This is an economics assignment.

This is an economics assignment.

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YORK UNIVERSITY AP/ECON2300A – Intermediate Microeconomic Theory I (Fall 2014) Instructor: Prof. Xueda Song Midterm Exam #2: November 6, 2014…

This is an economics assignment.

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YORK UNIVERSITY
AP/ECON2300A – Intermediate Microeconomic Theory I (Fall 2014)
Instructor: Prof. Xueda Song
Midterm Exam #2: November 6, 2014 (10-11:25am)
Name:_______________________________
Student ID:_______________________
Note: This exam includes
8
short-answer questions
with a total mark of 60. Your grade will be based on
what you have written in the provided exam book. All answers except graphs must be printed with a pen
or a ballpoint pen. Pencil can only be used to draw graphs. You need to provide a brief explanation to
your answer for complete credit. You must label graphs clearly.
1.
What is a homothetic preference? Are Cobb-Douglas preferences homothetic preferences?
Please explain. (
6 points; Note: no graph needed.
)
2.
Suppose a consumer consumes two goods: x1 and x2.
Please use graphs to illustrate how to
derive an income offer curve and Engel curves for the two goods for a typical consumer. You
need to explain the meanings of income offer curve and Engel curve, as well as how you
have derived them. (
9 points; Note: both explanations and graphs are needed
.
)
3.
Suppose a consumer consumes two goods: x1 and x2. Prices of the two goods are p1 and p2.
(1)
Suppose p1 decreases which will affect the optimal consumption of x1. Please use a
graph to illustrate the income effect and substitution effect of such a price change. (
5
points; Note: both explanations and graphs are needed.
)
(2)
Suppose a consumer has preferences between two goods that are perfect substitutes. Can
you change prices in such a way that the entire demand response is due to the income
effect? (
5 points; Note: both explanations and graphs are needed.
)
4.
What is Giffen goods? Does Giffen goods have to be inferior goods? (
5 points; Note: both
explanations and graphs are needed.
)
5.
Suppose that the demand curve is D(p)=10-p, where p is the price of the good. What is the
gross benefit from consuming 6 units of the good? If the price changes from 4 to 6, what is
the change in consumer’s surplus? (
8 points; Note: both explanations and graphs are
needed.
)
6.
What is compensating variation? Please also use a graph to illustrate its meaning. (
7 points;
Note: both explanations and graphs are needed.
)
7.
Consider the production function
°
(
±
1
,
±
2
) = 4
±
1
²
³
±
2
²
3
. Does this exhibit constant, increasing,
or decreasing return to scale? Please explain. (
7 points; Note: no graph needed.
)
8.
A firm has the production function
f
(
x
,
y
) = 20
x
3/5
y
2/5
. Please explain the meaning of
technical rate of substitution (TRS), and derive the formula for computing TRS for this
production function. How much is the TRS at the point (
x
,
y
) = (20, 40)? Please interpret
your final result. (
8 points; Note: a simple graph is needed; you must show the whole process
of calculation to get full credit.
)

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