econ11_08_hw1

econ11_08_hw1 - Eco11, Fall 2008 Simon Board Economics 11:...

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Unformatted text preview: Eco11, Fall 2008 Simon Board Economics 11: Homework 1 30 September, 2008 Due date: Tuesday 14th October. Instructions: You are required to write up your solution separately and independently, al- though you are encouraged to discuss and work in groups. Please write your name, student ID number, and the name of your TA on the front page of the assignment that you hand in. Also, please put boxes around your final answer to each part. 1. Utility Functions Let X = { x <| x 4 } . Suppose an agent receives utility u ( x ) = x if 0 < x 2 = 4- x if 2 < x 4 from consuming x slices of pizza. Which of the following utility functions represent the same preferences as above: (a) v ( x ) = 2 x if 0 x 2, and v ( x ) = 4- x if 2 < x 4. (b) v ( x ) = 2 x if 0 x 2, and v ( x ) = 8- 2 x if 2 < x 4. (c) v ( x ) = 4- (2- x ) 2 if 0 x 4. (d) v ( x ) = 4- (2- x ) 3 if 0 x 4....
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econ11_08_hw1 - Eco11, Fall 2008 Simon Board Economics 11:...

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