MAT 2377 Midterm: MAT 2377 University of Ottawa MidtermA MAT2377 Fall2017Sol
Document Summary
Some formulae are provided in the appendix (that you may or may not need): (20 points) the law of demand. A decrease in the own price of a normal good will cause quantity demanded to increase. Either x1 % x2 or x2 % x1: transitivity. If x1 % x2 and x2 % x3, then x1 % x3: continuity. X the sets % (x) and - (x) are closed: strict monotonicity. X0, x1, if x0 x1 then x0 % x1, while if x0 x1 then x0 x1: convexity. If x0 % x1, then tx1 + (1 t)x0 % x0, t [0, 1]: strict convexity. If x1 6= x0 and x1 % x0, then tx1 + (1 t)x0 % x0, t (0, 1). Either g % g or g % g: transitivity. If g % g and g % g , then g % g : continuity. [0, 1] s. t. g ( a1, (1 an)): monotonicity.
