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Unformatted text preview: ECON 410: Midterm Sequence Number: _____________________________ Last Name: _______________________________________________________________________________ First Name: _______________________________________________________________________________ PID: ____________________________________________________________________________________ Onyen: __________________________________________________________________________________ Before you Begin: 1. On your scantron enter your Name and fill out the bubbles. 2. On your scantron, enter your PID in the Identification Number field and fill out the bubbles. 3. On your scantron, enter your Sequence Number (above) in the Sequence Number field and fill out the bubbles. After you have Completed the Midterm: 1. Make sure you followed all instructions, above, for your scantron. Of particular importance is your PID and your Sequence Number. 2. Quietly bring your Scantron, your ID, and the Midterm itself to the front of the class. Hand everything to a TA. The TA will return your ID if everything is filled out correctly. What you are Allowed to Use During the Midterm: 1. 1-side of an 8.5 x 11 sheet of paper with anything on it visible to your naked eye. 2. A straight-edge 3. A pencil 4. Your brain What to do if you Have a Question: 1. We will not answer questions during the test. If you are certain a question has been written incorrectly or has multiple correct answers, please write a brief explanation on your Midterm next to the problem. Your Regrade Request can then refer to your stated explanation. Photocopy Notice 1. We will be photocopying a random sample of the Midterms to keep on file for verification purposes. Assorted Notes 1. For all problems, assume that it is possible to purchase fractional quantities of the goods. 2. For all problems, assume only non-negative quantities of the goods can be purchased. 3. Funny-looking answers dont necessarily mean you did something wrong. In some cases, the answer is completely right. In other cases (for instance, if you find the optimal bundle has negative units of one of the goods), it might mean an interior solution does not exist. 4. For the definition of local nonsatiation, use the strict version. Specifically: A preference relation is locally nonsatiated if for each bundle, a , another bundle exists, b , such that b a and b has more of the good(s) in the bundle, less of the good(s) in the bundle, or more of some goods, and less of other goods. 5. For the definition of monotonicity, use the strict version. Specifically: A preference relation displays monotonicity if for each bundle, a , every bundle, b, with more of each good in the bundle is strictly preferred to a....
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- Fall '07