I will NOT use any resources, other than my brain, to answer the questions. Touching a phone, book, notes, internet, etc during the exam will result in an automatic zero for the exam and the course.  If I choose to have a piece of scratch paper for my exam, I must show that it is a single page and that both sides are blank before beginning exam. If I write anything down, I must show the camera (up close) the scratch paper at the end of the exam. 

The instructor will review this Honorlock video and leave feedback on this question in the form of a rubric and a comment.  In the box, the student must type: “I will look for and read all feedback. I understand that I may need to repeat this quiz numerous times until I am able to follow all policies.”   Failure to retake and/or earn a passing score will prevent you from taking the first exam, and any following exams until you are able to pass. 

There are two different suppliers in the smartphone market: Apple and Samsung, each offering distinct products. While the two products are substitutes, they are not perfect substitutes. The original demand equation for Apple is as follows: Suddenly, consumer loyalty to Apple smartphones has increased. Given this change, how should the demand equation be revised to better reflect the market?

Suppose there are two firms in the market. Two firms supply identical(homogeneous) goods by choosing the quantities simultaneously. They have identical technology to supply the goods; where they cost to produce each unit and there is no fixed cost. The market demand is where .  a)  (3 points) Set up the profit maximization for two firms. Denote each firm as . b) (6 points) Derive market price and market quantity. Now, firm 1’s technology has improved so that they can produce twice as efficiently as before.  c) (3 points) Set up the profit maximization for firm 1. d)  (6 points) Again, derive the market price and two firms’ quantities. e) (5 points) Explain whether consumers benefit from the technological advance in two aspects: Price and Quantity.   Hint: You do not need to calculate the surplus explicitly.

In the market, two firms, leader and follower, produce identical goods. In the time , the leader chooses the quantity. In the time , the follower observes the leader’s quantity and chooses its quantity.  Two firms have the cost functions as and . The inverse demand function is . a)  (2 points) Illustrate how to solve the model. Include the words first step and second step. b) (6 points) Set up and solve the firm’s problem that you illustrated as a first step profit maximization problem in a). c)  (8 points) Set up and solve the firm’s problem that you illustrated as a second step profit maximization problem in a). d) (4 points) Derive the market prices and two firms’ quantities.

The monopoly market is always making less welfare compared to the perfect competition market. 

Which of the following would NOT be a symptom of mild organophosphate poisoning?

Use the Factor Therorem and synthetic division to solve the problem.Solve the equation 3×3 – 34×2 + 81x + 70 = 0 given that x-5 is a factor of .

This pesticide was used to control malaria in World War II, it was banned from use on crops in the US in 1972.

This type of radiation can be stopped by a sheet of paper, but if it enters the body can cause adverse effects?