ct3_Memo.pdf - EECM3714: INTRODUCTORY MATHEMATICAL...

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EECM3714: INTRODUCTORY MATHEMATICAL ECONOMICSCLASS TEST 3: MARKS = 25; TIME = 50 MINUTESSTUDENT NUMBER: …………..…………INITIALS AND SURNAME:………………………………This is a closed book class test. This paper consists of 2 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)A consumer derives utility from 4G-data (?in megabytes, MB) and hamburgers (?); her utility functionis𝑢 =10?0.4?0.4. Furthermore, the consumer has200to spend on data, which costs10(per megabyte)and hamburgers, which costs20per burger.a.Write down the marginal utility of data,???, the marginal utility of hamburgers,???, and themarginal rate of commodity substitution,??𝐶?. [3]
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Term
Fall
Professor
JV Heerden

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