problem2 301 f07

# Intermediate Microeconomics: A Modern Approach, Seventh Edition

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Econ 301 – F07 PROBLEM SET 2 - due in class on Thursday September 20 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 State, the binary relation "is the Facebook Friend of" is complete and transitive. b. Assuming a 2 good commodity space and an agent with well behaved preferences, the binary relation “is strictly preferred to” is complete. c. Unlike Prof. Wissink, an indifference curve can never be “thick.” 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. (Note, not all these individuals will have nicely behaved preference, in fact, maybe none of them do.) a. Ima Slacker loves to go shopping for “all other goods” and dislikes working. She has strictly convex preferences between “all other goods” and working. b. James Bond’s favorite drink is a Vodka Martini, shaken, not stirred. His personal perfect recipe is to always use 1 part vodka to 3 parts gin. c. Jane describes nirvana as exactly 1 piece of cheesecake with ¼ cup of raspberry sauce. d. Mikko cares about road quality in Oulu Finalnd and could care less about road quality in Ithaca New York.

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