2004exam - MID-YEAR EXAMINATIONS 2004 Unit ECON200 Microeconomic Analysis Date Wednesday 23 June 1.50 pm Time Allowed 3 hours plus 10 minutes

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
MID-YEAR EXAMINATIONS 2004 Unit: ECON200 Microeconomic Analysis Date: Wednesday 23 June 1.50 pm Time Allowed: 3 hours plus 10 minutes reading. Suggested times: 1hour for Section A and 2 hours for Section B. Total Number Section A: 10 true/false questions of Questions: 20 multiple choice questions Section B: 6 questions Instructions: This paper is Section B Section B is worth 2/3 of your examination grade. Only 4 questions are to be answered. All questions in Section B are of equal value. Answer each question in a separate book. Write your name, student number and the question attempted on the front of each book. Materials permitted: Dictionaries – Standard paper translation dictionaries may be used in this examination Calculators – Calculators are not permitted
Background image of page 1

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

View Full DocumentRight Arrow Icon
Suggestions and things to remember 1) Allocate your time in proportion to the marks for each sub-part of the question. Aim in total to spend no more than 30 minutes on each question. 2) If you fail to label diagrams adequately you will lose marks. Question 1 15% (a) Define the terms: (1) transitive, (2) monotonicity and (3) marginal rate of substitution. 15% (b) Discuss the implications for choice of concave preferences. 50% (c) In a fully labelled drawing show a budget line for a consumer with $100 buying two goods x 1 and x 2 , whose prices are 1 and 3 respectively. Add the indifference map for a consumer whose preferences can be described by the utility function, 4 3 2 4 1 1 x x u = . On this diagram indicate the equilibrium amounts of the two goods demanded. 20%
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 05/30/2008 for the course ECON 200 taught by Professor Donald during the Three '05 term at Macquarie.

Page1 / 5

2004exam - MID-YEAR EXAMINATIONS 2004 Unit ECON200 Microeconomic Analysis Date Wednesday 23 June 1.50 pm Time Allowed 3 hours plus 10 minutes

This preview shows document pages 1 - 3. Sign up to view the full document.

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