hw01 - UNIVERSITY OF WISCONSIN Economics 101 Spring 2007...

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1 UNIVERSITY OF WISCONSIN Economics 101 – Spring 2007 Professor Wallace Problem Set 1 Due on February 2nd at noon in your TA’s mailbox (opposite 7226 SS) Please be sure to include (1) your name, (2) your teaching assistant’s name, and (3) your section time and number on your answer sheet. Please staple pages together. Also note that late homework will not be accepted. Remember that you can help each other but each student has to hand a hand-written solution of the problem set. 1 . Each point on the demand curve reflects a. all the wants of a given household. b. the highest price consumers are willing and able to pay for that particular unit of a good. c. the highest price sellers will accept for all units they are producing. d. the lowest-cost technology available to produce a good. e. None of the above. 2. Normal goods are those for which demand decreases as a. The price of a complement falls. b. The price of a substitute falls
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This note was uploaded on 07/11/2008 for the course ECON 101 taught by Professor Hansen during the Spring '07 term at Wisconsin.

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hw01 - UNIVERSITY OF WISCONSIN Economics 101 Spring 2007...

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