Posted: November 17th, 2015
This exam has three sections. The possible marks for each section are indicated at the beginning of each section. You have 50 minutes to write the exam and there are 50 possible marks in total – please use your time accordingly.
Part I :The purpose of this section is to test your knowledge of the terminology we have covered in class. In each part below you are given two terms. Use the space provided todraw a diagram that illustrates the difference in meaning between the two terms. Make sure your diagram is properly labeled. No written definition is required.[5 MARKS EACH FOR A TOTAL OF 15 MARKS IN THIS SECTION]
Part II: Indicate if the following statements are true (T) or False (F) and explain your answer. No illustrations are required you may to use them if you feel they help. [5 MARKS EACH FOR A TOTAL OF 15 MARKS IN THIS SECTION]
T F
_________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
T F
_________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
T F
_________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
PART III: Answer the following two questions in the space provided. Marks are distributed as given in the question.Marks will only be given when all work is shown. Please be certain to label your diagrams carefully. [11 MARKS EACH FOR A TOTAL OF 22 FOR THIS SECTION]
Please note that when this question was given on the actual exam, students had a version with multiple indifference curves drawn on the graph.
Q
units |
TC
($) |
TVC
($) |
ATC
($) |
AVC
($) |
MC
($) |
0 | 12 | 0 | — | — | |
1 | 24 | ||||
2 | 32 | ||||
3 | 42 | ||||
4 | 60 |
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