Homework - Harvey.binghamton.edu

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HOMEWORK #2: 1/30/07 1. TEXT: Page 86, Question for Review #2 2. TEXT: Page 86, Problem 1 3. TEXT: Page 87, Problem 5 HOMEWORK #3: 2/1/07 1. Erskine Erlemmeyer has the following utility function: Where U = 10 X 1 – X 1 2 + 20 X 2 – x 2 2 U = utility, X 1 = commodity one, and X 2 = commodity two. Fill in the following chart denoting the utility Erlemmeyer receives at various consumptions levels. Erlemmeyer’s Utility X 1 X 2 0 1 2 3 4 5 6 0 1 2 3 4 5 6 7 2. Prove that indifference curves cannot intersect each other. 3. TEXT: Page 87, Problem 8 (a) HOMEWORK #4: 2/8/07 I. TEXT: Page 87-88: Problems 14, 15 and 18 II. Given the utility function of the last homework assignment
U = 10 X 1 – X 1 2 + 20 X 2 – X 2 2 a) Compute the optimal consumption of X 1 and X 2 if the price of X 1 and X 2 are $1 each and Erskine Erlemmeyer has $6 to spend. b) Answer (a) if the price of X 2 rises to $2. Note that in this problem one can buy fractional units of X 1 and X 2. 1. TEXT: Page 103: Problem 1. 2. TEXT: Page 116 – Exercise 4.1 3. Define: Engel Curve HOMEWORK #5: 2/13/07 4. Given the utility function of the last homework assignment U = 10 X 1 – X 1 2 + 20 X 2 – X 2 2 a) Compute the optimal consumption of X 1 and X 2 if the price of X 1 and X 2 are $1 each and Erskine Erlemmeyer has $6 to spend. b) Answer (a) if Erskine Erlemmeyer now has $9 to spend. c) Are X 1 and X 2 normal, inferior, or luxury goods Justify. One can in this problem buy fractional units of X 1 abd X 2 . HOMEWORK #6: 2/15/07 1. From Homwork Assignment #5 Do 4 (c ) Given the utility function of the last homework assignment U = 10 X 1 – X 1 2 + 20 X 2 – X 2 2 Are X 1 and X 2 normal, inferior, or luxury goods Justify. 2. TEXT: Page 142: Questions for Review 13, 14 and 15 3. TEXT: Page 143: Problems 10 and 12. HOMEWORK #7: 2/20/07
Page 1: ECONOMICS 360 Spring 2007 Written H
Page 5 and 6: ) How much would the firm produce i
Page 7: 2. Page 609: Problem #2 HOMEWORK #2

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