2009 Test 1 Questions

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Department
Economics
Course
ECO205Y5
Professor
Michael H O
Semester
Fall

Description
UNIVERSITY OF TORONTO DEPARTMENT OF ECONOMICS MICROECONOMIC THEORYAPPLICATION ECO205Y5TEST 1NOVEMBER 9 2009 TIME 91030 AM 90 MINUTES 1 John and Mary bring home a cantaloupe from the supermarket for their children Dave and JaneEach of these kids would love to finish the whole cantaloupe aloneGiven there is only one cantaloupe i Define Pareto criterion and use it to explain if it is Pareto optimal for John to give twothirds to Dave and onethird to Janeii Explain how Pareto criterion may prevent government officials from implementing new policies10 marks 2 In a twogood apples and oranges world your best friend Joes indifference curves are convex to the originHe is not only indifferent between the bundles2 apples 6 oranges and5 apples 3 oranges but he is also indifferent between the bundles5 apples 3 oranges and 4 apples 6 orangesPlot this information in a properlylabeled
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