final-old2 - ECON 331 Final Exam Saturday, April 12, 1997...

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ECON 331 Final Exam Saturday, April 12, 1997 K. Wainwright Name Instructions. — PutyounameontheEXAMandtheBookletsyouuseforyouranswers. — The Exam Sheet must also be handed in as proof you wrote the test. Time allowed is 2.5 HOURS. Total marks = 100 Part One: Shorter problems, 10 marks each 1. Minimize z =3 x 2 xy +2 y 2 4 x 7 y +12 subject to the inequality constraint x + y 15 . Is the constraint binding or non-binding? 2. Given the utility function u = x a y b , show that both u and the monotonic transforma- tion, v =ln( x a y b ) have the same MRS. 3. Given y =4 xe 3 x (a) Find the critical point. (b) Check to see if the function is at a maximum or minimum. 4. A $100 bar of gold is appreciating in value according to the formula V =100 e t How long should the gold bar be kept to maximize the present value if under continuous compounding (a) r =0 . 08? (b) r =0 . 12? 5. Suppose an industry has two
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This note was uploaded on 09/13/2009 for the course EOCNOMICS Econ 331 taught by Professor Kelvinkwainger during the Spring '09 term at Simon Fraser.

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final-old2 - ECON 331 Final Exam Saturday, April 12, 1997...

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