01282009160932bELCF3vyBk - Homework I Principles of...

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1 Homework I Principles of Microeconomics 1101 Lecture 017 Fall Semester – 2008 Mike Walrath Due 09/22/08 Note: Homework must be turned in at the end of lecture on Monday, 09/22/08 (see syllabus for late homework policy). Your homework must be in chronological order. Answer questions in order and please put all tables and graphs in the same area as your answer . Type everything but graphs and calculations for full credit. Label all graphs for full credit. Show all work. Bonus Question (5 points) Write your TA’s name and section number on the top right of the first page of your homework. Question 1 (8 points) Define a normative and positive statement. Give an example of each. Question 2 (19 points ) Consider an economy with two people, Richard and Kelly. The economy only produces two goods, snakeskin belts and fur hats. Richard and Kelly can produce the goods as follows: Belts Hats Richard 5 hours/belt 3 hours/hat Kelly 2 hours/belt 6 hours/hat Suppose Richard and Kelly each have 40 hours. (a)
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This note was uploaded on 02/03/2009 for the course BUS 1001 taught by Professor Walrth during the Spring '08 term at University of Maryland Eastern Shore.

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01282009160932bELCF3vyBk - Homework I Principles of...

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