June 2011
In this course, you will need to use basic calculus to take basic derivatives and partial
derivatives. Partial derivatives are not complicated; they are just like regular derivativesonly
you treat all unrelated/uninvolved variables as you would
Name:_
McMaster I.D. #_
McMaster University
Economics 2GG3
Dr. Robert Jefferson
Mid Term Examination 1
Friday, February 6, 2014
Instructions:
1.
2.
3.
On the FRONT of your Scantron (SIDE 1), fill out the items in the box at the top
(your McMaster i.d. num
Behavioral Postulate: A decision-maker always chooses its most preferred alternative
from its set of available alternatives.
So to model choice we must model decision-makers preferences.
Preference Relations
Comparing two different consumption bundles,
x(
Question1
1/1point
Data on the prices, quantities sold, and average incomes of buyers of Jolt Cola and
Coke, over several years, are shown below.
Year Price of Jolt
2010 $1.00 / can
2011 $1.00 / can
2012 $1.00 / can
2013 $1.40 / can
Average Income
Price o
Name:_
McMaster I.D. #_
McMaster University
Economics 2GG3
Dr. Robert Jefferson
Mid Term Examination 1
Wednesday, October 7, 2015
Instructions:
1.
2.
3.
On the FRONT of your Scantron (SIDE 1), fill out the items in the box at the top
(your McMaster i.d. n
Multiple Constraint Lagrangian
General Equilibrium and Welfare Maximization
An example of a multiple-constraint Lagrangian, illustrating the use of Lagrange
multiplier variables.
General Equilibrium and Constrained Welfare Maximization
There are two peopl
Economics 2GG3
Some practice problems
Instructor: Dr. Fred Aswani
Solutions to be availed later
1. Sketch an indifference map for each of the following and show
preference direction of the indifference map.
a. Education and toxic waste
b. Chocolate chip c
Name:_
McMaster I.D. #_
McMaster University
Economics 2GG3
Dr. Robert Jefferson
Mid Term Examination 2
Friday, March 13, 2015
Instructions:
1.
2.
3.
On the FRONT of your Scantron (SIDE 1), fill out the items in the box at the top
(your McMaster i.d. numbe
Name:_
McMaster I.D. #_ _. _ _
l. Santino consumes peppers and tomatoes, and he always consumes these in the ratio
of l bushel of peppers per l bushel of tomatoes.
McMaSter University E v: .4. [23” Li His garden yields 5 bushels of peppers and IS bushels
Name:_
McMaster I.D. #_
McMaster University
Economics 2GG3
Dr. Robert Jefferson
Mid Term Examination 1
Wednesday, October 7, 2015
Instructions:
1.
2.
3.
On the FRONT of your Scantron (SIDE 1), fill out the items in the box at the top
(your McMaster i.d. n
Econ 2GG3
Answers to the Practice Final Exam
Winter 2006
1. Below are preference maps for four people.
Person A
Person B
Person C
Person D
Which people's preferences exhibit diminishing marginal rate of substitution?
a) persons A, B, and C only
b) persons
Economics 2GG3
Midterm I, Practice Questions
1.
If she spends all of her income on uglifruits and breadfruits, Maria can just afford 11 uglifruits and 4
breadfruits per day.
She could also use her entire budget to buy 3 uglifruits and 8 breadfruits per da
Question 1
1 / 1 point
Data on the prices, quantities sold, and average incomes of buyers of Jolt Cola and
Coke, over several years, are shown below.
Year Price of Jolt
2010 $1.00 / can
2011 $1.00 / can
2012 $1.00 / can
2013 $1.40 / can
Average Income
Pri
Economic 2GG3(Quiz#2)_solution
1
1. Wanda Littlemores utility function is U(x,y) = x + 47y 3y 2. Her income is $107. If the
price of x is $1 and the price of y is $23, how many units of good x will Wanda
demand?
A.
B.
C.
D.
E.
x*(px,py,m) = 23
0 < x*(px,p
Econ 2GG3
Fred Aswani
Chapter 5
Section 5.4
Edited July 11 2011
INTERTEMPORAL CHOICE MODEL (aka Life cycle model)
In previous analysis we considered the case where individuals allocate income
in a single period across different goods. We now consider the
2GG3 Miderm I Answer Key
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Name:_
McMaster I.D. #_
McMaster University
Economics 2GG3
Dr. Robert Jefferson
Mid Term Examination 1
Wednesday, October 8, 2014
Instructions:
1.
2.
3.
On the FRONT of your Scantron (SIDE 1), fill out the items in the box at the top
(your McMaster i.d. n
COMPETITIVE GENERAL EQUILIBRIUM
( Exchange economy)
Chapter 13
Fred Aswani
Econ 2GG3
JJuly 13, 2011une 8th 09
We examine the efficiency of the whole economic system.
We start by noting that perfect competition promotes pareto optimality/efficiencyIn compa
Economics 2GG3
Midterm I, Practice Questions
1.
If she spends all of her income on uglifruits and breadfruits, Maria can just afford 11 uglifruits and 4
breadfruits per day.
She could also use her entire budget to buy 3 uglifruits and 8 breadfruits per da
Econ 2GG3 (Quiz3)
1. Data on the prices, quantities sold, and average income of buyers of Jolt and Coke,
over several years are shown below.
Year
Average Income
Price of Jolt Price of Coke of Cola Buyers Quantity of Jolt Sold
2010
$1.00 / can
$1.00 / can
Economics 2GG3_Quiz#2
1. Wanda Littlemores utility function is U(x,y) = x + 47y 3y 2. Her income is $107. If
the price of x is $1 and the price of y is $23, how many units of good x will Wanda
demand?
A.
B.
C.
D.
E.
x*(px,py,m) = 23
0 < x*(px,py,m) < 23
x
QUESTION 1:
Bill and Ted both like goods X and Y, but their preferences for these goods are not the
same.
Bill's preferences can be represented by the utility function
Ted's preferences, by contrast, are represented by the utility function
Consider the in
Question1
1/1point
Wanda Littlemores utility function is U(x, y) = x + 47y 3y2. Her income is $107. If the
price of x is $1 and the price of y is $23, how many units of good x will Wanda demand?
1)
x*(p
m) = 0
2)
x*(p
m) = 23
3)
x*(p
m) = 0
4)
5)
ViewFeed
Question1
1/1point
Rhandi prefers not to engage in trade (exchange) at current prices. At these prices, she
chooses to consume her endowment of goods X and Y.
She has smooth, strictly convex indifference curves (no kinks), and she is endowed with
positive
Econ 2GG3 Lecture Notes,
Consumer Budget Constraints, Budget Sets
Economic Rationality
Choice and
Constraints on Choice
The principal behavioral postulate is that a
decisionmaker chooses its most preferred
alternative from those available.
The available c
Econ 2GG3 Lecture Notes,
Consumer PREFERENCES
Economic Rationality
Preferences
What We LIKE
Behavioral Postulate:
A decision-maker always chooses its most
preferred alternative from its set of available
alternatives.
So to model choice we must model decis
Economics 2GG3 Midterm I Answer Key
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Version 1
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Name:_
McMaster I.D. #_
McMaster University
Economics 2GG3
Dr. Robert Jefferson
Mid Term Examination 1
Friday, February 3, 2017
Instructions:
1.
On the FRONT of your Scantron (SIDE 1), fill out the items in the box at the top
(your McMaster i.d. number (9