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Diane Flaherty
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Economics 103 Fall 2012: Short answer/graphing review questions for first midterm. Additional practice questions are in the text within and at the end of each chapter. Midterm is in class on Wednesday, October 10. Bring #2 pencil and a calculator. No telephone -based calculators are allowed. Make sure in your answers that you identify all axes, curves and original and new points of equilibrium and all other relevant points. !” #$%&'()*+,*-(+*(./'(-.”0(+*&)-.$1(2′.(%*(%2$”3’*.(4,$(%**)%0(5%2′( +*6$’%-‘-“(( 7.(./'(-%3′(.+3’8(6,%08(%*(+*9).(.,(-.”08(+-(3%&'(3,$'(‘:9’*-+;'( $%5(,*(%(2$%9/(%*&(‘:90%+*(+*(5,$&-(5/%.( /%99’*-(.,(./'(3%$=’.(‘?)+0+<$+)3(9$+6'(%*&(?)%*.+.1(,4(-.''0(,*6'(./'-'(.5,( 6/%*2'-(/%;'(/%99'*'&"(!@" #/'(9$+6'(,4(6%$ (,+0(4+0.'$-($+-'-"((A:90%+*(+*(5,$&-(%*&(-/,5(,*(%(2$%9/(5/%.( /%99'*-(+*(./'(3%$='.(4,$(6%$(,+0" (!B" CD%–($%+-'-(+.-(.)+.+,*(-,(./'(+*6,3'(-.)&'*.-(6%*(-9'*&(,*(9+EE%(4%00-"(( F/,5(,*(%(2$%9/(%*&(':90%+*(+*(5,$&-(5/%.(/%99'*-(+*(./'(9+EE%(3%$='."(( (!G" H,)(5%=' ()9(./+-(3,$*+*2(.,($'%&(+*(./'(I,00'2+%*(./%.(-)2%$(/'09-(./'($%5(%*&(‘:90%+*(+*(5,$&-(./'(-/%9′(,4(./'(4,00,5+*2(&’3%*&(6)$;’-K(( 9’$4’6.01(‘0%-.+68(9’$4’6.01(+*’0%-.+6(%*&()*+.%$1(‘0%-.+6″ (!L” >’3,*-.$%.'(,*(%(2$%9/(%*&(‘:90%+*(+*(5,$&-(M3%=+*2($’4’$’*6′(.,(./'( ‘0%-.+6+.1(4,$3)0%N(5/1(‘0%-.+6+.1(,4(&’3%*&(;%$+’-(%0,*2(%(-.$%+2/.(0+*'( &’3%*&(6)$;'” (!O” >’3,*-.$%.'(,*(%(2$%9/(%*&(‘:90%+*(+*(5, $&-(./'(&’%&5’+2/.(0,–(./%.( 5,)0&(,66)$(+4(6,*-.$)6.+,*(,4(*’5($’*.%0()*+.-(5%-(9$,/+<+.'&(+*(73/'$-."(( P'(-)$'(.,(':90%+*(5/'$'(./'(9,+*.(,4('44+6+'*61(+-(%*&(5/1(%4.'$(./'( 9$,/+<+.+,*(./'(*'5(,).9).(0';'0(5,)0&(<'(+*'44+6+'*." (!Q" #/'(6$,–('0%-.+6+.1(,4(& '3%*&(4,$(.5,(2,,&-(+-(2$'%.'$(./%*(E'$,"((A:90%+*( 5/%.(./'($'0%.+,*-/+9(+-(<'.5''*(./'-'(.5,(2,,&-(%*&(&$%5(,*(%(2$%9/(5/%.(
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