Intermediate Microeconomics: A Modern Approach, Seventh Edition

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Econ 301 – F06 PROBLEM SET 2 - due in class on Monday Sept 25 Wissink 1. Critically evaluate the following statements and explain why or in what way are they true, false, or uncertain. a. Over the set of people in New York, the binary relation "is the half-brother of" is transitive. b. Over the set of people in New Jersey, the binary relation "is the mother of" is complete. c. If I am always willing to substitute six units of y for an additional unit of x, then my preferences violate the monotonicity axiom. 2. Draw indifference curve maps containing at least two indifference curves for the following descriptions of preferences and indicate the direction in which happiness is increasing. a. Ima Dancer loves to dance and hates housecleaning. She has strictly convex preferences. She does nothing else except dance and houseclean. She always is happier the more she dances. The more time she spends cleaning house, the less happy she is. b. Yogi always eats each hot dog he eats with exactly 2 oz. of mustard. Each hot dog eaten in this way provides 15 units of utility. Additional hotdogs without mustard, or mustard without hotdogs, provide no extra happiness (or harm) to Yogi. c. Given a choice between two bundles containing books and cassettes, Felicity prefers the bundle with the larger quantity of books. If the quantity of books is the same in the two bundles, Felicity is indifferent between them. d.
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This homework help was uploaded on 02/01/2008 for the course ECON 3010 taught by Professor Wissink during the Fall '07 term at Cornell University (Engineering School).

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problem2 301 f06 - Econ 301 F06 PROBLEM SET 2 - due in...

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