ECONOMICS FOR CED PROBLEM SET 2 1 GO TO

BSC (HONS) ECONOMICS PROGRAMME SPECIFICATION 1 PROGRAMME
11621 2 SCHOOL OF ECONOMICS ECONOMICS OF INTERNATIONAL ENERGY
15437-70Quantitative-Economics-and-its-Constraining-Assumptions-The-Way-Out

2 FINAL EXAM TOPICS IN ANIMAL HUSBANDRY AND ECONOMICS
23 PROF JOHN H MUNRO MUNRO5CHASSUTORONTOCA DEPARTMENT OF ECONOMICS
236 BOURGEOIS DIGNITY WHY ECONOMICS CAN’T EXPLAIN THE INDUSTRIAL

Economics for CED

Economics for CED

Problem Set #2


1. Go to Chapter 3 of Essential Principles of Economics online

(http://william-king.www.drexel.edu/top/prin/txt/SDch/Ch3ToC.html), and then to the “check your understanding” questions. Answer the first 3 questions, on Demand.


2. Go to Chapter 4 of Essential Principles of Economics online

(http://william-king.www.drexel.edu/top/prin/txt/Elasch/Ch4ToC.html), and then to the “check your understanding” questions. Answer all of the questions (they are about Elasticity).


3. Go to Chapter 5 of Essential Principles of Economics online

(http://william-king.www.drexel.edu/top/prin/txt/MBch/Ch5ToC.html), and then to the “check your understanding” questions. Answer all of the questions (they are about Demand and Consumer benefits).


4. This question is from Prof. Stephen Marglin’s Social Analysis 72 class, problem set #1, question 3: The Budget Constraint.


ECONOMICS FOR CED PROBLEM SET 2 1 GO TO

1. Johnny has $100 to spend on pizza and soda, both of which he likes.

Soda sells for $5 per bottle, and pizza sells for $20 per pie. (Johnny lives in Manhattan.) Draw Johnny’s budget constraint, labeling it BC1.


2. Suppose that a wave of civil disobedience compels soda merchants in Manhattan to cut their prices to $2.50 per bottle. Draw Johnny’s new budget constraint, labeling it BC 2.


5. This question is from Prof. Stephen Marglin’s Social Analysis 72 class, problem set #1, question 4: Indifference Curves.


ECONOMICS FOR CED PROBLEM SET 2 1 GO TO


1. The graph above shows three of Johnnyís indifference curves and his budget constraint. On which of the indifference curves depicted above would Johnny prefer to be, if he did not have any budget constraint?

2. On which of the indifference curves depicted above could Johnny be, feasibly?

3. Is Johnny indifferent between consuming at point B and point C? Explain your answer using the concept of Marginal Rate of Substitution.



25 THE ECONOMICS OF 7TH FREEDOM PETER FORSYTH DEPARTMENT
3 DEPARTMENT OF ECONOMICS DEPARTMENT SPECIFICS AND INFORMATION 20092010
34 INTRODUCTORY ECONOMICS PROBLEM SET INTRODUCTION TO ECONOMIC ANALYSIS


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