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149mt0201_1 - 149 Midterm 1 2002 Directions The exam has...

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149 Midterm 1- 2002 Directions: The exam has three sections. Do two out of three questions from each section. You must explain how you came to your answers for full credit. Be sure to leave time for each section, so do all the problems you know how to do first, and then come back to the rest. Please both print and sign your name below. Name: By signing my name, I am acknowledging that I will abide by the honor code and understand the implications of not doing so. Please circle the questions you want graded. Part 1 (2 out of 3) 1. 2. 3. Part 2. (2 out of 3) 4. 5. 6. Part 3. (2 out of 3) 7. 8. 9.
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Short Answer (Do 2 out of 3) 10 pts. each 1. Ender and Pilkt both demand stories. Ender’s demands follow P=20- (1/2) Q E , while Pilkt’s follow P=11-Q P . P is the price of stories and Ender and Pilkt are the only ones who demand stories. Derive the market demand curve for stories and graph your result. 2. Graphically display the case of a Giffen good with the Giffen good on the y-axis and the other good on the x-axis. Be sure to use both indifference curves and budget lines in your answer. 3. Novinha has homothetic preferences. What does that mean? One of the goods she likes is potatoes. Graph an Engle curve for potatoes that could be consistent with her preferences.
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Medium Answer (Do 2 out of 3) 15 pts. each
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