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MIDTERM EXAMINATION 1 Intermediate Microeconomics …
www.k-state.eduIntermediate Microeconomics (ECON 520) September 18, 2001 Professor D. Weisman ... Please write legibly and think carefully about your answers. You may find that graphical and/or mathematical analysis will assist you in answering some of these questions. Part I. Multiple Choice (50 points).
Intermediate Microeconomics - Yonsei
web.yonsei.ac.kr= MRS= p 1 p 2 – x0is not optimal: MU 1 MU 2 = MRS< p p 2 = x 2 x 1 or MU 1 x 1 <MU 2 x 2!Better off with exchanginggood1forgood2 Example.Cobb-Douglasutilityfunction MRS= a 1 ;xa x 2 x 1 = p 1 p 2 p 1x 1 + p 2x 2 = m)!(x 1 2) = am p 1; (1 a)m p 2 II.Non-tangentsolution A.Kinkeddemand Example.Perfectcomplement: u(x 1;x 2) = minfx 1;x 2g 18