Information for questions 9-16 Demand and supply are given by the two equations: QD = 100 – 20 P and QS = 80 P, respectively. Here, QD is quantity demanded, QS is quantity supplied, and P is the price. Suggestion: draw a neat figure with these two curves, and make the figure roughly on scale. Use the figure just to keep track of the numbers that you calculate, don’t read any answers off the figure. Only the exact answer is accepted, so make sure to doublecheck your calculations. Enter 0 if the answer cannot be determined from the information given.  Calculate the supply choke price.

Consider the set of assumptions on the left. We have used them in the theory of consumer choice. Each story on the right violates one of the assumptions. Notation such as (3A, 4B) denotes a consumption bundle with (3 apples, 4 bananas). Match each story with the assumption that it violates. The full text of the stories on the right is: Joanne is indifferent between (4A, 10B) and (5A, 12B), indifferent between (5A, 12B) and (6A, 8B), and indifferent between (6A, 8B) and (7A, 7B). Mary cannot rank the two consumption bundles: (3A, 4B) and (4A, 3B). That is, she cannot say if she prefers one to another, or if she is indifferent between them. Mike prefers (5A, 8B) to (6A, 6B), prefers (6A, 6B) to (7A, 4B), and prefers (7A, 4B) to (5A, 8B). Paul is indifferent between (4A, 13B) and (5A, 12B), indifferent between (5A, 12B) and (6A, 8B), and indifferent between (6A, 8B) and (7A, 7B).

Information for questions 2-8 The figure below shows supply and demand for a certain good. On the horizontal axis, the quantity Q has grid spacing of 10 units of the good. On the vertical axis, each grid spacing represents $0.5.  Adhere to the following convention, which is necessary to get exact answers: if a line (the supply curve or the demand curve) seems to cross an intersection of the grid, then by convention assume that it does. For example, the tip of the supply line seems to be at P=5, Q=160, so we’ll assume that it crosses the grid at exactly that point, that is, that when the price P=5, then the supply is Q=160, exactly. All answers are positive numbers, except (possibly) the answer to question 7. Only exact answers are accepted, so please make sure to check and doublecheck your reasoning and your calculations. If the answer cannot be obtained with the information given, enter the number 0. The government imposes a sales tax on this good of $1.50 per unit sold. Calculate the deadweight loss due to the tax.

Information for questions 2-8 The figure below shows supply and demand for a certain good. On the horizontal axis, the quantity Q has grid spacing of 10 units of the good. On the vertical axis, each grid spacing represents $0.5.  Adhere to the following convention, which is necessary to get exact answers: if a line (the supply curve or the demand curve) seems to cross an intersection of the grid, then by convention assume that it does. For example, the tip of the supply line seems to be at P=5, Q=160, so we’ll assume that it crosses the grid at exactly that point, that is, that when the price P=5, then the supply is Q=160, exactly. All answers are positive numbers, except (possibly) the answer to question 7. Only exact answers are accepted, so please make sure to check and doublecheck your reasoning and your calculations. If the answer cannot be obtained with the information given, enter the number 0. The government imposes a sales tax on this good of $1.50 per unit sold. Calculate the producer surplus, when the tax is in place.

Information for questions 17-23 The figure shows two of Zhang’s indifference curves, in green. Zhang’s income is $240. The price of good Y is kept constant throughout this problem, at $40. The price of good X goes up from $30 to $120. Four straight lines (the two solid blue and the two dashed blue lines) are shown, which should be helpful in this problem. Four consumption points, A, B, C, and D, are also shown as dots, and labeled for the units of good X and good Y that they represent. For example, A=(2.4,5) means “consumption point A, with 2.4 units of X and 5 units of Y,” and analogously for all other points shown. All four points are points of tangency between one indifference curve and one of the straight lines. Only exact answer is accepted, so make sure to double check your reasoning and calculations. Enter 0 if the answer cannot be obtained from the information given. Note: to get exact answers, don’t read anything off the scale of the figure. Rather, just take the point labels as given. Overall, when the price of good X increases, what will happen to Zhang’s utility?

Problem 3 –  Conversion (Box Method) (10 Points) Conversions: Use the given conversion table to determine the how many Muon are equivalent to 67 Ijomes. Hint: Use the box method to determine the quantity needed.    Conversions 0.24 Dibsons   = 0.09 TT 1.82 Leptons = 4.16 Muons 12TT = 0.17 Captills 3.12 Ijomes = 1.09 Dibsons 9.32 Captills = 3.02 Leptons    Answer 67 Ijome = _______________________ Muon

Problem #4 – Algebra (15 points) Algebra: Given the equation and table of values below, determine the value of B, and  the units of B.     A = B (C-D) + 0.5 E (C-D)2    Table of Values A = 3.5 radians C = 3.2 seconds D = 14 seconds E = 0.83 radians/second2   Answer(s): Numerical value of B = _______________________    Units of B = _______________________

Write the equation of a sine function that has the given characteristics: Amplitude: 3 Period:    

a) Find the amplitude and period of the function

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