Econ 100A Mid2A WI08

Econ 100A Mid2A WI08 - Econ 100A: Microeconomics, Winter...

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Econ 100A: Microeconomics, Winter 2008, Dr. Famulari Midterm 2A: 165 Points Name _____________________________________ PID _________________________ Question 1 /45 Question 2 /40 Question 3 /40 Question 4 /40 Total /165
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Question 1: 45 points total 1A. (5 points) A consumer derives utility from the consumption of X and Y. What has changed in the consumer’s economic environment and in what direction has it changed? Y | | | | | | | U 0 | | | | U 1 | |______________________________________ X 1B. (10 points) Carefully illustrate on your graph above the income and substitution effects of the change in the consumer’s economic environment. Label as completely as possible. 1C. (15 points) What is the definition of a NET COMPLEMENT? Are X and Y net complements in your graph above? Be SPECIFIC about what in your graph you compared to reach your conclusion. 1D. (15 points) What is the definition of a normal good? Are X and Y normal goods in the graph above? Be SPECIFIC about what in the graph you compared to reach your conclusion.
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Econ 100A Mid2A WI08 - Econ 100A: Microeconomics, Winter...

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