sample prelim 1_Exam

sample prelim 1_Exam - Economics 301 Fall 1999 FIRST HOUR...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Economics 301 FIRST HOUR EXAM J. Wissink Fall, 1999 OCTOBER 7th Cornell University Directions : Answer all questions. Write legibly, concisely and coherently. Be sure to label all axes, functions and variables used. READ QUESTIONS CAREFULLY. Draw pictures whenever possible. Total time for the test is 75 minutes. Total point score for the exam is 100 points. Point scores for individual questions appear below. Part I . Short essay: Answer all three; 10 points each Answer the question or critically evaluate the following statements and explain why or in what way the statements are true, false, or uncertain. 1.a. Write down a utility function that would be an acceptable representation of each of the following indifference curve maps: x y 10 20 8 16 Case A x y slope = 1/3 Case B b. For Case A, write down another utility function that would represent the preferences illustrated in the indifference curve map equally well. 2. Suppose Janet Reno (Cornell '60 and U.S. District Attorney!) is considering hiring a legal assistant, Frank Fuddlefingers. Suppose the following information summarizes their individual production functions for two legal outputs; xeroxing reports and composing legal briefs. RENO FUDDLEFINGERS xeroxing 1 report 2 hours 4 hours writing 1 legal brief 1 hour 8 hours Frank complains that he wants to quit getting stuck doing so much of the boring tedious xeroxing and argues that, since Janet is better at it, she should do all of it. Evaluate Frank's grievance using concepts developed in class. Why should Janet stick to writing briefs and Frank to standing in front
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

Page1 / 3

sample prelim 1_Exam - Economics 301 Fall 1999 FIRST HOUR...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online