Intermediate Microeconomics: A Modern Approach, Seventh Edition

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ECONOMICS 300 QUIZ 2 SPRING 2005 PLEDGE:____________________________ NAME:______________________________ 1. (10) George collects guns (G) and bibles (B). In his display case at home, he always places one gun next to one bible. We could say that George always consumes guns and bibles in a fixed proportion. Having more of one without more of the other makes him no better off. On the graph below, draw some of George’s indifference curves for guns and bibles. b. George’s friend, Karl, consumes guns and bibles too, but he doesn’t have to purchase them together in order to enjoy them fully. In fact, he views guns and bibles as perfect substitutes for
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Unformatted text preview: one another. Karl always prefers to have more guns and bibles, but he’s indifferent between having 1 extra gun or 2 extra bibles. Draw some of Karl’s indifference curves on the graph below. 2. (5) Take the indicated derivatives of the following functions: y = 3(x 2 + x)(ln(x)) dy/dx = z = x 2 y 4 ∂ z/ ∂ x = 3. (5) Suppose you are considering three artificial sweeteners: Splenda, Nutrasweet, and Equal. Using these three goods, provide an example of preferences that are not transitive. Explain....
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