ct4.pdf - EECM3714: INTRODUCTORY MATHEMATICAL ECONOMICS...

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EECM3714: INTRODUCTORY MATHEMATICAL ECONOMICSCLASS TEST 4: MARKS = 25; TIME = 50 MINUTESSTUDENT NUMBER: …………..…………INITIALS AND SURNAME:………………………………This is a closed book class test. This paper consists of 4 questions on 2 pagesINSTRUCTIONSAnswer all the questions. Write legibly and use ONLY black or blue ink, and ONLY write your FINALanswers in the spaces provided.Remember to fill in your name and student number at the top of this question paper!Round all answers to the nearest FOUR decimals.ONLY hand in this question paper after completing the class test!1)Consider the utility function? = ??(???.?+ ???.?)?.?a.Write down the degree of homogeneity (?) for this utility function. [.1]? =……………………………………………………………………………………………………b.Write down the elasticity of utility with respect to𝑦(𝑒𝑦) for this utility function. [2??=……………………………………………………………………………………………………2)Suppose that the inverse demand for toy robots is? =???+?, while the inverse supply of toy robotsis? = ? − ?a.Find the equilibrium price (?) and quantity (?). [2]].
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Term
Fall
Professor
JV Heerden
Tags
Supply And Demand, Introductory Mathematical Economics

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