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HW4Notes

# HW4Notes - a We illustrated in Figure 9.5 the effect of a...

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Notes on HW 4. Ch. 9 #2 Also assume there is income Y. Ch. 9 #3 For part a, you don’t have to be too precise with your budget constraint and indifference curves, BUT your answers for parts b and c should look correct on the graph. For part b, instead of Y=10, do Y=12 . For part c, ignore the parts where “P increases to 2 and Y increases to 20.” INSTEAD, just solve the problem for what happens when Y increases to 27 . Ch. 9 #6 Ignore the wording in the book, and do the following problem instead: 6. Consider the demand for park visitation, Eq. (9.12b).
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Unformatted text preview: a. We illustrated in Figure 9.5 the effect of a change in q on demand for visits, v. How would you expect the other variables, f and y, to affect v? b. Given your answers to part a, can we say what will happen to the demand for park visits when the wage rate, w, increases? Keep in mind that y depends on w. Ch. 9 #7 To calculate the demand curve, you need to calculate the total price of a park visit and the visitation rate (following Section II.D. Implementation). I recommend doing this problem in Excel....
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