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?
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?
