ECO 304K Study Guide - Final Guide: Inferior Good, Scantron Corporation, Junkers J.I
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ECO 304K Full Course Notes
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Read all instructions and write your name below before you start. For the short-answer questions, clearly write out your answers and show your work. Write your multiple choice answers on a scantron. Illegible answers or multiple answers will be given a zero. This exam has 25 questions, for a total of 100 points. 1. (a) (3 points) draw what happens in the market for dvds if income increases and a dvd is an inferior good. 2. (a) (3 points) draw what happens in the market for dvds the expected future price of dvds in- creases. Fall 2015: the table below gives the demand and supply schedule for tacos. Price (dollars per taco) quantity demanded quantity supplied. Fall 2015: the table below shows the total utility from the two goods tyrion likes to consume. Solution: 1 knife and 3 wines (b) (5 points) find the marginal utility per dollar for each good for the utility maximizing quantities you found above.
