Econ 302 Exam 2 McLeod Name (please print): __________________________________________________________ Penn State ID #: __________________________________________________________ Please write all answers in the spaces provided. Please show your work in order to receive any partial credit on this exam. 1. (16 points) Suppose a firm has a production function given by Q = L1/2K1/2. Therefore
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students must be registered in the same class. Names (as they appear on moodle) must be in alphabetical order on the cover page (last names first). Graded work will be available for pick-up beginning on the afternoon of Friday October 17 in the Econ Distribution Center‚ Dunning Hall Room 334. You will require your student card. This assignment covers material from Chapters 1‚ 2‚ 33 (pgs 823-835)‚ and 3 of the text. True‚ False‚ or Uncertain [48 marks - 6 marks each] Explain why
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HW 1 International Economics‚ ECON 630 Due on Wednesday‚ July 2 @ 11:00pm PT (Total 50 points) 1. Why did the Mercantilists consider holdings of precious metals so important to nation-state building? (6 points) Wealth was viewed as synonymous with holdings of precious metals. Nation-states wished to become wealthy and this meant obtaining large holdings of precious metals. It is also argued by some that the shortage of coinage constrained the growth of these nation-sates and that precious
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This archive file of MTH 213 Week 1 Individual Assignment Text Problems consists of: Evaluation 1-1B Exercises 3‚ 7‚ 11‚ 13‚ 14 Evaluation 1-2B 2‚ 3‚ 17 Evaluation 1-3B Mathematical Connections 1-3 General Questions - General General Questions Complete the following problems from Ch. 1 of the text. Be sure to show your work for each problem. · Assessment 1-1B:: Exercises 3‚ 7‚ 11‚ 13‚ 14 · Assessment 1-2B: Exercises 2‚ 3‚ 17 · Assessment 1-3B: Exercises 8‚ 13‚ 14b Mathematical
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ECON 1003 Review Paper Dec 2014 1. a. For what values of t is t 2 < 8t + 48 t 2 − 8t − 48 < 0 Consider t 2 − 8t − 48 = 0 (t − 12)(t + 4) = 0 t = −4 or t = 12 When t = −5‚ (t − 12)(t + 4) = 17 which is greater than zero t < −4 is not is the solution set When t = 13‚ (t − 12)(t + 4) = 17 which is greater than zero t < 12 is not is the solution set The boundart point t = −4 and t = 12 are not set Hence the solution is − 4 < t < 12 b. If the sum of n consecutive terms in an AP is 56‚ when the first
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Supply vs Demand of Coffee and the Reasons for Starbucks’ Success Daria Lexi Gabai ECON 101 American Public University Systems Professor Medani Adhikari Coffee has historically been one of the most favorite beverages available. Almost every country in the world consumes coffee in some shape‚ way or form. Interest in this drink has increased even more over the last century. According to Talbot (2004)‚ from 1970 to 2000 coffee was “the second most valuable commodity exported by developing countries"
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ECON 304 HOMEWORK # 5 due: June 14 in class 1. Numerical exercise # 6‚ Chapter 7‚ page 273‚ Abel & Bernanke a. We know that ηy = 2/3 and ηi = −0.1. ∆Y /Y = 0.045 = 4.5% ∆i/i = 0 πe = 0 Hence‚ if the central bank wants zero inflation over the next year‚ it should choose a growth rate of nominal money supply such that: ∆M ∆Y = ηy = 2/3 ∗ 0.045 = 0.03 = 3% M Y b. Velocity is defined as: V = Nominal GDP PY = Nominal Money Stock M Hence: ∆P ∆Y ∆M ∆V = + − V P Y M If the central bank follows the
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Perfect Competition: 1. Same product + No barriers to entry + No NPCF easy to switch. 2. Increase P slightly above market P‚ no sales demand is perfectly elastic. 3. D curve is horizontal at the P determined by the intersection of market S&D curves Profit Maximzing decision 1. Since MR=MC 2. Set P (price) = MC 3. MR curve = Demand curve 4. Firms can sell all they want at this market price Q* is the profit maximizing level of output. 1.For output < Q*‚ P < MC. Increase output
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Econ 101 practice question for Exam 1 (answer key at the end) 1. Each month Jacquelyn spends exactly $50 on ice cream regardless of the price. Jacquelyn’s price elasticity of demand for ice cream is: A) zero. B) one. C) greater than one. D) less than one‚ but greater than zero. 2. Egg producers know that the elasticity of demand for eggs is 0.1. The hens went crazy and laid 5% more eggs than usual. To sell all those additional eggs‚ they will have to lower price by: A) B) C) D) 0
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Chapter 3 Quiz Your response has been submitted successfully. Points Awarded 13 Points Missed 17 Percentage 43% 1. What happens in the market for wheat when dry winter weather causes a poor harvest? A. The supply of wheat decreases and the demand remains unchanged. B. The demand for wheat increases and the supply decreases. C. The demand for wheat increases and the supply remains unchanged. D. The demand for wheat decreases and the supply increases. Incorrect! The supply
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