ECO100Y5 Study Guide - Midterm Guide: Variable Cost, Fixed Cost, Economic Surplus

• School: UTM
• Department: Economics
• Course: ECO100Y5
• Professor: Michael H O

Document Summary

Do not use red-coloured pen (this colour is reserved for the markers) and you cannot appeal any part of your answer if it is done in pencil (except the graphs). You must show the step-by-step calculations in every part of question 1 or a zero will be given. You must relate your explanation in question 2 to your graph for full marks. Only put your answers in the designated page(s) or space. Do not separate any page from this test or a 10-mark penalty will be imposed. Suppose there is only one female beauty spa in a small town serving two different groups of females with being the price and being the number of treatments for each group of females. The first group (market segment) includes females who need treatment urgently (no time to book an appointment) and their demand can be written as .