Economics 2106H - Principles of Microeconomics
David B. Mustard
Grades

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Midterm #1 (2017)

Ask two questions:
    1. What did I miss?
    2. Why did I miss the question?

               Points    %         2016      2015       2012
Min.         37        52.1       55.7       49.3       66.2
Ave.          56.2     79.2      83.5       79.4       86.8
Median     56        78.9      85.7       84.0       88.7
Max.         69        97.2      100.0     98.7       100.0
Number    27        27


Grade Distribution (but refer to my comments in class)
A          > 90%         4
A-         87-89%       6      
B+        86%            1
B          80-85%       1
B-         79%            5
C+        78%            2
C          70-76%       4
C-         69%            1
D/F       52-55%       3

Midterm Notes

1. Roses (being an agricultural good) have a more inelastic supply than do chocolates. Therefore, any given increase in demand will increase rose prices more than chocholate prices.
2.
Grace did an excellent job in class answering this. If you want additional information, I am glad to go through it with you.
3.
    a. Removal of subsidy increases price to consumers, decreases price to sellers; decreases quantity
    b. W and C are substitutes. An increase in the price of C increases the D for W, which increases p and q in W market.
    c. C is an input in the production of Ethanol. If the P(Corn) increases, then the S (Ethanol) will shift back, thus increasing P(E) and decreasing Q(E).
    Note: people did much worse on this question than expected. Make sure you know how to move S and D curves, how changes in the market of one good affects the p and q for substitutes and complements. These are very fundamental concepts that one needs to know going forward.
4. People did very well on this question with most scoring between 9-12 and many 11s and 12s.
    c. Most common place for people to lose credit. They may have mentioned one cost, but there are many: (shortage, excess demand, decrease in quantity), decrease in firm profits, firms have a greater incentive to cut costs and quality of product, firms invest in less research and deveopment so fewer drugs are produced in the future, a black market may develop because people are willing to pay more for the drugs than is legally permitted, firms may divert sales to foreign markets.
    To receive full credit, you had to mention at least some of these, but you did not have to mention all of them.
 

Multiple Choice
MC: Scores    6 points   4 people
                        9 points   13 people
                       12 points   9 people
1. B
2. C
3. D
4. D. Wrong answers were: A (6), B (4), C (2). Students have varied answers on this question, so make sure you review this concept.

#4 was the only MC question that a surprisingly large # missed. Go back and work through each of the options.
    The more elastic the S curve, the more consumers benefit from the subsidy.
    The more inelastic the D curve, the more consumers benefit from the subsidy.
    See Notes: Thurs. 2/9.

Suggestions
    1. Label graphs clearly: a) Axes; b) Shifting from one equilibrium to another; c) prices and quantities on graphs
    2. Make sections of a problem consistent with one another.

++++++++++++++++++++++++++++++++

Midterm #2 (2017)

Ask two questions:
    1. What did I miss?
    2. Why did I miss the question?

               Points    %        
Min.         35        47.3     
Ave.          63.7     86.3    
Median     66        89.2    
Max.         74        100
Number    26        26

Grade Distribution (but refer to my comments in class)
A+         > 99%       4
A         90-98%       6      
A-        89%            4
B+        88%           1
B          80-87%      7
D          59-61%      2
F           47%          1

Grade Changes
    18   Increases
    8     Decreases
    Average increase = 6.3 percentage points
   
    18 Students Increased
        > 24 points       4 with highest 38.3 points
        10-19 points     8 students
        6-9 points         4 students
        3 points            2 students
    8 Students Decreased
       < 5 points       5 students
       > 14 points     3 students

Midterm Notes

See posted grades.

Midterm #1 Summary Statistics by Year
Grade
2017
2016
2015 2012
Min.
52.1
55.7
49.3
66.2
Ave.
79.2
83.5
79.4
86.8
Median
78.9
85.7
84.0
88.7
Max.
97.2
100.0
98.7
100.0

Final Grade Distribution by Year
Grade
2016
2015
2012
A+
1
1
1
A
12
12
9
A-
5
4
3
B+
2
1
13
B
6
9
1
B-
2
1

C+
3


GPA: Ave
3.45
3.56
3.50
GPA: Med
3.70
3.70


Paper #1 (2017)

Topics: most papers examined: immigration; trade barriers or health care
Some common suggestions: 1) evaluate both S & D; 2) df