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Econ 110 (L3) Midterm Test
Part My spouse and i: Multiple Choice Questions – 50%
Part II: Article Questions – 50%
Question 1 (15%)
a) A professor wish to have all students attending classes and have every question answered in class, than to give extra office hours to answer these questions raised by individual students. Explain his explanation based on monetary theory you could have learned.
MC of lecturing an extra college student is almost 0 during normal lecture several hours but can be much higher in the event that each scholar is managed separately during office several hours.
b) It really is mentioned in the lecture that a reasonable and randomly assignment of " A”s to students is usually not really allocative effective. Do you think there may be any exemption to this declaration?
Yes. With luck, the random project can still have the ability to students lined up according to their MB, from high to low. Offering " A”s to those previously mentioned MC remains to be allocative successful.
Question two (20%)
Suppose you is surely an aide (assistant) to a U. S. Senator who is worried about the impact of any recently proposed excise taxes on the wellbeing of her constituents. You explained to the Senator that one way of calculating the impact onto her constituents is to determine how the tax alter affects the degree of consumer extra enjoyed by constituents. Depending on your quarrels, you receive the approval to carry out a formal analysis, and obtain the following estimates of demand and provide: [pic] and [pic]#@@#@!!.
a) Graph the supply and require curves.
b) What are the equilibrium quantity and sense of balance price?
c) How much consumer surplus is available in this industry?
d) If a $2 bar tax can be levied within this good, what will happen to the equilibrium price and quantity? e) What will the customer surplus be after the tax?
a. See Figure 2-17.
b. Sense of balance quantity and price happen to be 100 models and $80, respectively. c. Consumer excessive = 1/2(100 - 80) x (100) = $1, 000.
deb. Note that ahead of the excise tax, the...