{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

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

Info icon This preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Image of page 1
This is the end of the preview. Sign up to access the rest of the document.

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. ...
View Full Document

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern