Economics 212quiz2answer

Economics 212quiz2answer - Econ 212 Quiz # 2 Answer Sheet...

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Econ 212 Quiz # 2 Answer Sheet Page 2: Question 2. True/False 1. T 2. F 3. F 4. T 5. F 6. T 7. T 8. F 9. F 10. T Page 4: Question 4. (a) refer to the workbook problem 4.3 (b) MUx1 = X2+6 MUx2 = X1+6 X1=1, X2=18 MUx1=24 MUx2=3 (c ) Correction: Yes. Should trade. Original bundle U (x1,x2) = 72 After trade U’(x1’, x2’)=273 Page 6: Question 5 a.Jerry, Pat have the same preferences as Jim since their utility functions are monotonic
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