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Quiz 4 for Intermediate Microeconomic Analysis | ECON 173, Quizzes of Microeconomics

Drake UniversityMicroeconomics
Prof. William M. Boal

Material Type: Quiz; Professor: Boal; Class: INTERMED MICROECON ANALYSIS; Subject: Economics; University: Drake University; Term: Spring 1997;

Typology: Quizzes

Pre 2010

Uploaded on 07/30/2009

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Intermediate Microeconomic Analysis Signature:
(Econ 173)
Printed name:
Drake University, Spring 1997
William M. Boal ID number:
QUIZ #4: February 11, 1997
INSTRUCTIONS: This quiz is closed-book, closed-notes, but calculators are permitted. Only answers in
the boxes will be graded, so feel free to use margins and back for scratch work. Point values for each
question are noted in brackets. Maximum total points are 100.
Continued on next page®
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Intermediate Microeconomic Analysis Signature: (Econ 173) Printed name: Drake University, Spring 1997 William M. Boal ID number:

QUIZ #4: February 11, 1997

INSTRUCTIONS: This quiz is closed-book, closed-notes, but calculators are permitted. Only answers in the boxes will be graded, so feel free to use margins and back for scratch work. Point values for each question are noted in brackets. Maximum total points are 100. Continued on next page®

Quiz, February 11, 1997 Page 2 of 2 (1) [Market demand: 16 pts] Suppose there are three consumers in the market, each having a demand curve:

Quiz, February 11, 1997 Page 4 of 2

. Find the equation for market demand.

Q =

(2) [Elasticity: 30 pts] For each of the following demand curves, derive expressions for the price elasticity of demand in terms of P. a.

e =

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Quiz, February 11, 1997 Page 10 of 2 [end of quiz]