ECON 601 Midterm: ECON 601 Iowa State Econ601Midterm1Fall15
Document Summary
Answer any four questions: (25 points) answer all parts. Consider a three good world in which an individual a has the following preferences. Illustrate by finding the set of bundles (if any, except for itself) indifferent to. Explain. (again, you do not need to actually derive the demand curves): (25 points) consider a two good world in which a consumer has preferences represented by the following utility function: The person"s income and the prices of goods are given by: : (10 points) find the person"s demand functions; pay attention to corner solutions. 1: (5 points) find the person"s indirect utility function and expenditure function, (5 points) for the marshallian demand curves, does. Explain your answer: (5 points) suppose a second person had the utility function. Be as specific as possible: (25 points) consider a two good world in which the consumer has the following utility function: Explain: (25 points) consider a three good world.
