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# AnsQ2 - Econ 301 Intermediate Microeconomic Theory NAME A...

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Unformatted text preview: Econ 301: Intermediate Microeconomic Theory NAME: A V19 w Ly g Korinna K. Hansen -—————— Quiz 2 Make sure that you label all your axes and curves. You can use arrows to denote increases, shifts etc. No long full sentences are required for this quiz. Assume that the prices of goods 1 and 2 are p1 =5 and p2= 2 and your budget m=100‘ In separate graphs (for parts a) and b)) that show the quantity of good 1 on the horizontal axis and the quantity of good 2 on the vertical axis, sketch the budget constraint and indifference curves and clearly indicate your optimal bundle. Incorporate any numbers you are given for more complete graphs. You should be able to give speciﬁc numbers for the Optimal bundle. a). (5 points) Assume that goods 1 and 2 are perfect complements and you are consuming 10 units of goodl2 with each unit of good 1. b). (5 points) Assume that goods 1 and 2 are perfect substitutes and the consumer is willing to substitute 2 units of good 2 for 1 unit of good 1. ...
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