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Past Exam for ECON 3070 - Intermediate Microeconomic Theory at Colorado (CU)

Exam Information

Material Type:Final
Professor:Staff
Class:ECON 3070 - Intermediate Microeconomic Theory
Subject:Economics
University:University of Colorado - Boulder
Term:Fall 2007
Keywords:
  • Competitive Market Equilibrium
  • Unauthorized
  • Either...or
  • Competitive Market
  • Consumer Choice
  • Change in Demand
  • Market Equilibrium
  • Organization
  • Allocations
  • Interaction
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Sample Document Text

Econ 3070-004 Intermediate Microeconomic Theory Final Exam Fall 2007 Time: 2.5 hr 30 percent of overall grade. Please prove and interpret your answers December 12, 2007 NAME: Signature DATE: Honor code. On my honor, as a University of Colorado at Boulder stu- dent, I have neither given nor received unauthorized assistance on this work. 1 Question 1 The long run cost function for a typical firm in a competitive industry is given by TC(q)=100.5q?q 2 +.5q 3 1. Calculate the firm's shutdown price. Depict marginal and average cost. Explain your answer. 2. How many units of output will each firm produce in the long run? Why? 3. What is the equation of the long-run industry supply? Explain your answer and illustrate it with a graph. 4. Assume the market demand for the industry product is Q(P) = 5000?P How many firms will the industry have in the long run? What is the price that will prevail in the market? Draw the market equilibrium diagram to illustrate your answer. 5. Assume more co...

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