105q1_sp05

105q1_sp05 - 105 Quiz 1 February 9, 2005 Name: Discussion...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
105 Quiz 1— February 9, 2005 Name: Discussion Section: Arnold Schwarzenegger has always wanted to write a show called “Desperate Economists”, but was continually rebuffed in his efforts. Rejection after rejection led him to break into the offices of the authors of “Desperate Housewives” and rewrite the script. Unfortunately, none of the actors could remember what Roy’s identity was let alone how to mathematically solve a utility maximization problem. Disillusioned, Arnold fled to North Carolina and went undercover as an Austrian economics professor at Duke University. You have found his rewritten script and want to restore Arnold’s confidence in the world. But time is short—Arnold could arrive at any moment. You have seventy-five minutes to complete the quiz. Be sure to get to all five questions. Explanations are required for all answers with the exception of problem 1. 1. (20 pts) 2. (15 pts) 3. (11 pts) 4. (15 pts) 5. (14 pts)
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
1. a. homogeneous of degree zero in prices and income b. homogeneous of degree zero in prices c. homogeneous of degree zero in prices and utility d. homogeneous of degree one in prices and income
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 6

105q1_sp05 - 105 Quiz 1 February 9, 2005 Name: Discussion...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online