hw04 - UNIVERSITY OF WISCONSIN Economics 101 Spring 2007...

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UNIVERSITY OF WISCONSIN Economics 101 – Spring 2007 Professor Wallace Problem Set 4 Due on February 23rd 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. What does ‘utility’ mean in Economics? a. A numeric value of the ranking of bundles of goods. b. Amount of goods that a consumer will give up to get another good. c. The set of bundles of goods that are equally desirable for a consumer. d. The bundle of goods that can be bought under a given budget. 2. Consider three bundles of goods, such as A, B and C. If a consumer prefers A to B and prefers B to C, which of the following statements is true? a. All goods in a bundle are substitute goods. b. None of A, B and C is in the same indifferent curve. c.
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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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hw04 - UNIVERSITY OF WISCONSIN Economics 101 Spring 2007...

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