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by: Paul Hickey

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# Microeconomics 312: Exam 1 Review Economics 312

Marketplace > Arizona State University > Economcs > Economics 312 > Microeconomics 312 Exam 1 Review
Paul Hickey
ASU

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Exam 1 Review Notes
COURSE
Microeconomics
PROF.
Brian Goegan
TYPE
Study Guide
PAGES
1
WORDS
KARMA
50 ?

## Popular in Economcs

This 1 page Study Guide was uploaded by Paul Hickey on Tuesday January 5, 2016. The Study Guide belongs to Economics 312 at Arizona State University taught by Brian Goegan in Summer 2015. Since its upload, it has received 149 views. For similar materials see Microeconomics in Economcs at Arizona State University.

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Date Created: 01/05/16
Intermediate Macroeconomics ECN 312 – Summer 2015 Lecture 9: Exam 1 Review Here are some utility functions: 1/4 3/4 ( ) ( ) ???? ???? 1???? 2) = ???? 1 ????2 ???? ????1,???? 2 = ln???? 1 ???? 2 ???? ???? 1???? 2 = ????1+ ???? 2 ( ) 1/10 9/10 ???? ???? ,???? ) = ln???? + ln???? ???? ???? ,???? ) = min{???? ,???? } ???? ???? 1???? 2 = ???? 1 ????2 1 2 1 2 1 2 1 2 1/3 1/3 ( ) 1/2 1/2 1/2 ???? ???? 1???? 2) = ???? 1 ????2 ???? ???? 1???? 2 = ????1+ ???? +2???? ???? 1 2 ???? ????1,????2) = (???? 1 + ???? 2 ) ???? ???? ,???? ) = ???? ???? 3 ???? ???? ,???? )= ???? + ???? ???? ???? ???? ,???? )= ???? ????1 + ???? ????2 1 2 1 2 1 2 1 1 2 1 2 For each of them: 1. Derive the demand functions for ????1and ???? 2 2. Determine if these goods are normal/inferior and compliments/substitutes. 3. Calculate the income elasticity of demand and the price elasticity of demand. 4. Find the optimal quantities for1???? and 2 if ????1,????2,???? = (1,1,100). 5. Find the optimal quantities for ???? and ???? if ???? ,???? ,???? = (2,1,100). 1 2 1 2 6. Calculate the income and substitution effects for the change i1 ???? between the previous two questions using the Slutsky method. 7. Calculate the change in consumer surplus, the compensating variation, and the equivalent variation for the change in price between questions 4 and 5. 8. If the government were to put a quantity tax on 1 , what tax level would maximize the revenues generate by this consumer, assuming that ???? ,1 ,2 = (1,1,100)?

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