Econ 382, Professor Platt, BYUDecember 19th, 2008
You have 180 minutes to complete this exam. No books, notes, or other references maybe used. Simple functions on calculators may be used, but should not be needed. Rulersand colored pens or pencils are permitted. Please do not use red.The questions are arranged roughly in order of point value, with the most importantconcepts being given the highest point values. Focus on completing the highest pointquestions correctly before moving on.For particular question types, follow these instructions:1.
— For the speciﬁed environment, deﬁne the elements need for a solutionto the problem. Provide the maximization problem(s) for each agent, as well as anyadditional conditions required for equilibrium. No discussion or solution is necessary.2.
— Provide the information requested in
questions, then completelysolve the problem. Be sure to compute all variables in equilibrium (including pricesand each quantity). No discussion is necessary.3.
— Provide an appropriate graph to represent the concept requested. Thisshould be accompanied by two or three brief sentences explaining how the graphreﬂects the concept.4.
— The provided statements have errors or omissions in them. When youﬁnd an error, explain why the claim is false. If there is an omission, insert any neededconditions and explain why they are necessary. No problem should need more thantwo sentences of explanation.5.
— Succinctly analyze the provided topic. One should be able to do this inthree to four carefully thought-out sentences.1
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