Econ 201 Essay

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Econ 201 Concordia University Department of Economics ECON 201 – INTRODUCTION TO MICROECONOMICS Fall 2011 COMMON FINAL EXAMINATION VERSION 2 FIRST NAME: _______________________ LAST NAME: ___________________________ STUDENT NUMBER: __________________________________________________ Please read all instructions carefully. 1. The exam consists of two parts. (i) Part I: 35 multiple-choice questions (35 marks); (ii) Part II: Choose 5 out of 6 long questions (65 marks). 2. Write your answers for the multiple-choice questions on the computer scan-sheet with a pencil. For Part II, write all your answers on this exam. Do not use additional booklets. 3. You are allowed to use a non-programmable calculator and a dictionary. You may use either pen or pencil to provide your answers for Part II. Grades: Part I: __________ Part II: __________ Total: Part I: Multiple Choice Questions. Write your answers on the computer sheet in PENCIL (Total=35 marks). 1. Dave is risk-averse while Scott is risk-neutral. Both are confronted with the following gamble: win $5,000 with the probability of 65% or lose $9,000 with a probability of 35%. One can predict that a) both will accept the gamble. b) only Scott will accept the gamble. c) only Dave will accept the gamble. d) Scott will accept and Dave may accept. 2. Suppose you are told that total costs (TC) depend on output (Q) as follows: TC = 100 + 7*Q. You can infer therefore that fixed costs are: a) $100. b) $100/Q. c) $7. d) $107. 3. The unregulated profit-maximizing monopolist will always produce: a) at that output level where total revenue is maximized. b) above

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