eco200SGTQ I - Student Generated Test Questions in...

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Student Generated Test Questions in Intermediate Microeconomics Part I: Consumer Theory July 12, 2010 INSTRUCTIONS Work with your partner to create a consumer theory question. One partner should upload the question, with full solution and graph, to by Monday, July 12 by 11:59 p.m. Make sure that your submission includes both partner's names and your group name. Once graded, we will post a Fle of questions, credited with your names, on Blackboard. A high quality submission should: Be original: it is Fne to use textbook questions or problem set questions as inspiration for your own work. As long as the source is properly cited it is not plagiarism. You need to provide value-added to receive a high grade. Be engaging: questions should be relevant and/or humorous, and/or edgy, using authentic real world situations. Questions about Good X and Good Y are not engaging. Be well-crafted: solutions should result in reasonably round numbers and diagrams shouldn't require weird scaling to work. Be appropriately difFcult: this means a class average of around 7/10 with some people getting 10/10 and some people getting 4/10. Require an explanation: this means that your question needs to demonstrate some important point in microeconomics. The purpose of this exercise, is to further your skills. You have developed signiFcant talents in problem- solving, and in the evaluation of other persons' work. Labouring to develop your own questions is a third dimension of microeconomic analysis. Good luck, Joanna, Uros, Michael, Lin and I look forward to reading your work. __________________________________________________________________________________________________________________ Student Generated Test Questions from Summer 2010
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1. Dr. Phil earns $50/hr giving people psychological advices in his NY ofFce. When he’s not working, he likes to allocate his time and money between golf and hiking. His utility function is U=GH . It costs him $50 each hour playing at the prestigious Gentlemen’s Golf Club. He plays well and can Fnish 10 rounds of golf in an hour. Dr. Phil also likes to go hiking at the free local hiking trail. He walks rather fast and can walk 10 km per hour. a) Assess Dr. Phil’s utility maximizing bundle and make this bundle “a”. b) The Boston Celtics are huge fans of Dr. Phil’s talk show and told him that he can play golf at the Gentlemen’s Club with an 80% off discount if he mentions their name. Recalculate his utility maximizing bundle and label this “c”. c) Explain substitution and income effect. Is golf a normal good or inferior good? 2. Since we Fnished studying Becker’s model of Time and Money price, let us try to help Mr. Jim work out his decision optimally. Mr. Jim is a manager of human resources department in Sears. He works busy every day. However, he has to make a decision whether ask for day off, due to his wife’s birthday on coming ±riday. Buying gifts and numbers rose is his duty. Mr. Jim usually buys gifts in the Eaton
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This note was uploaded on 03/23/2011 for the course ECO 200 taught by Professor Bailey during the Spring '11 term at University of Toronto.

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eco200SGTQ I - Student Generated Test Questions in...

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