiz #3
1. (10 points) Susan wants to start her own business, which would require her to buy a factory that costs $400,000. Susan currently has $500,000 in the bank earning 3 percent interest per year. If she buys the fact
Economics 20A Answers to Quiz #2
1. Consider the figure below. At what price ($15, $20, $25, $30, or $35) would there be an excess demand amounting to 200 units of the good?
ANSWER: At a price of 20 the quantity demanded is 500 and the
Economics 20A Answers to Quiz 1
1. (10 points) Good A is a substitute for good B. How does a decrease in the supply of good A affect demand for good B? ANSWER: A decrease in the supply of good A increases the market price of good A. Sin