spring2009_final

# spring2009_final - Final Exam Econ 150b Intermediate...

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Final Exam Econ 150b. Intermediate Microeconomics May 11, 2009 Please write your name and discussion-section time on each blue book. 1. (15 points.) Define any two of the following terms, introducing the relevant notation and using diagrams or equations where appropriate. (a) Marginal rate of substitution (b) Pareto efficiency (c) Competitive equilibrium (d) Pigouvean taxes 2. (15 points.) Choose any two of the following concepts. For each, explain in a brief paragraph (about 50-60 words), with an accompanying equation or diagram where ap- propriate, its significance in microeconomic theory. You don’t have to give any proofs. (a) Revealed preference (b) First welfare theorem (c) Price discrimination (d) Clark-Groves mechanism 3. (30 points.) Consider a monopolist who faces two consumers, labeled A and B . Con- sumer A has an inverse demand function given by P A D 10 1 2 x A , while consumer B ’s inverse demand function is P B D 10 x B . Assume the monopolist has a constant marginal cost equal to 2 .

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