105quiz1_sp06

105quiz1_sp06 - Economics 105 Quiz 1 February 8, 2006 Name:...

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

View Full Document Right Arrow Icon

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

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Economics 105 Quiz 1 February 8, 2006 Name: Discussion Section: It is 8:15 on Monday night and an email arrives saying no TAs have shown up for the review session. Prof. Arcidiacono makes a break for the minivan instructing his dear wife to get directions to the LSRC and at the same time put his four boys to bed. The boys, sensing an opportunity, begin to wreak havoc.... 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. (16 pts) 2. (13 pts) 3. (12 pts) 4. (14 pts) 5. (20 pts) 1 1. Joshua (age 6) enjoys attacking Daniel (18 months) and Andrew (3 1/2). His utility function is U ( x, y ) = xy where x is attacking Daniel and y is attacking Andrew. The price of x is $2 while the price of y is $3. Joshua has $180 to spend (he is a very well compensated six year old). a) Solve for the optimal amount of x and y given the current prices and income. (4 pts) b) With Mom distracted, the price of attacking Daniel,...
View Full Document

Page1 / 6

105quiz1_sp06 - Economics 105 Quiz 1 February 8, 2006 Name:...

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