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Final

EXAM PRACTICE QUESTIONS 1

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Department
Economics
Course
ECO200Y5
Professor
Robert Barber
Semester
Summer

Description
TUTORIAL 2MONDAY MAY 26 20144PM5PMQUESTION 25Textp 85Ms Caffeine enjoys C and tea T according to the function UCT3C4Ta What does her utility function say about her MRS of coffee for tea What do her indifference curves look like b If coffee and tea cost 3 each and Ms Caffeine has 12 to spend on these products how much coffee and tea should she buy to maximize her utility c Draw the graph of her indifference curve map and her budget constraint and show that the utilitymaximizing point occurs only on the Taxis where no coffee is bought d Would this person buy any coffee if she had more money to spend e How would her consumption change if the price of coffee fell to 2QUESTION 26Textp 86Vera is an impoverished graduate student who has only 100 a month to spend on food She has read in a government publication that she can assure an adequate diet by eating only peanut butter and carrots in the fixed ratio of t
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