ECON-101 Midterm: ECON 101 Georgetown PracticeMidterm
Document Summary
Sample for first midterm exam: (5 min) l-mart is having a special. This deal is only good for the first unit after that you must pay for both x1 and x2. Martha stuart has to spend on x1 and x2. Draw martha"s budget constraint. (hint: suppose she spends all her money on x1. 5 1 + 0 = 1: (5 min) professor leif green is teaching plant science. He is giving 3 exams, but says the students can drop their lowest score. That is, grades will be determined on only the two highest scores. Let x2 be the score on exam 2 and x3 be the score on exam 3. Draw cliff"s indifference curve through the point (x2, x3) = (60,30). Please put x2 on the horizontal axis, and x3 on the vertical axis. Explain: monotonicity: more is better, convexity: averages are better than extremes.
