ECON 2300 Final: ECON 2300 Final Exam Fall 2011
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Ap/economics 2300 3. 0 ff : intermediate microeconomic theory i: bucovetsky time=2 hours. Part a counts for 40 percent of the grade, part b for 60. Explain brie y: the following table contains data on a person"s consumption of two goods ( x and y ), and the prices of the two goods ( px and py ) in two di erent years. 2: suppose that a person regarded consumption when she was young as perfectly complementary to her consumption when old. If the cost of extracting and re ning a barrel of oil were expected to remain a constant , how should the price of oil vary over time, in a world in which there was no uncertainty? continued. 2: what is the equivalent variation to a fall of in the price of clothing, if a person"s preferences could be represented by the utility function. U (f, c) = f + 20c .
