Bob’s utility function is min{x, 5y+ 2z} . The price of x is $1, the price of y is $15,
and the price of z is $7. Bob's income is $44. How many units of x does Bob demand?
Chuck consumes swimming and wine. Both are normal goods. Chuck has a total of $30
a day and 6 hours a day to spend on swimming and wine. Each cup of wine costs $2
and takes half an hour to consume. It costs $1 and takes 1 hour to swim once. It is
impossible to consume wine and swimming at the same time. If Chuck's income
increases to $50 a day, how will his consumption of swimming and wine change
(increase, decrease, or does not change)?
Doug consumes two goods. Last year: prices were ($6, $3), Doug chose the bundle (9,
18). This year, the prices are ($1, $2), and he chooses the bundle (8, 14). Is he better off
this year or last year?
If the demand curve for a good slopes downward, then what is the slope of its Engel
curve (positve, negative, or uncertain)?
Henry is paid $100 and hour for the first 40 hours per week that he works. If he works
more than 40 hours in a week, the extra hours are counted as overtime and are paid
$150 per hour. For example, if he works 50 hours, then his salary is
40×$100 +10×$50 = $5,500 . Leisure is a normal good for Henry, and he is working
more than 40 hours now. If his hourly wage for the first 40 hours per week rises to $110,
and the wage for overtime hours remain at $150, then how will his working hours
change?
What is the value of a?
George is thinking of starting a restaurant. George has a von Neuman-Morgenstern
utility function U(W) = 1− (3 W) , where W is his final wealth, and he would
maximize his expected utility. George’s total wealth is $12. With probability 0.2, the
restaurant will be a failure and he'll lose $9, so that his wealth will be just $3. With
probability 0.8 it will succeed and his final wealth will grow to $x.
What is the smallest value of x that would make George start the restaurant?
George is thinking of starting a restaurant. George has a von Neuman-Morgenstern
utility function U(W) = 1− (3 W) , where W is his final wealth, and he would
maximize his expected utility. George’s total wealth is $12. With probability 0.2, the
restaurant will be a failure and he'll lose $9, so that his wealth will be just $3. With
probability 0.8 it will succeed and his final wealth will grow to $x.
Suppose x = 30 . What is George's expected utility if he starts the restaurant?
George is thinking of starting a restaurant. George has a von Neuman-Morgenstern
utility function U(W) = 1− (3 W) , where W is his final wealth, and he would
maximize his expected utility. George’s total wealth is $12. With probability 0.2, the
restaurant will be a failure and he'll lose $9, so that his wealth will be just $3. With
probability 0.8 it will succeed and his final wealth will grow to $x.
What is her willingness to pay for 1 car in a year? [Write it as a proportion of her income.]
Suppose that p = 2,000 . What is the lowest value of I at which she would have 2 cars?
Calculate the equilibrium r.
Other things being the same, if the government makes a sudden increase in G by the
amount of 150, what will be the new equilibrium r?
How much is the crowding out effect due to the increase in G?
What is the equilibrium r?
suppose people are more optimistic about the future and the autonomous investment
increases to 1,400. How much will be the amount of net export (X-M) change? (If the
amount decreases, remember to put an "−" sign.)
Suppose that the autonomous investment is still 1,200, but e0 changes to 110. How
much will be the amount of net export (X-M) change? (If the amount decreases,
remember to put an "−" sign.)
Okun’s Law is a relationship between two economic variables. What are they?
If wage and price become less sticky, how would the shape of the Phillips curve change?
After the re-unification of Germany in 1990, the interest rate in Germany increased.
France and Germany used a fixed exchange rate system then. What would French
government do if France wanted to maintain fixed exchange rate with the German
mark?
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