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Information for questions 9-16 Demand and supply are given by the two equations: QD = 100 – 20 P and QS = 80 P, respectively. Here, QD is quantity demanded, QS is quantity supplied, and P is the price. Suggestion: draw a neat figure with these two curves, and make the figure roughly on scale. Use the figure just to keep track of the numbers that you calculate, don’t read any answers off the figure. Only the exact answer is accepted, so make sure to doublecheck your calculations. Enter 0 if the answer cannot be determined from the information given.  Calculate the demand choke price.

Information for questions 2-8 The figure below shows supply and demand for a certain good. On the horizontal axis, the quantity Q has grid spacing of 10 units of the good. On the vertical axis, each grid spacing represents $0.5.  Adhere to the following convention, which is necessary to get exact answers: if a line (the supply curve or the demand curve) seems to cross an intersection of the grid, then by convention assume that it does. For example, the tip of the supply line seems to be at P=5, Q=160, so we’ll assume that it crosses the grid at exactly that point, that is, that when the price P=5, then the supply is Q=160, exactly. All answers are positive numbers, except (possibly) the answer to question 7. Only exact answers are accepted, so please make sure to check and doublecheck your reasoning and your calculations. If the answer cannot be obtained with the information given, enter the number 0. The government imposes a sales tax on this good of $1.50 per unit sold. Calculate the deadweight loss due to the tax.

Information for questions 17-23 The figure shows two of Zhang’s indifference curves, in green. Zhang’s income is $240. The price of good Y is kept constant throughout this problem, at $40. The price of good X goes up from $30 to $120. Four straight lines (the two solid blue and the two dashed blue lines) are shown, which should be helpful in this problem. Four consumption points, A, B, C, and D, are also shown as dots, and labeled for the units of good X and good Y that they represent. For example, A=(2.4,5) means “consumption point A, with 2.4 units of X and 5 units of Y,” and analogously for all other points shown. All four points are points of tangency between one indifference curve and one of the straight lines. Only exact answer is accepted, so make sure to double check your reasoning and calculations. Enter 0 if the answer cannot be obtained from the information given. Note: to get exact answers, don’t read anything off the scale of the figure. Rather, just take the point labels as given. Suppose that you trace a curve through dots B, C, and other dots similar to B and C, for other price changes (but not through dots like A or D). The resulting curve would be

4 (6 pts). Suppose a person is paid $75 after working 6 hours for a job. (a) How much will the person earn for 11 hours? (b) How many hours are needed for the person to earn $400?   5 (6 pts). Determine which one is cheaper: A 18-ounce bottle of orange juice at $3.59 or a 14-ounce bottle at $2.95.   6 (6 pts). Suppose a car uses 5.4 gallons of gas travelling 150 miles. At the same rate, how many gallons would it use on a trip of 200 miles.

Information for questions 17-23 The figure shows two of Zhang’s indifference curves, in green. Zhang’s income is $240. The price of good Y is kept constant throughout this problem, at $40. The price of good X goes up from $30 to $120. Four straight lines (the two solid blue and the two dashed blue lines) are shown, which should be helpful in this problem. Four consumption points, A, B, C, and D, are also shown as dots, and labeled for the units of good X and good Y that they represent. For example, A=(2.4,5) means “consumption point A, with 2.4 units of X and 5 units of Y,” and analogously for all other points shown. All four points are points of tangency between one indifference curve and one of the straight lines. Only exact answer is accepted, so make sure to double check your reasoning and calculations. Enter 0 if the answer cannot be obtained from the information given. Note: to get exact answers, don’t read anything off the scale of the figure. Rather, just take the point labels as given. Overall, when the price of good X increases, what will happen to Zhang’s utility?

13 (6 pts). Open the following graph: graph13.docx (a) What is the area of the Triangle as a percentage of the Octagon? (b) What is the area of the Rectangle as a percentage of the Octagon?   14 (6 pts). A person deposits $2000 in a bank account. If the bank pays the rate of 6.5% interest compounded annually, how much will the account be worth after 6 years?   15 (8 pts). Let x be the age of Bernie. Form algebraic expressions for the following: (a) Bernie’s age in six years. (b) Bernie’s age four years ago. (c) The age of Bernie’s little brother, who is half of Bernie’s age. (d) The age of Bernie’s father, who is three times of Bernie’s age.

Use the periodic and even-odd properties or reference angle to find the exact value of each expression. Do NOT use a calculator! Show our work! Answers without necessary work are not given full credit! a)

Problem #5 (7.5 Points) Given the moment at point O is -4000 lb-in. and the force at point B is provided, determine the distance d and the distance OB.       Distance d = _________________________in.   Distance OB = ________________________in.

Area (A) = _________________________in2.    

Perimeter (P) = _________________________ in.