198s2007.midterm

198s2007.midterm - Department of Economics HKUST ECON 198...

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1 Department of Economics, HKUST ECON 198 MICROECONOMIC THEORY I Semester: Spring 2007 Prof. S. F. Leung Midterm Examination March 27, 2007 10:30 am – 11:50 am This is a closed book examination. You have 80 minutes to complete the test. Write coherently, lucidly, and legibly. Always explain your answer . The maximum score for this exam is 80 points. Points are marked next to the questions and may be served as a rough guide to how much time you should allocate on each question. Points will be deducted for irrelevant materials. Use mathematics and/or diagrams wherever appropriate to support your answer. 1. (20) Indicate whether each of the following statements is TRUE, FALSE, or UNCERTAIN, and explain your answer. Use mathematics and/or diagrams to support your answer. (a) Few people lick their platters clean (i.e., most people do not consume all the food on the plates). Their behavior contradicts the axiom that preferences are monotonic. (b) For preference relations, transitivity implies monotonicity (i.e., if preference relations are transitive, then they are also monotonic).
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This note was uploaded on 04/03/2010 for the course ECON ECON198 taught by Professor Leungsiufai during the Fall '09 term at HKUST.

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198s2007.midterm - Department of Economics HKUST ECON 198...

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