HW9_302 - Econ 302 Problem Set 9 Spring 2010-Ali Toossi Due...

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Econ 302- Problem Set 9 Spring 2010-Ali Toossi Due: Wednesday April 7 All problem sets should be prepared neatly and professionally. Problem sets should be typed , stapled and should contain the following information on the right-hand corner of the page: your name , course number , section , assignment identification and date . Problem sets that are sloppy, torn from spiral-bound notebooks, or which are illegible, or unstapled, will be graded down. Please do the following problems in the textbook and the additional problems. Chapter 5: Questions for review Eighth edition page 163 : Questions 5, 7. Seventh edition page 163 : Questions 5, 7. Chapter 5: Problems Eighth edition pages 164-165: Problems 7, 8, 9, 10, 11, 12, 13, 14 Seventh edition pages 164-165: Problems 7, 8, 9, 10, 11, 12, 13, 14 Additional problem 1- Suppose consumer has to choose between the composite good Y (P Y =$1 /unit) and gasoline, G. Assume the consumer utility function is: U (G, Y) = 2 1 2 1 Y G and his income is $210/mo. a. If originally P G =$1.50 /gallon, how much gasoline the consumer is going to consume?
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