ECO200Y1 Midterm: ECO200Y1 Term Test 1 2014 Winter Solutions
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ECO200Y1 Full Course Notes
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24: dick and jane, funky frank loves music. 30: revealed preference/index nos 16, economists need to write. Be sure to show all steps in your work for a full grade. Yes or no (10 marks) (10) for each of the statements below, indicate if you agree (yes) or disagree (no). Select the best answer, keeping in mind, of course, the assumptions and models we have developed in class. If you use mux / muy = px / py in solving for the equilibrium in the. Indifference model where utility is not viewed as measureable, you might get the right answer, but prof. wolfson will not give you full marks because the equation implies cardinal utility. Will get full marks; equation does not imply cardinal utility: lily"s engel curve for hamburger helper (hh) is negatively-sloped. On that basis, we can conclude that her income elasticity of demand for hh is less than zero.
