Economics Exam Worksheet With Answers - Second Midterm (Version B) Page 2
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17A) bundles D, E and F
B) bundles E, F and G
C) bundle B
D) bundle G
2. (variation on old question) When the price of a Lady Gaga concert ticket in Boulder is
$100 per seat, the ticket office can sell 10,000 tickets. When the price of a ticket is $150
per seat, they can sell 6,000 tickets. Which of the following statements is true?
A) The demand for this ticket is price inelastic, so an increase in the price of the ticket
will decrease the total revenue of the ticket seller.
B) The demand for this ticket is price elastic, so an increase in the price of the ticket will
decrease the total revenue of the ticket seller.
C) The demand for this ticket is elastic, so an increase in the price of the ticket will
increase the total revenue of the ticket seller.
D) The demand for this ticket is price inelastic, so an increase in the price of the ticket
will increase the total revenue of the ticket seller.
3. To produce X widgets a firm must choose an input combination that is on the isoquant for
X widgets.
A) True
B) False
Version B
Page 2
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