Ec701MidtermExam1F04

Ec701MidtermExam1F04 - EC 701 Michael Manove Microeconomics...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
EC 701 Microeconomics Michael Manove 18 October 2004 Midterm Examination 1 Instructions: Answer the problems in the spaces provided (but you do not have to f ll the spaces). You may use the backs of the sheets for scratch paper. Think before you write. Your grade will be based on your reasoning, not on your formal calculations. Do not spend too much time on any one part. If you have to leave the room for any reason, please give the instructor your examination on the way out. You will have 80 minutes to complete the exam. I suggest that you do not exceed the recommended times for each question until you have answered all questions. Then, you can use the extra time to improve your answers. If you f nish before 6:10 pm, you may leave, but be extremely quiet! Problem 1. [15 minutes] Prove the following proposition. Explain each step of the proof. Let U ( x ) be a utility function, let h ( p, u ) denote Hicksian compensated demand, and let p 0 and p 00 be two price vectors. If U ( x ) is continuous and locally nonsatiated,
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 11/10/2011 for the course ECON 691 taught by Professor Chan during the Spring '11 term at BU.

Page1 / 4

Ec701MidtermExam1F04 - EC 701 Michael Manove Microeconomics...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online