ECON 2300 Midterm: ECON 2300 Midterm Spring 2011
Document Summary
All count equally: suppose that a person has a most preferred ideal combination of hours t watching television and hours s spent playing soccer (t , s ). Her preferences over other combinations (t, s) of hours spent watching television and playing soccer are determined entirely by how close a combination is to her ideal combination. Explain brie y: what is a person"s demand function for food, if her preferences can be represented by the utility function u(f, c) = c .
