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Natural Resource Economics

by: Bridie Batz

Natural Resource Economics ECON 4535

Bridie Batz

GPA 3.53

William Mertens

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William Mertens
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This 2 page Study Guide was uploaded by Bridie Batz on Friday October 30, 2015. The Study Guide belongs to ECON 4535 at University of Colorado at Boulder taught by William Mertens in Fall. Since its upload, it has received 149 views. For similar materials see /class/232136/econ-4535-university-of-colorado-at-boulder in Economcs at University of Colorado at Boulder.


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Date Created: 10/30/15
Economics 4535 Exam 1 sample questions Some answers I will generally start with 3 7 5 TF questions followed by 10 7 15 multiple choice problems 2 7 4 short answer problems and finish with l 7 2 longer problems Obviously not every subject that you should study for the test is covered in these questions 7 they are just samples to give you an idea of what the test will be like Tru N 9 He Mu V 0 gt1 00 I ll have at least one multiple choice or short answer question for each journal article we read efalse NOTE if any part of the question is false the entire question is false Technological advance is the principal cause of environmental problems since new technologies are generally dirtier than those they replace False Resource tradeoffs costs and benefits are not inevitable since we normally have more of everything than we want in any event False quotPublic goods are goods having the properties of being nonexcludable and non rival True At the economist39s social optimum when externalities are internalized one would generally not expect to observe continued environmental dam ages False ltiplechoice questions choose the best answer Consumer Surplus refers to the a fact that many consumer goods are free b difference between the prices paid by consumers and the costs of producing goods c difference between the maximum amount that a consumer is willing to pay for a good and what they actually pay d excess supply that exists for most goods Any effect on a party not directly involved in the production or consumption of a good is an a externality b public good c implicit cost d explicit cost If we take into account the social costs of pollution then the market level of output is too and the market price is too a high39 high b high low c low high d low low Total benefits may also be viewed as a total willingness to pay b the area under the demand curve c the sum of marginal benefits d all of the above Shortanswer questions 7 use only the space provided Because of the space constraint graphs may be very useful for some of these questions 7 a picture can be worth a thousand words 9 Explain the difference between positive feedback loops and negative feedback loops Give an example 0 eac 10 How does ability to pay affect willingness to pay How do preferences affect ability to pay Suppose in 2008 the price ofmilk is 300 per gallon and the price rises by 10 in one month Suppose also that in 2020 the price of milk rises by 10 in one month but that the initial price of milk was 200 per gallon inflation adjusted Would you expect a greater percentage decrease in the quantity demanded of milk in 2008 or in 2020 Be sure to discuss elasticity and MB curves in your discussion Longer problems 12 Suppose shortrun total costs are given by STC ZQZ 4 Find producer surplus and profit as a function of the price and compare the two We know that P MCQ 4Q so the supply curve for a competitive rm is given by Q P4 Since this is linear we know that producer surplus 12 P P4 PzS Profits TR TC In terms of the price this is PP4 2P4z 4 PzS 4 S0 pro t equals producer surplus minus four Notice that four is just the TFC so profits PS TFC You should also be able to deal with technology issues by solving constrained maximization production problems to find factor demands and total cost functions You should be able to work with MB and MC equations of any sort and be able to solve for dynamic efficiency And don t forget about discounting PV and FV


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