23942 Microeconomics I
Spring 2015
Problem Set Monica
The due date for this assignment is Wednesday, October 28.
1. MWG 3.G.15
2. Suppose the consumers utility function u is positive, i.e., u (x) > 0 for all x, and homogeneous
of degree one, i.e., u ( x)

4. ELASTICITY
This measures of the responsiveness of quantity demanded (or QS) to a change in price,
income, etc.
Price elasticity of demand
Price elasticity of demand, defined as:
price elasticity of demand =
Because demand curves slope downwards, the pe

23942 Microeconomics I
Spring 2015
Problem Set Ross
The due date for this assignment is Wednesday, September 9.
1. Prove that a binary relation R on X is negatively transitive if and only if for each
x; z 2 X, xRz implies that 8y 2 X, xRy or yRz.
2. Prove

23942 Microeconomics I
Spring 2015
Problem Set Joey
The due date for this assignment is Wednesday, October 14.
1. Consider a setting with two goods. For each of the following utility functions, nd the
Walrasian demand correspondence.
Given (p; w) 2 R2+ R+

23942 Microeconomics I
Spring 2015
Midterm Exam
All questions carry the same weight. GOOD LUCK!
1. Prove that if C is non-empty and satises the Houthakkers Axiom, then C satises
Sens .
Proof. Suppose C is non-empty and satises the Houthakkers Axiom. Suppo

23942 Microeconomics I
Spring 2015
Problem Set Chandler
The due date for this assignment is Wednesday, November 11.
1. Prove that if % is continuous, then % is Archimedean.
Proof. Let % be continuous and
to nd
2 (0; 1) such that
. To prove that % is Archi

23942 Microeconomics I
Spring 2015
Problem Set Ross
The due date for this assignment is Wednesday, September 9.
1. Prove that a binary relation R on X is negatively transitive if and only if for each
x; z 2 X, xRz implies that 8y 2 X, xRy or yRz.
Proof. H

23942 Microeconomics I
Spring 2015
Problem Set Monica
The due date for this assignment is Wednesday, October 28.
1. MWG 3.G.15 Consider the utility function
p
p
u(x1 ; x2 ) = 2 x1 + 4 x2
(a) Find the demand functions for goods 1 and 2 as they depend on pr

23942 Microeconomics I
Spring 2015
Problem Set Chandler
The due date for this assignment is Wednesday, November 11.
1. Prove that if % is continuous, then % is Archimedean.
P
2. Prove that if there exists a vNM index v : X ! R such that U ( ) = x2X v (x)

23942 Microeconomics I
Spring 2015
Problem Set Rachel
The due date for this assignment is Wednesday, November 25.
1. MWG 10.B.2 Show that if allocation (x1 ; :; xI ; y1 ; :; yJ ) and price vector p > 0 constitute a competitive equilibrium, then (x1 ; :; x

23942 Microeconomics I
Spring 2015
Final Exam
All questions carry the same weight. GOOD LUCK!
1. Correctly state the Theorem of the Maximum (Berge) and briey comment on its
relevance and implications in economics.
2. Suppose a rm purchases two inputs x1 a

23942 Microeconomics I
Spring 2015
Problem Set Phoebe
The due date for this assignment is Wednesday, September 23.
1. Prove that if % admits a utility representation, then % is a preference relation; i.e., %
is complete and transitive.
2. Suppose X = [0;

23942 Microeconomics I
Spring 2015
Problem Set Joey
The due date for this assignment is Wednesday, October 14.
1. Consider a setting with two goods. For each of the following utility functions, nd the
Walrasian demand correspondence.
(a) u (x) = x1 x2 for

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UNIVERSITY OF TECHNOLOGY, JAMAICA
COLLEGE/ FACULTY: College of Business and Management
SCHOOL/ DEPARTMENT: Business Administration
INTRODUCTION TO MICROECONOMICS (ECO1001)
PRESENTATION CASE ASSIGNMENTS - GASOLINE
Instructions:
You will be expected to d