ECON 20A Midterm: ECON20A Exam 2 2013 Fall
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Instructions: choose the best answer for each question. Mark your answers on this exam and on your scantron sheet. You may not use any outside materials: calculators, smartphones, scratch paper, etc. There are 40 questions: suppose that an increase in the price of widgets from to per widget increases the quantity of. Using the midpoint method, what is the elasticity of supply of widgets? (a) 3. 5 (b) 3 (c) 2. 67 (d) 0. 25: suppose that anti-smoking campaigns convince a large number of people to quit smoking. The following table re ects the willingness of earl, mooch, ozzie, and shnelly to pay for di erent quantities of milkhakes. For example, after consuming 2 milkshakes, earl would be wiling to pay for a third milkshake. Use the following information to answer the next 5 questions. The below diagram represents the market for boxes of cereal. The diagram below re ects supply and demand in the market for gadgets.
