ECON 5010 Final: ECON 5010 York Fall 05 Final Exam
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Economics 5010 af3. 0 : applied microeconomics: bucovetsky time=2. 5 hours. Do any 6 of the following 10 questions. All count equally: if a person"s preferences can be represented by the utility function u(x1, x2) = x1 + x2. Nd the person"s marshallian demand functions for each good, her indirect utility function, her hicksian demand functions, and her expenditure function: if a person"s utility of wealth function were u(w ) = a . 1: what would be the equilibrium price and quantity in the long run, in a competitive industry in which there were many identical rms, each with the same long run total cost function. 120q2 + 170q where q was the output of the rm, if the market demand curve for the output of the rms had the equation. There are 2 million people, each of whom has an endowment of 1 unit of good 1, and.
