Average and Marginal Cost Exam
format:exam will have 10 multiple choice , two short answer. attachment is the material and instruction.multiple choice question will similar to the quiz questions.and the short answer will similar to assignment.Please check the attachment , make sure you are familiar with that material and have the ability to handle this.
time:could complete the Midterm Exam anytime between Friday (6/19) to Sunday (6/21).new York time zone.a time limit of 1 hour
Professor Tianxu Chen
Assignment 1 Solutions
1. FGS 2.3
a. Increase in supply leads to lower equilibrium price and higher equilibrium quantity.
b. Same as (a).
c. Decrease in demand leads to lower equilibrium price and lower equilibrium quantity.
d. No effect on equilibrium price and quantity, but if the ceiling price is below the equilibrium price there will be excess demand.
