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Past Exam for ECON 306 - INTERMED MICROECON THRY at Maryland (UMD)

Exam Information

Material Type:Mid-Term
Professor:Staff
Class:ECON 306 - INTERMED MICROECON THRY
Subject:Economics
University:University of Maryland
Term:Fall 2007
Keywords:
  • Beauty Salon
  • Advocacy Group
  • Fair Insurance
  • Consumption
  • Calculators
  • Combination
  • Substitution
  • (to/for) Him/it
  • Preferences
  • Budget Line
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Sample Document Text

Econ306-Intermediate Microeconomics Fall 2007 Midterm exam The exam consists of 5 questions and one bonus questions. There is also one extra credit part in question 3. If you have the time, you can attempt the bonus questions and earn extra credit. The duration of the exam is 75 minutes. DO NOT OPEN the exams until you are told to do so and STOP writing when you are told that the exam is over. Failure to comply will result in a 10% loss in the grade. Do not forget to write (and bubble) your name and university ID number on the scantron. NO PROGRAMMABLE OR FINANCIAL CALCULATORS ARE ALLOWED. Only simple or scientific calculators can be used. GOOD LUCK! Question 1 Perry lives on avocado and beans. The price of avocados is $10, the price of beans is $5, and his income is $40. (i) Show Perry's budget line on a graph with avocados on the horizontal axis and beans on the vertical axis. Calculate the intercepts with the two axes and the slope of the budget line. (ii) Draw another budget line showin...

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