# I need to solve some Micro-economics questions answers.

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I need to solve some Micro-economics questions answers.

I need to solve some Micro-economics questions answers.

Assignment 1 Econ 3010 A02, Fall 2022 Due before 11:30AM on Oct.11 1. Suppose a consumers preference relation says that ! ≿ # and also # ≿ $ . If the consumer also says $ ≻ ! , is the preference relation transitive? Explain why or why not. 2. Suppose the preference of the consumer is such that the indifference curves closer to the bu ndle ! contain bundles that are strict ly more preferred to bundles on indifference curves that are farther from ! . Is item 1 always a good for this consumer? Why or why not. 3. Draw any two indifference curves for the utility function & ( ! ! , ! ” ) = +,- { 3 ! ! , ! ” } . Clearly label the associated uti lity value with each curve and make clear the bundles that lie on each curve. 4. Given this indifference curve, if the item corresponding to the horizontal axis is a good , explain why the other item must be a bad. ! ! ! ” ! # $ # ! ! ! ” x $ $ 5. Suppose a preference relation is represented by a utility function & ( ! ! , ! ” ) = ! ! + ! ” . Explain why the function – & ( ! ! , ! ” ) = − ! ! − ! ” does not represent the same preference relation. It is enough to explain using two appropriate bundles. 6. Let & ( ! ! , ! ” , ! # ) = ! ” 3 $ ! + ln ( ! ! + ! # ) . Find %& % $ ! 7. Let & ( ! ! , ! ” ) = 0 . 3 ln ( ! ! ) + 0 . 7 ln ( ! ” ) . These represent preferences that are smooth and convex. The demand for this consumer must be in the interior. Find the demand for this consumer when the budget is + and the prices of Good 1 and Good 2 are : ! and : ” respectively. What happens to demand of G ood 1 when : ! is doubled (becomes 2 : ! )? 8. Suppose there are 2 goods in the economy and the demand function for Good 1 is given by ! ! ∗ ( + , : ! , : ” ) = + : ! + < : ” Is this a normal or inferior good? What if the demand function was instead given by ! ! ∗ ( + , : ! , : ” ) = : ! + + < : ” 9. Suppose there are 2 goods in the economy and the demand function for Good 1 is ! ! ∗ ( + , : ! , : ” ) = ( ) # + ! when + ≥ 3 and ! ! ∗ ( + , : ! , : ” ) = 0 when + < 3 . Plot the Engel Curve for Good 1 when : ! = 1 . Plot the Engel Curve for Good 2 if we know that the prices are : ! = : ” = 1 . 10 . For the first demand function of Question 8, is Good 1 a gross complement or a gross substitute for Good 2? Explain. 1 1 . Let & ( ! ! , ! ” ) = ! ! , .” ! ” , .. . Suppose the consumer initially has income level + = 20 and the prices are : ! = 4 and : ” = 1 . Calculate the income and substitution effect when the price of Good 1 decreases to : ! = 2 . Based on your calculation, was the substitution or income effect larger for Good 2? 12. Let the inverse market demand and supply be A ) ! ( B ) = 14 − 2 B and C ) ! ( B ) = 2 + B . F ind the equilibrium price and quantity for a competitive market . Find the equilibrium quantity and the prices for the consumer and seller when there is a quantity tax of 2 per unit imposed. Calculate the deadweight loss and the tax revenue.

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