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StuDocu no está patrocinado ni avalado por ningún colegio o universidad. Examen Mayo 2017, preguntas y respuestas Economics I (Microeconomics) (Universidad Carlos III de Madrid) StuDocu no está patrocinado ni avalado por ningún colegio o universidad. Examen Mayo 2017, preguntas y respuestas Economics I (Microeconomics) (Universidad Carlos III de Madrid) Descargado por Xiang Wu ([email protected]) lOMoARcPSD|5940864
Universidad Carlos III de Madrid May 2017 Microeconomics Name: Group: 1 2 3 4 5 Grade You have 2 hours and 45 minutes to answer all the questions. 1. Multiple Choice Questions. (Mark your choice with an °x.± You get 2 points if your answer is correct, -0.66 points if it is incorrect, and zero points if you do not answer.) 1.1. According to the preferences % over consumption bundles in R 2 + , ( x; y ) % ( x 0 ; y 0 ) if and only if x ° x 0 and y ° y 0 . Therefore % ° do not satisfy axiom A: 1 (completeness) ± do not satisfy axiom A: 2 (transitivity) ± do not satisfy axiom A: 3 (monotonicity) ± satisfy axioms A: 1 ; A: 2 and A: 3 . 1.2. A consumer²s preferences are represented by the utility function u ( x; y ) = 2 x + y . The prices are ( p x ; p y ) = (1 ; 1) : Hence the signs of the substitution e/ect ( SE ) and income e/ect ( IE ) over the demand of good x of an increase in the price of x to p 0 x = 3 = 2 are ± SE < 0 ; IE = 0 ± SE = 0 ; IE > 0 ° SE = 0 ; IE < 0 ± SE = 0 ; IE = 0 : 1.3. If x and y are perfect complements, then a sale tax on x ± decreases the demand x and increases the demand of y ± increases the demand x and decreases the demand of y ° decreases the demand of both, x and y ± decreases the demand of x and has no e/ect on the demand of y . 1.4. The prices of goods x; y were ( p 2015 x ; p 2015 y ) = (2 ; 1) in 2015, and they are ( p 2016 x ; p 2016 y ) = (1 ; 2) in 2016. Hence, Laspeyres² consumer price index for an individual whose consumption in 2015 was ( x; y ) = (1 ; 1) is: ± 1 2 ° 1 ± 3 2 ± 2 . 1 Descargado por Xiang Wu ([email protected]) lOMoARcPSD|5940864
1.5. If the preferences of the consumer of the previous question are represented by the utility function u ( x; y ) = min f x; y g , then her true consumer price index is: ± 1 2 ° 1 ± 3 2 ± 2 . 1.6. The preferences over lotteries for a consumer are represented by the Bernoulli utility function u ( x ) = ln x . Identify her expected utility and certainty equivalence for the lottery l = ( x; p ) that pays x = (1 ; 2 ; 16) with probabilities p = ( 1 2 ; 1 3 ; 1 6 ) : ± Eu ( l ) = ln 2 ; CE ( l ) = 4 ° Eu ( l ) = ln 2 ; CE ( l ) = 2 ± Eu ( l ) = 2 ln 2 ; CE ( l ) = 2 ± Eu ( l ) = 2 ln 2 ; CE ( l ) = 4 : 1.7. If a ³rm²s output at the short run competitive equilibrium price, ° p , is positive, then ± its marginal cost is greater than or equal to its average cost ± its average cost is less than or equal to ° p ° its average variable cost is non decreasing ± its marginal cost is decreasing. Questions 8, 9 and 10 refer to Lolita, the competitive cow of Holstein that produces milk using oats ( O ) and hay ( H ), which she buys at prices p O and p H , respectively, according to the production function Q = min f O; p H g : 1.8. Lolita²s conditional demand of hay, H ( p O ; p H ; Q ) ; is ± Q ± Q 2 p H ± Q p O p H ° Q 2 .

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