# Midterm

Submitted By darlene823
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Take home portion of Mid-Term Micro Economics

Problems:

1. From the Text Chapter 3 page 53 #2

2. Use supply and demand curves to show the change in the price (up or down) of bread and the quantity sold, when these events occur: a) The population grows. b) People’s incomes fall and unemployment increases in a recession. c) The price of potatoes rises. d) The price of butter rises.

3. These are the supply and demand schedules for good X:

Quantity Quantity Price Supplied Demanded

\$10 18 3 9 16 4 8 14 5 7 12 6 6 10 7 5 8 8 4 6 9 3 4 10 2 2 11 1 0 12

a) What is the equilibrium price and quantity? At this equilibrium, what is the producer’s revenue?

b) If the government sets a price of \$8 for X, what will be the price, quantity, and revenue? Will there be a shortage or surplus of X?

4. The table shows the maximum amount of money you would be willing to pay for increasing numbers of chicken pieces at Fastfood.

Chicken Pieces Maximum Payment

1 \$2.00 2 3.80 3 5.40 4 6.80 5 8.00 6 9.00 7 9.80 8 10.40 9 10.80 10 11.00 11 11.00

a) Find the marginal utility for each chicken piece. What is the meaning of the marginal utility of the 11th piece?

b) If the price of chicken pieces is \$1.25 each, how many will you buy?

c) If the price falls to \$0.50, how many will you buy? Explain carefully why you will not buy one more.

5. If the price of whole chickens varied between \$2 and \$6, Dan and Chris would purchase the following number this year:

Dan’s Chris’ Price Quantity Quantity \$6 4 6 5 5 7…...

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