MGEB02H3 Study Guide - Midterm Guide: University Of Toronto Scarborough, Budget Constraint, Demand Curve
16 Oct 2018
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Question-1 [38 points] answer the following short questions: [4 points] the price of laptop computers has dropped dramatically in the last two decades while the quantity sold has risen substantially. Answer: x & y are complement since a change in the price of x leads to an increase in demand for y. Page 2 of 2: [8 points] graph the indifference curves for the following two cases: Coffee: (4 points) mary does not care whether she has two cups of tea or one cup of coffee or any combination thereof. 1: (4 points) ali does not want more than three cups of tea a day. If he is given more than that he will pour it down the drain. Page 3 of 3: [9 points] kumar likes hamburger and he likes it with 2 cans of coke only. and coke costs a can and kumar has to spend on hamburger & coke.
