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MidtermAns - Name-Exam#1 Solution Key Section 9:00 K...

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--------------------- Name: Section: 9:00 Economics 218 K. Segerson Intermediate Microeconomics Spring, 2008 Exam #1- Solution Key Part I: Multiple Choice: Circle correct answer. Each question is worth 3 points. Total points: 30. 1. The marginal rate of substitution measures (a) the rate at which a consumer can trade one good for another in the market. (b) the maximum amount of a good that a consumer is willing to give up in order to obtain one additional unit of another good. (c) the slope of the budget constraint. (d) the slope of the demand curve. 2. Suppose a consumer's preferences for X and Y can be represented by the function U(X,y)=5XY. This consumer would 3. The market demand curve for a good is found by 4. The snob effect makes demand IAns: b I
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