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Midterm I--Answer Key for Practice Exam #1

Multiple choice answers

  1.e   6.a 11.e 16.d 21.b
  2.d   7.e 12.e 17.c 22.d
  3.a   8.a 13.b 18.d 23.a
  4.d   9.c 14.b 19.a 24.e
  5.b 10.e 15.e 20.e 25.d

Problem section

  1. and  2.  See figure:
Midtm1-F91-Fig1.gif (6576 bytes)
  1. Price at E = 5
    Quantity at E = 5
  2. Demand elasticity at E (point method) = -1
  3. Consumer surplus at E = 12.5
  4. Price at E' = 3
    Quantity at E' = 7
  5. Demand elasticity at E' (point method) = -3/7
  6. Consumer surplus at E' = 24.5
    Change in consumer surplus = 12