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

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NAME:

UCSD PIID:

Problem Set 1

Econ 132, WI19

INSTRUCTIONS: Use provided answer sheets for final answers. Attach extra pages to

show intermediate work as needed. Please highlight your final answers whenever possible.

1.

(a)

(b)

(c)

(d)

(e)

2.

3.

(a)

(b)

(c)

(d)

4.

(a)

(b)

1.

2.

3.

(c)

2

(d)

(e)

1.

2.

3.

4.

5.

5.

(a)

(b)

1.

2.

3.

(c)

(d)

(e)

## Document Summary

Instructions: use provided answer sheets for final answers. Attach extra pages to show intermediate work as needed. Please highlight your final answers whenever possible. (a) (b) (c) (d) (e) (a) (b) (c) (d) (a) (b) (c) (d) (e) 1. (a) (b) 1. (c) (d) (e) The indian river power plant in florida uses 8,000 btu of energy to generate each kilowatt hour of electricity. If i get a raise to per month, and my gas consumption increases to 60 gallons, what is my income elasticity of demand for gasoline: uranium mine extraction (10 points) The owner would therefore like to extract all the uranium ore by the end of the second year. There are 60 tons of uranium ore in the ground. The price this year is a ton and the price next year is known to be a ton. The cost of mining is given by the following function: c(qi) = 25 + 4. 5qi + . 1q2.