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1. Professor Stern's colleague, Dr. Schmertz, gives one midterm exam and one final exam. He weights the final twice as heavily as the midterm to determine the course grade. No grades can be dropped. If the midterm score is represented on the horizontal axis and the final score on the vertical axis, and if a student in Dr. Schmertz's class cares only about her course grade, her indifference curve is
(a) a line with slope -2.
(b) a line with slope -1.
(c) a line with slope -0:5.
(d) L-shaped with the kink at (x; 2x).
(e) L-shaped with the kink at (2x; x).
2. Manuel consumes only apples and bananas. He prefers more apples to less, but he gets tired of bananas. If he consumes fewer than 17 bananas per week, he thinks that one banana is a perfect substitute for one apple. But you would have to pay him one apple for each banana beyond 17 that he consumes. The indifference curve that passes through the consumption bundle with 25 apples and 26 bananas also passes through the bundle with A apples and 11 bananas, where A equals:
(a) 21
(b) 22
(c) 24
(d) 26
(e) None of the above.
Using a graph explain the welfare impact of export subsidy on domestic consumers, producers, government, and national welfare in a) a small country b) a large country
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