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Midterm

ECON 132 Midterm: Practice Questions+Solutions for Midterm #1Exam


Department
Economics
Course Code
ECON 132
Professor
Richard Carson
Study Guide
Midterm

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Econ 132 - Problem Set 1 - Spring 2017
DUE: Tuesday, April 25th, 2017
1 Conversions
a. How many million British Thermal Units (MMBtu) are in 642 thousand cubic feet
(642 Mcf) of natural gas?
642 Mcf ×1.035 MMBtu
Mcf =664.7 MMBtu
b. How many million British Thermal Units (MMBtu) are in 16,000 pounds of coal?
16,000 pounds ×1short ton
2,000 pounds ×25.0MMBtu
1short ton =200 MMBtu
c. How many million British Thermal Units (MMBtu) are in 42 blue barrels of oil?
42 bbl ×5.8MMBtu
bbl =243.6 MMBtu
d. How many short tons of coal are equivalent in energy to 150 barrels of oil?
150 bbl ×5.8MMBtu
bbl ×1short ton
25 MMBtu =34.8 short tons
e. How many blue barrels (bbl) of oil are equivalent in heat energy content to 6 million cubic
feet (MMcf) of natural gas?
6MMcf ×1000 MCF
1MMcf ×1.035 MMBtu
Mcf ×1bbl
5.8MMBtu =1070.7 bbl
1

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2 Thermal Efficiency
a. The Sundance Generating Station in Pinal County, Arizona uses 5,250 Btu of energy to
generate each kilowatt hour of electricity. Find its thermal efficiency (round and express
as a percentage with no decimal point).
3,412 Btu/kWh
5,250 Btu/kWh = 0.65 65%
b. Mom’s Friendly Generating Station in Syracuse, NY has a thermal efficiency of 37%. How
many million cubic feet (MMcf) of natural gas are needed to generate 350 megawatt hours
of electricity?
350 MWh ×1,000 kWh
MWh ×3,412 Btu/kWh
0.37 ×1MMBtu
1,000,000 Btu ×1Mcf
1.035 MMBtu ×1MMcf
1000 Mcf
=3.1 MMcf
2

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3 Elasticities
a. (Point Elasticity) Find the point elasticity of a consumer with demand for gasoline given
by the function q= 75 5p0.5p2when the price is $3.00 per gallon.
ǫpoint =
dQ
Q
dp
p
=dQ
dp ×p
Q
p= $3
Q(p) = 75 5p0.5p2
Q(3) = 75 530.59
= 55.5
dQ
dp =5p
=8
ǫpoint =83
55.5
=0.432
b. (Arc Elasticity) Find the arc elasticity of a consumer who uses 14 gallons of gasoline per
week when the price is $3.25 per gallon, and 16 gallons of gasoline per week when the price
is $2.50 per gallon.
ǫarc =Q2Q1
0.5(Q1+Q2)P2P1
0.5(P1+P2)
=16 14
0.5(16 + 14) 2.50 3.25
0.5(3.25 + 2.50)
= 0.1333/(0.26)
=0.51
3
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