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# Ajax_HW1 - University of Toronto Department of Economics...

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University of Toronto, Department of Economics, ECO 204, 2012 2013 ECO 204, 2012 - 2013 HW 1 For feedback, comments and suggestions, please e-mail [email protected] ________________________________________________________________________________________ N ote: Please don’t memorize these solutions in the expectation that similar questions will appear on tests and exams. Instead, try to understand how to derive the answer as you’ll be tested on techniques and applications, not on memorization. Moreover, tests and exams will cover topics and techniques that may not be in these practice problems. You are urged to go over all lectures, class notes and HWs thoroughly. Question 1 Consider the following function: ( ) ( ) [ ] Currently (a) Suppose that changes so that . What is (b) Suppose that changes so that . What is (c) Suppose that changes so that . What is ? (d Suppose changes by 1%. What is ? (e) Suppose changes by 1%. What is ? (f) Solve the problem: ( ) defined on domain [ ] Hint: the solution may not be an interior solution (i.e. inside the domain of the function, found by setting ( ) ) and in fact might be a boundary solution (i.e. at the boundary of the domain).

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