Exercises for Tuesday Dec. 10 morning (first part) Please try to solv.docx - Exercises for Tuesday Dec 10 morning(first part Please try to solve them

# Exercises for Tuesday Dec. 10 morning (first part) Please try to solv.docx

• delmoredarcy
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Exercises for Tuesday Dec. 10 morning (first part) Please try to solve them at home (possibly in groupse do not wait for my answers on Tuesday NOTICE: "SOLVING MEANS EXPLAINING WHY TRUE/FALSE! PART A: ROBERT AND HIS BREAD 1) "My marginal benefit is higher than my marginal cost: hence, I am completely satisfied True false? 21 -Robert's total benefit is higher than his total cost: hence, his surplus is maximizer True 31 "When I consume more bread, my benefit grows less than proportionately True or false 4) "When I consume more bread, my marginal benefit is negative". True or false? 5) Consider the usual objects X (horizontal axis) and Yvertical axis). Suppose that Robert's preferences are described as follows: "(a) of the quantity of increases I am better off (b) for any given quantity of y, if the quantity of increases my satisfaction stays the same. Are you able to draw Robert's indifference curves? 6) Consider the usual objects X (horizontal axis) and Y(vertical axis).

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• Winter '19
• Richard Levi

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