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MidtermSequence1 - ECON 410: Midterm Sequence Number: 1...

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ECON 410: MidtermSequence Number:1Last 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 willreturn 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-edge3.A pencil4.Your brainWhat 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 statedexplanation.Photocopy Notice1.We will be photocopying a random sample of the Midterms to keep on file for verification purposes.
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/Microeconomics-A-Contemporary-Introduction-11th-Edition-9781305505537-511/
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Chapter 6 / Exercise 13
Microeconomics: A Contemporary Introduction
McEachern
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Assorted Notes1.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 don’t necessarily mean you did something wrong.In some cases, the answer is completely right.In othercases (for instance, if you find the optimal bundle has negative units of one of the goods), it might mean an interior solution does notexist.4.For the definition of local nonsatiation, use the strict version.Specifically:A preference relation islocally nonsatiatedif for each bundle,a, another bundle exists,b, such thatbaandbhas moreof 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 displaysmonotonicityif for each bundle,a, every bundle,b,with more of each good in the bundle isstrictlypreferred toa.6.Please remember for a certain property of preferences to hold,it must hold everywhere.7.Please remember a certain property of preferences holds unless you can find a violation of it.

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Term
Fall
Professor
Codrin
We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
Microeconomics: A Contemporary Introduction
The document you are viewing contains questions related to this textbook.
Chapter 6 / Exercise 13
Microeconomics: A Contemporary Introduction
McEachern
Expert Verified

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