ECON 1B03 Study Guide - Quiz Guide: Deadweight Loss, Marginal Revenue, Externality

• School: McMaster University
• Department: Economics
• Course: ECON 1B03
• Professor: Aleksandra Gajic

Document Summary

This examination paper includes 11 pages and 50 questions. Sible for ensuring that your copy of the paper is complete. The mcmaster university casio fx-991 calculator only may be used. This examination paper must be handed in with the scan sheet. Please read carefully and follow the omr instructions found on page 2 of this examination paper. Identify the choice that best completes the statement or answers the question. Michelle consumes 3 goods: good x, good y and good z. The table below shows the total utilities michelle receives from consuming various quantities of the three goods: refer to scenario 1. Assume that michelle wants to maximize her total utility. What is michelle"s optimal consumption bundle: 2x, 4y, 5z, 3x, 2y, 5z, 4x, 2y, 4z, 2x, 3y, 3z, refer to scenario 1. How much does michelle spend on her purchases of the three goods: , , , , refer to scenario 1.