ECON 304 MIDTERM EXAM ANSWERS
(1) The short questions:
(a) Transitivity says that if x
y and y
z, then x
z.
Note the three bundles in diagram 0.1. x y because they
are on the same indierence curve. y z because they are
on the same indierence curve (albeit

Micro Econ 304
Midterm Exam
Do each of the following questions.
1. (33 Marks)
Suppose there are two commodities x and y and that some consumers indierence curves all given by equations of the form
y = K x2
1
2
for dierent values of K. Use the method we d

Micro Econ 304
Midterm Exam
Do each of the following questions.
1. (33 Marks)
Suppose there are two commodities x and y and that some consumers indierence curves all given by equations of the form
y = K x2
1
2
for dierent values of K. Use the method we d

Midterm Exam
Econ304
Peters
(1) A consumer likes to play tennis. A local club oers a membership that
costs $10. For that amount, the consumer can play up to 10 hours of tennis
per week. If she wants to play more than 10 hours of tennis per week, she
has t

Final Exam
Econ 304 - Peters
December 7, 2005
Do each of the following questions. They are weighted equally. You
have 2 hours.
Use your answer book for rough work. Write your nal answers only
on this test paper. If you cant get an answer, explain how you