Mid-Termv4 - IZ MI R U N I V E R S I T Y O F E C O N O M I...

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Unformatted text preview: IZ MI R U N I V E R S I T Y O F E C O N O M I C S Econ 201 - Microeconomics Name: Midterm - 16 December 2008 Student No: Assist. Prof. Efe Postalc Answer the following 3 multiple choice questions and 2 essay questions. Show all your calculations for the essay question. You have 100 minutes. PART I: Multiple Choice Questions (each 10 points). 1. If you could exactly afford either 4 units of x and 24 units of y, or 9 units of x and 4 units of y, then if you spent all of your income on y, how many units of y could you buy? (a) 40 (b) 20 (c) 60 (d) 13 (e) None of the above. 2. Janet consumes x 1 and x 2 together in fixed proportions. She always consumes 2 units of x 1 for every unit x 2 . One utility function that describes her preferences is (a) U ( x 1 ,x 2 ) = 2 x 1 x 2 . (b) U ( x 1 ,x 2 ) = 2 x 1 + x 2 . (c) U ( x 1 ,x 2 ) = x 1 + 2 x 2 . (d) U ( x 1 ,x 2 ) = min { 2 x 1 ,x 2 } . (e) U ( x 1 ,x 2 ) = min { x 1 , 2 x 2 } ....
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Mid-Termv4 - IZ MI R U N I V E R S I T Y O F E C O N O M I...

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