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Microeconomic Theory

by: Mrs. Carmelo Deckow

Microeconomic Theory ECON 11

Mrs. Carmelo Deckow
GPA 3.97


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Class Notes
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This 1 page Class Notes was uploaded by Mrs. Carmelo Deckow on Friday September 4, 2015. The Class Notes belongs to ECON 11 at University of California - Los Angeles taught by Staff in Fall. Since its upload, it has received 25 views. For similar materials see /class/177949/econ-11-university-of-california-los-angeles in Economcs at University of California - Los Angeles.


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Date Created: 09/04/15
Review Answers From Economics 11 December 18 1996 David K Levine 1 Consumer and Demand Theory income 1000000 utility is log x1 210g x2 651 0361 x2 p1 mar inal rate of substitution or 2x2 2 1x1 g W 6amp2 2x1 p2 p p budget constraint plx1 pix2 I 1 1 1000000 subst1tute and get x 1 1 3p 3p 1 1 1 I 1 elast1c1ty of demand for champagne p l 1 2 1 x x 3 p so a 10 price increase in champagne results in a 10 fall in demand for champagne Z 1 2 cross elasticity of demand for champagne p l 2 p 10 0 x x so a 10 price increase in diamonds does not change the demand for champagne 2 General Equilibrium Theory Rockstar 1000 demand x 1 Z excess demand 2 w P 1 3p1 Turkeyfeathers 200p1 40p2 T 1 1000p1 100p2 T 3P1 140p2 3 1 100 demand x17 211 excess demand le 3p 2 2 1000 100 200 p1 40 p2 3 p1 aggregate excess demand 700 0 Z solve for equilibrium price ratio p l 15 P


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