IAS 106
University Of California - Berkeley
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IAS 106 - Midterm 1 .Questions and Answers
- Exam (elaborations) • 10 pages • 2021
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IAS 106 - Midterm 1 .Questions and Answers 
 
Intermediate Microeconomics: Midterm Exam I 
This exam is out of 100 points with 110 points possible. It is worth 15% of your overall 
grade in the class. Please show your work and box your answers. 
1. (15pts) Market Demand and Elasticities: Consider the demand for an a Cadillac Escalade. Suppose that the demand is Qd = 500 - 3P + 3PKIA - 2PRW , where P is the 
price of an Escalade (in thousands of dollars), PKIA is the price of a Kia Sorrento (in 
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IAS 106 - Problem set #1 . Questions and Answers
- Exam (elaborations) • 10 pages • 2021
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IAS 106 - Problem set #1 . Questions and Answers 
 
Solution for Problem Set #1 
 
1. (18pts) Market Demand and Elasticities: Consider the demand for a Tesla Model S. 
Suppose that the demand for a Tesla Model S is Qd = 500,000 – 4P + 2PMaserati + 
25,000Pgas, where P is the price of big SUVs (in thousands of dollars), PMaserati is the 
price of a Maserati Ghibli, and Pgas is the price for a gallon of gasoline. Assume that 
supply is given by Qs = -10,000 + 5P - 0.2PBattery. P is the price of ...
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