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(solution) Attached is microeconomic questions, please show work


Attached is microeconomic questions, please show work 


NAME: ________________________ PSU Email:________________@psu.edu Homework #3

 

Intermediate Microeconomics ECON 302, Section 001

 

Due: Wednesday, October 12th, 2016 at 8:00AM

 

1. (1 Point) Please initial that you understand each of the following statements. Failure to complete this

 

will result in a one point deduction.

 

____ The assignment is open book/open note. Students may discuss this assignment with other

 

students in the class, but must turn in legible, handwritten, and original answers. The posting of

 

questions from this assignment to an online forum like Chegg, Coursehero, or Homeworkmarket will be

 

considered cheating. Answers closely matching replies to such a post will be scrutinized. Students

 

caught cheating will receive a zero on the assignment and may receive additional punishment under

 

Faculty Senate Rule 49-20.

 

____ This assignment must be turned in at the beginning of class on Wednesday, October 12th. It will

 

be considered late once the instructor starts lecturing. Late assignments will not be accepted and

 

students will receive a score of zero on that assignment.

 

____ All work must be stapled, in the proper order, in the upper-left corner of the paper prior to being

 

submitted. Three points will be deducted if the instructor staples or restaples the work for you.

 

____ Your name and Penn State Email must appear at the top of the first page.

 

____ Be sure to fully answer the entire question. Some questions have multiple parts which ask you to

 

explain your reasoning. Providing the correct answer without an explanation (when asked for) will not

 

earn students full credit.

 

___ Numbers should be rounded to two decimal places if needed. 2. (3 Points) State the three assumptions associated with consumer preferences. 3. (4 Points) Draw the indifference curve for a utility level of 20, assuming that utility takes the

 

following form:

 

1 1 U X 2Y 3

 

Be sure to include the points associated with X = 1, X = 4, and X = 16. 4. (4 Points) Draw the indifference curve for a utility level of 20, assuming that utility takes the

 

following form: U 3 X 2Y

 

Be sure to include the points associated with X = 1 and X = 3. 5. (4 Points) Draw the indifference curve for a utility level of 20, assuming that utility takes the

 

following form: U min[ 2 X , 3Y ]

 

Be sure to accurately label the kink in this indifference curve. 6. (4 Points) Draw the indifference curve for a utility level of 20, assuming that utility takes the

 

following form: U X XY

 

Be sure to include the points associated with X = 1 and X = 4. Hint: Be sure to check for either an X or Y

 

intercept. 7. (4 Points) Draw the indifference curve for a utility level of 20, assuming that utility takes the

 

following form: U min[ X 2Y , 2 X Y ]

 

Be sure to label the kink in this indifference curve. 8. Assume that you know the following information: U 3 XY 2 , MU X 3Y 2 , and MU Y 6 XY

 

Px 1, Py 2, and M 20 A. (1 Point) Derive an expression in terms of X and Y which represents the MRSXY. B. (1 Point) Derive an expression in terms of X and Y which represents the MRSYX. C. (2 Points) Solve for the bundle that maximizes this consumer?s utility. D. (4 Points) Graph the indifference curve and budget constraint relating to the bundle in Part C. Be

 

sure to accurately label the location of the optimal bundle. 9. Assume that you know the following information: U 3 X Y , MU X 3, and MU Y 1

 

Px 2, Py 2, and M 10 A. (1 Point) What is the value of MRSXY? B. (2 Points) Solve for the bundle that maximizes this consumer?s utility. C. (4 Points) Graph the indifference curve and budget constraint relating to the bundle in Part B. Be

 

sure to accurately label the location of the optimal bundle. 10. Assume that you know the following information: U min[ 3 X ,2Y ]

 

Px 2, Py 3 and M 30 A. (1 Point) Derive an expression in terms of X and Y for the locus of kinks. B. (2 Points) Solve for the bundle that maximizes this consumer?s utility. C. (4 Points) Graph the indifference curve and budget constraint relating to the bundle in Part C. Be

 

sure to accurately label the location of the optimal bundle.

 


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