Economics 601, Microeconomic Analysis I
Fall 2011
Harvey Lapan
Midterm 2
Answer Any Three Questions
1. Answer all parts.
(a) (Revealed preference) Assume the Weak Axiom of Revealed Preference (WARP) is known to hold.
In a two good world, the person is obs
Economics 601, Microeconomic Analysis I
Fall 2009
Harvey Lapan
Midterm 2
Answer Any Three Questions
1. Answer all parts.
(a) Consider a consumer whose utility depends on two goods, cfw_ x1 , x2 . Her Hicksian demand for
12
p
good 1 is given by:
= U 2 ,
Economics 601, Microeconomic Analysis I
Fall 2012
Harvey Lapan
Midterm 1
Answer Any Three Questions; answer all parts to each question
1.
(33 points) Answer all parts
a. In a three good world, consider a proposed demand system: xi p1 , p2 , p3 , w , i 1,
Economics 601, Microeconomic Analysis I
Fall 2011
Harvey Lapan
Midterm 1
Answer Any Three Questions
1. Answer all parts.
a. Assume U ( x1, x2 ) and W ( x1 , x2 ) are both increasing, quasi-concave functions of
cfw_ x1 , x2 . A persons preferences are giv
Economics 601, Microeconomic Analysis I
Fall 2010
Harvey Lapan
Midterm 1
Answer Any Three Questions
1. Consider a consumer with a strongly monotone and strictly quasi-concave utility function u ( x ) . Let
L
p R+ denote the price vector, w the consumers i
Economics 601, Microeconomic Analysis I
Fall 2009
Harvey Lapan
Midterm 1
Answer Any Three Questions
1. Suppose a consumer has the following preferences:
u ( x1 , x2 ) = a max ( x1 , x2 ) + (1 a ) min ( x1 , x2 ) ; a [ 0,1]
a) Are the preferences represent
Economics 601, Microeconomic Analysis I
Fall 2012
Final Exam Answer Any Three Questions
Harvey Lapan
1. Consider a monopoly firm with cost curve: C q q , where costs are measured in terms of the
numeraire good. The firm has two types of customers, with qu
Economics 601, Microeconomic Analysis I
Fall 2011
Final Exam - Answer Any Three Questions
Harvey Lapan
1. Answer all parts.
(
)
a) A firm produces a single good, q, with production function F x1 , x2, x3 . Input prices are given
by cfw_w1 , w2 , w3 . In
Economics 601, Microeconomic Analysis I
Fall 2010
Harvey Lapan
Final Exam - Answer Any Three Questions
1. A monopoly producer (e.g., an electric utility) has the following production function:
(
)
(
Q = K L1 2 ; = 33 2 2
)
K is capital inputs, L is labor
Economics 601, Microeconomic Analysis I
Fall 2010
Harvey Lapan
Midterm 2
Answer Any Three Questions
1. Answer all parts.
(a) Consider a utility maximizing consumer with monotonic and quasiconcave utility function u ( x ) .
(
)
government policy) to the pr
Economics 601, Microeconomic Analysis I
Fall 2011
Harvey Lapan
Midterm 2
Answer Any Three Questions
1. Answer all parts.
(a) (Revealed preference) Assume the Weak Axiom of Revealed Preference (WARP) is known to hold.
In a two good world, the person is obs
Economics 601, Microeconomic Analysis I
Fall 2010
Harvey Lapan
Midterm 2
Answer Any Three Questions
1. Answer all parts.
(a) Consider a utility maximizing consumer with monotonic and quasiconcave utility function u ( x ) .
(
)
government policy) to the pr
Economics 601, Microeconomic Analysis I
Fall 2009
Harvey Lapan
Midterm 2
Answer Any Three Questions
1. Answer all parts.
(a) Consider a consumer whose utility depends on two goods, cfw_ x1 , x2 . Her Hicksian demand for
12
p
good 1 is given by:
= U 2 ,
Economics 601, Microeconomic Analysis I
Fall 2011
Harvey Lapan
Midterm 1
Answer Any Three Questions
1. Answer all parts.
a. Assume U ( x1, x2 ) and W ( x1 , x2 ) are both increasing, quasi-concave functions of
cfw_ x1 , x2 . A persons preferences are giv
Economics 601, Microeconomic Analysis I
Fall 2010
Harvey Lapan
Midterm 1
Answer Any Three Questions
1. Consider a consumer with a strongly monotone and strictly quasi-concave utility function u ( x ) . Let
L
p R+ denote the price vector, w the consumers i
Economics 601, Microeconomic Analysis I
Fall 2009
Harvey Lapan
Midterm 1
Answer Any Three Questions
1. Suppose a consumer has the following preferences:
u ( x1 , x2 ) = a max ( x1 , x2 ) + (1 a ) min ( x1 , x2 ) ; a [ 0,1]
a) Are the preferences represent
Economics 601, Microeconomic Analysis I
Fall 2011
Final Exam - Answer Any Three Questions
Harvey Lapan
1. Answer all parts.
(
)
a) A firm produces a single good, q, with production function F x1 , x2, x3 . Input prices are given
by cfw_w1 , w2 , w3 . In
Economics 601, Microeconomic Analysis I
Fall 2010
Harvey Lapan
Final Exam - Answer Any Three Questions
1. A monopoly producer (e.g., an electric utility) has the following production function:
(
)
(
Q = K L1 2 ; = 33 2 2
)
K is capital inputs, L is labor
Economics 601, Microeconomic Analysis I
Fall 2009
Harvey Lapan
Final exam
Answer Any Three Questions
1. Consider a monopoly electric company that sells electricity to two types of customers: rich and
poor customers. The demand functions for these customer
Economics 601, Microeconomic Analysis I
Fall 2009
Harvey Lapan
Final exam
Answer Any Three Questions
1. Consider a monopoly electric company that sells electricity to two types of customers: rich and
poor customers. The demand functions for these customer