ECN 220 Lecture 7: ECN 220 Lecture 7

33. What is the second value printed by the program to the right? A.-1 B.O C.5 D.7 E.10 void setup() { int[] data = { 7, 10, 3, io, 6, 7, 15, 10, 10 System.out.println(func1(10, data)); System.out.println(func1(7, data)); 1/ look close - this is not quite the // same function as before int funci(int x, int[] data) { for(int i = data.length-1; i >= 0; i--) if (data[i] == x) return i; return -1;

Monotonic Transformations: Assume preferences for x and y are given by some utility function: U(x,y), and that f(U) is a transformation for U(x,y). Show whether or not f(U) is a valid monotonic transformation of U(x,y)

1. f(U) = u + 50

2. f(U) = u - 1000

3. f(U) = -u

4. f(U) = u^2

5. f(U) = 1/u^2

6. f(U) = -(1/u)

U(x; y) = x^1/5 + y^1/5

(1) Find the income and substitution effects.

(2) Find the substitution effect of U(x; y) = x^1/3 + y^1/3.