final Spring 2008 solutions

final Spring 2008 solutions - Examination Cover Sheet...

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Examination Cover Sheet Princeton University Undergraduate Honor Committee Course Number: ECO 310 Course Name: Microeconomic Theory: A Mathematical Approach Professor: Satoru Takahashi Date: January 22, 2008 Time: 1:30pm This examination is administered under the Princeton University Honor Code. Students should sit one seat apart from each other, if possible, and refrain from talking to other students during the exam. All suspected violations of the Honor Code must be reported to the Honor Committee Chair at honor@princeton.edu. You may NOT use any of the following in this examination: course text- books, course notes, other books/printed materials, formula sheets or cal- culators. Please place items you will not need out of view in your bag or under your working space now . University policy does not allow the use of electronic devices such as cell phones, PDAs, laptops, MP3 players, iPods, etc. during examinations. Students may not wear headphones during an examination. Students may only leave the examination room for a very brief period without the explicit permission of the instructor. The exam may not be taken outside of the examination room. This exam is a timed examination. You will have 3 hours to complete do so may be penalized. During the examination, one of the preceptors will be available outside the exam room. Do not forget to write and sign the Honor Code pledge: honor that I have not violated the Honor Code during this ex- amination.± 1
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Further instructions: The exam has 8 pages and 6 questions . Make sure you have them all. The exam has two sections, labeled A and B. Section A consists of Ques- tions 1, 2 and 3. Section B consists of Questions 4, 5 and 6. Use a separate answer-book for each section. Print your name clearly on the front cover of the exam and of each answer- book. No (or unclear) information ±no grade. The total score for the exam is 180 points. Thus you have one minute per point. Write clearly. Illegible answers will cost you points. Show the steps of your math. Use well-labeled diagrams and explain any symbols or notation you introduce. 2
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Section A Question 1 [25 points] (a) [20 points] There are two goods whose quantities are denoted by x and y and prices by p x and p y . A consumer has the following utility function U ( x;y ) = ( ( x x )( y y ) if x ± x and y ± y; 0 otherwise ; where x ± 0 and y ± 0 . She maximizes her utility subject to the budget constraint. Assume that her income is high enough so that she can a/ord x; y ) . (i)
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This note was uploaded on 01/15/2011 for the course ECO 310 at Princeton.

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final Spring 2008 solutions - Examination Cover Sheet...

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