Principles Of Economics Essay

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Student Number: ____________________ Pages: 17 Questions: 39 UNIVERSITY OF TASMANIA EXAMINATIONS FOR DEGREES AND DIPLOMAS June 2010 BEA111 PRINCIPLES OF ECONOMICS 1 Examiners: Dr Sarah Jennings Time Allowed: THREE (3) hours Instructions: • Attempt ALL Sections (A, B and C) of this paper. • Answer Section A multiple choice questions on the GENERAL PURPOSE DATA SHEET provided. Only one response is the best answer for each question in Section A, either option A, B, C or D. Fill in the circle on the GENERAL PURPOSE DATA SHEET with a 2B pencil. Indicating more than one answer will be marked as incorrect – if necessary, ask the invigilator for a fresh General Purpose Data sheet. Make certain you mark your student number on the General Purpose Data Sheet. • Sections B and C – Place your answers in the spaces provided on this paper. Be sure to read all instructions and questions carefully before answering. Answers may be in point form. Make use of graphs both where instructed and where you think they would assist your explanation. • Total marks: 100. BEA111 Principles of Economics 1 – S1, 2010 2 SECTION A Multiple Choice – NOT AVAILABLE continued… BEA111 Principles of Economics 1 – S1, 2010 3 SECTION B Attempt any FIVE (5) of the following SIX (6) questions. Answer all questions in the spaces provided. Each question worth 6 marks. Total marks for this Section: 30 Question 1 Josh has two exams to study for. He tells you that the average return, in terms of marks, to a minute spent studying will be the same for each exam, if he spends half his time studying for each. Explain to Josh why this allocation of time might not be the best possible. [6 marks] Question 2 A local restaurant currently charges $25 for its most popular dish. The elasticity of demand for the dish at this price is 0.8. If the restaurant owner is trying to

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