ECN 1A Midterm: ECN 1A Midterm 1 Fall 2014
Document Summary
No calculators, cell phones, or other electronic aids allowed. Please check your ta and the section number you were assigned to: Write on the scantron your name (last name first), student id number, and section number. Suppose that the market for water is perfectly competitive. The correct answer here is 5, which was not listed. 12: suppose instead a tax of is imposed. Demand is described by q = 12-p, and supply by p = 3 + (q/2). The road bridge from outland to euphoria has a capacity of 20,000 cars per hour. At peak periods demand (in 000) is 100-5p, where p is the toll, always . At off peak periods demand (in 000) is 10- 320: medical doctors in the usa earn very high incomes compared to some other countries such as. Us doctors earn more because they are better trained than their canadian counterparts.
