econ100a spr07 practice midterm1

econ100a spr07 practice midterm1 - Microeconomics, ECO...

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Microeconomics, ECO 100A, Practice Midterm Midterm 1A: 250 points total Name_______________________________________Student ID_________________________ You must show your work to get credit for your answers Question 1: 30 points Question 2: 30 points Question 3: 25 points Question 4: 15 points Question 5: 105 points Question 6: 30 points Question 7: 15 points Total: 250 points
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Question 1: Preferences (30 points total) 1A. (15 points) Suppose you ask a consumer to rank order three commodity bundles: A, B, and C. She tells you that C>A, A>B and B>C. Are her preferences rational? Explain your answer carefully. If her preferences are not rational, then what axiom do her preferences violate? 1B. (15 points) X Y Bundle A 7 6 Bundle B 8 5 Bundle C 6 7 Suppose you ask a consumer to rank order the above three commodity bundles: A, B, and C. She tells you that B>A, A>C and B>C. Are her preferences rational? Explain your answer carefully. If her preferences are not rational, then what axiom do her preferences violate? Question 2:
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econ100a spr07 practice midterm1 - Microeconomics, ECO...

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