ECON 2350 Midterm: ECON 2350 w11_f
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Ap/economics 2350 3. 0 nw & qw: intermediate microeconomic theory ii: bucovetsky time=2 hours. Part a counts for 40 percent of the grade, part b for 60 percent. Explain brie y: if a pro t maximizing single price monopoly charges a price which is 3 times as high as its marginal cost, what is its own price elasticity of demand? continued. 2: what are the quantities produced in equilibrium by two rms, producing an iden- tical homogeneous product, for which the demand function has the equation. Firms choose what quantities to produce, with the price determined as the market clearing price for the overall quantity produced. R t mt mb b (0, 0) (0, 0) (0, 0) (0, 0) (0, 0) (1, 1) (0, 2) (0, 2) (0, 0) (2, 0) (1, 1) (0, 2) (0, 0) (2, 0) (2, 0) (0, 0) continued. 2 ) is person a"s consumption bundle, and (x1.
