Str222eamGate - T HE UNIVERSITY OF NEW SOUTH WALES SCHOOL...

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THE UNIVERSITY OF NEW SOUTH WALES SCHOOL OF ECONOMICS ECON2101 MICROECONOMICS 2 FINAL EXAMINATION - JUNE/JULY 2006 TIME ALLOWED: 2 HOURS TOTAL NUMBER OF QUESTIONS: THREE (3) THIS EXAMINATION IS WORTH 60% OF THE TOTAL MARKS FOR THE SUBJECT. ANSWER ALL QUESTIONS QUESTIONS ARE OF EQUAL VALUE THIS PAPER MAY BE RETAINED BY CANDIDATES CANDIDATES MAY BRING DRAWING MATERIALS TO THEIR DESK ANSWER EACH QUESTION IN A SEPARATE BOOK WITH THE QUESTION NUMBER INDICATED ON THE COVER. ~ AT THE END OF THE EXAM YOU SHOULD HAYE AT LEAST THREE BOOKLETS~ Indicate on the space provided at the front ofthe answer book the question number. Be sure to print your name and student number on the front of each answer book in the space provided. CALCULATORS MAY ALSO BE USED. ALL ANSWERS MUST BE WRITTEN IN INK. PENCILS MAYBE USED ONLY FOR DRAWINGS, SKETCHING OR GRAPHICAL WORK.
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QUESTION 1 (ANSWERS BOTH PART A AND PART B. BOTH PARTS MAY BE ANSWERED IN THE SAME BOOKLET) PART A (10 MARKS) EITHER (Each part 2 marks) 1. In the following cases show appropriate indifference curves, and where relevant, budget constraints which illustrate the following statements: (a) "I like peanuts a lot, but ifI eat too many, I feel really ill." (Put peanuts on the Y axis; all other goods on the X axis.) (b) "Howard is a real snob. If the price of a wine falls, he drinks less ofit." (Put wine on the X axis; all other goods on the Y axis.) (c) "I would love to buy some champagne, but at that price, it's just too expensive. If
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Str222eamGate - T HE UNIVERSITY OF NEW SOUTH WALES SCHOOL...

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