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ECON 331
Written Assignment 1
due in class Sept. 23
1. In ordinary arithmetic
a
b
c
a
b
c
a
. Use a Venn diagram to show
however that
A
B
C
A
B
C
A
2. Let
X
x
1
,
x
2
:0
x
1
2
x
2
2
1
where
U
2
.
X
is not a closed or an open
set and neither is it a convex set. In all 3 cases, explain why.
3. The function
f
:
defined by
f
x
x
3
is neither a convex or a concave
function, Show this by giving an example of real numbers
x
and
x
and another real
number
0,1
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Unformatted text preview: such that f x 1 x f x 1 f x Then give a second example where the opposite inequality holds. 4. Sketch one of the level curves of the function f x 1 , x 2 x 1 e x 2 where the level is negative. Then identify in your sketch the better set and the worse set of f with respect to a point on this level curve. Explain your answer...
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This note was uploaded on 09/18/2011 for the course ECON 331 taught by Professor Heaps during the Spring '06 term at Simon Fraser.
 Spring '06
 Heaps

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