Lecture+05+quiz - What problem can arise when either tastes...

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Econ 100A, fall2010, lecture 5 slide# 2 Quiz Question 1: The above diagram shows a consumer who’s optimal bundle is at point A. What do we call this kind of optimal budle: A. Corner solution. B. Pure imbalance. C. End-point solution. D. Vertex solution. E. Pure choice. Econ 100A, fall2010, lecture 5 slide# 3 Quiz Question 2: What kind of goods rule out corner solutions? A. Homothetic goods. B. Quasilinear goods. C. Luxury goods. D. Essential goods. E. Inferior goods.
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Econ 100A, fall2010, lecture 5 slide# 4 Quiz Question 3:
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Unformatted text preview: What problem can arise when either tastes or choice sets are non-convex ? A. No best bundle. B. More than one best bundle. C. Negative bundles. D. Non-binding constraint. E. Undefined optimum. Econ 100A, fall2010, lecture 5 slide# 5 Quiz Question 4: What do we call the functions that are the end result of solving a Lagrange optimization problem? A. Lagrange functions. B. Optimization functions. C. Demand functions. D. Inverse-demand functions. E. First-order conditions....
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This note was uploaded on 02/07/2011 for the course ECON 100A taught by Professor Woroch during the Fall '08 term at University of California, Berkeley.

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Lecture+05+quiz - What problem can arise when either tastes...

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