2004년 이인호 미시경제학 중간 midterm_201.pdf

2004년 이인호 미시경제학 중간 midterm_201.pdf -...

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212.201 Microeconomics 2003 In Ho Lee Mid-Term Examination October 20, 2003 1. (10 points) An individual was maximizing her utility subject to her budget constraint. Then prices changed, but her income stayed fixed. After the price change, she chose a new bundle, and she found herself better off. Therefore the new bundle costs more at the old prices than the old bundle did. Discuss whether the argument is correct. 2. (10 points) Someone who has taken microeconomic theory says to you, “I don’t see the big deal about Giffen goods - -they are everywhere. Take the price of vacation package, for example. Practically every summer, the price of vacation package increases and peo- ple buy more of it. Looks to me like a Giffen good.” Discuss whether the argument makes economic sense. 3. (20 points) Suppose that a consumer has lexicographic preference and the economy has only two commodities: the individual prefers the consumption bundle which has greater amount of x or, if both bundles have the same amount of x
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