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Miderm Examination II.pdf

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Department
Economics
Course
ECON 2020
Professor
C I Wen
Semester
Fall

Description
1Miderm Examination II ECON 2020E Intermediate MicroeconomicsMarket structure and producers InstructorWen CiNov 22 2012Instructions 1 You must answer all the questions 2 The exam will last for 25 hours 3 Please write your answers on the booklets clearly 4 There are 3 pages of the exam Question 1 multiple choice questions Each 2 points 1 At the current level of output a firms marginal cost equal 16 and marginal revenue equals 10 The firmsA is producing the profitmaximizing amount B should produce more C should produce less D Not enough information2 If the inverse demand curve a monopoly faces is p1002Q then profit maximization A is achieved when 25 units are produced B is achieved by setting price equal to 25 C is ac
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