ECON 2150 Final Exam 100% Verified Questions And Answers |With Graded A+

ECON2150 Final Exam 100% Verified


X^b + Y^b - ANSWER what is G(x) + H(y), when b > 0



log(x) + log(y) - ANSWER what is G(x) + H(y), when b = 0



-X^b + -Y^b - ANSWER what is G(x) + H(y), when b < 0



infinity - ANSWER what is Min(x,y) when x/y < 1



undefined - ANSWER what is Min(x,y) when x/y = 1



0 - ANSWER what is Min(x,y) when x/y > 1



inflexible - ANSWER what is the flexibility when b = - infinity?



flexible - ANSWER what is the flexibility when b = infinity?



perfect complements - ANSWER when b = -infinity, the two goods are?



complements - ANSWER when b = -1, the two goods are?



cobb-douglas - ANSWER when b = 0, the two goods are?



substitutes - ANSWER when b = 1/2 or 1,2,..., the two goods are?

, perfect substitutes - ANSWER when b = infinity, the two goods are?



(x/y)^b-1 - ANSWER what is the MRS of G(x) + H(y) for unit coefficients?



(ax/ay)(x/y)^b-1 - ANSWER what is the MRS of G(x) + H(y) for general coefficients?



{x/cx, y/cy} - ANSWER what are the points for perfect complements?



infinity - ANSWER what is the MRS for perfect complements when x/y < cx/cy



undefined - ANSWER what is the MRS for perfect complements when x/y = cx/cy



0 - ANSWER what is the MRS for perfect complements when x/y > cx/cy



indifference curve - ANSWER all the different points where the utility is the same for a
consumption bundle



1. -MRS is the slope of the indifference curve

2. MRS > 0 in twin power

3. going North-East increases utility - ANSWER what are the 3 qualities of an
indifference curve?



on the x and y axis - ANSWER where is the indifference curve when utility = - infinity
(perfect complements)



PxX + PyY = I - ANSWER what is the budget equation?