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Midterm II--Answer Key for Practice Exam #1

Multiple choice answers

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

Problem section

Q LMC LTC LATC
0   18 XXX
  1    
1   19 19
  3    
2   22 11
  5    
3   27 9
  9    
4   36 9
  14    
5   50 10
  16    
6   66 11

 

Midtm2-F93-Fig1.gif (9416 bytes)

At P = 10, Q = 4.
At P = 15, Q = 5.
Supply elasticity = 5/9.
LR equilibrium P = 9.