HW2_ConsumerChoice

HW2_ConsumerChoice - The George Washington University...

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1 The George Washington University Department of Economics Economics 101-Fall 2011 Intermediate Microeconomic Theory Homework # 2 Prof. Paul Carrillo (DUE MONDAY 9/19 NOON) IMPORTANT INSTRUCTIONS: Turn in homework through BLACKBOARD (BB). You may type your answers and print a pdf file; you may also write your answers by hand and scan your homework. Only electronic files of your homework submitted through BB will be accepted. Due date: MONDAY SEPTEMBER 19, NOON. NO LATE HW WILL BE ACCEPTED! Please write clear, concise, and NEAT answers. I should tell you that, in the exams, if I cannot understand what you write, then, I will assume that it is wrong. Homework # 2 1. Problems at the end of chapter 3: Q#2, Q#3, Ex#2, Ex#5, Ex#8, Ex#9, Ex#14, Ex#16. 2. Peter’s monthly income is $800 and he may use it to consume bananas (B) or cell phone minutes (C). The price of bananas is $1 per pound, and each cell phone minute costs $0.1 per minute. The utility that he receives from consumption is given by U=B + $0.05*C. a) How much bananas (B) and cell phone minutes (C)
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HW2_ConsumerChoice - The George Washington University...

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