Temple University
Department of Economics

Principles of Microeconomics
Econ 52 Section 701

Introduction

Directions: Enter your name.  You must answer every question.  When you are done just press the submit button at the bottom.

Name   KEY

  1. In setting the tolls for the Ben Franklin Bridge the Delaware River Port Authority should not take into account
    the original cost of building the bridge
    its replacement cost
    the value of time lost due to traffic congestion
    operation and maintenance costs
     
  2. Refer to the following graph



    a. What is the value of the vertical intercept? 75
    b. What is the value of the horizontal intercept? 25
    c. What is the slope of the line? -3
     
  3.  Refer to the following graph



    a. What is the vertical intercept? -10
    b. What is the horizontal intercept? 5
    c. What is the slope of the line? 2
     
  4. Refer to the following graph



    a. What is being measured on the horizontal axis? quantity
    b. What is being measured on the vertical axis? revenue
    c. The line is  concave convex. concave
    d. For what quantity does revenue reach its maximum? 10

     
  5. The following pairs of numbers all lie along the same line in the X-Y plane.

    6. X

    Y

    10

    15

    20

    45

     

    From the numbers find
    the slope of the line:   3
    the intercept of the line:   -15
     

  6. What is the slope of the line given by P=100+3Q?   3
     
  7. Does the line P=50-6Q slope
    Up and to the right
    Down and to the right
    8.  
  8. The relationship is P = 30 - 5Q.  Solve the equation for Q in terms of P.  Write your answer below:
Left hand side variable   New intercept   New slope Right hand side variable
Q

=

 6

+

 - 1/5 P


 9. Two equations describe the relationship between P and Q.  They are

P = 30 - 5 Q   and    P = 4 + 5 Q .

Solve the pair of equations for P and Q.

P =   17  Q = 2.6