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{"ops":[{"insert":"Suppose Patrick\u2019s utility is 5.\u00a0\u00a0Use EXCEL to draw his indifference curve when good \u2018Y\u2019 varies from 1 to 25 by increments of 1.\u00a0\u00a0Use the scatter plot in EXCEL to graph this indifference curve.\u00a0\u00a0Is this curve indicative of substitute goods? (i.e., is the indifference curve convex to the origin?)\u00a0"},{"attributes":{"bold":true},"insert":"10 points"},{"attributes":{"list":"ordered"},"insert":"\n"},{"insert":"\n\n"},{"attributes":{"bold":true},"insert":"B.\u00a0\u00a0\u00a0\u00a0"},{"insert":"If Patrick spends all of his income,\u00a0"},{"attributes":{"italic":true},"insert":"B"},{"insert":", on goods\u00a0"},{"attributes":{"italic":true},"insert":"X"},{"insert":"\u00a0and\u00a0"},{"attributes":{"italic":true},"insert":"Y"},{"insert":"\u00a0what is the general form of his budget constraint?\u00a0\u00a0(Hint: the budget constraint should be specified such that budget is the sum of the expenditures on good\u00a0"},{"attributes":{"italic":true},"insert":"X"},{"insert":"\u00a0and\u00a0"},{"attributes":{"italic":true},"insert":"Y"},{"insert":".) Also note that you should use notation such that,\u00a0"},{"attributes":{"italic":true},"insert":"P"},{"attributes":{"italic":true,"script":"sub"},"insert":"X"},{"insert":", is the unit price of good\u00a0"},{"attributes":{"italic":true},"insert":"X, and P"},{"attributes":{"italic":true,"script":"sub"},"insert":"Y"},{"insert":", is the unit price of good\u00a0"},{"attributes":{"italic":true},"insert":"Y"},{"insert":".\u00a0"},{"attributes":{"bold":true},"insert":"(10 points)"},{"insert":"\n\nC.\u00a0\u00a0\u00a0\u00a0\u00a0What is Patrick\u2019s marginal rate of substitution?\u00a0\u00a0Note his respective marginal utilities are MU"},{"attributes":{"italic":true,"script":"sub"},"insert":"X\u00a0\u00a0"},{"attributes":{"italic":true},"insert":"="},{"insert":"1 and MU"},{"attributes":{"italic":true,"script":"sub"},"insert":"Y"},{"insert":"\u00a0= (\u00bd)\u00d7"},{"attributes":{"italic":true},"insert":"Y"},{"attributes":{"italic":true,"script":"super"},"insert":"-1\/2"},{"insert":".\u00a0\u00a0"},{"attributes":{"bold":true},"insert":"Please show all of your work to receive full credit.\u00a0\u00a0\u00a0\u00a0(10 points)"},{"insert":"\n\nD.\u00a0\u00a0\u00a0\u00a0Derive Patrick\u2019s Marshallian demand equation for good X.\u00a0\u00a0"},{"attributes":{"bold":true},"insert":"Please show all of your work to receive full credit.\u00a0\u00a0\u00a0\u00a0(15 points)"},{"insert":"\n\n\nE.\u00a0\u00a0\u00a0\u00a0\u00a0Suppose now that Patrick\u2019s income is $1000 and the price of good Y is 1.\u00a0Accurately\u00a0graph Patrick\u2019s Marshallian demand curve\u00a0for good X for prices ranging from 1 to 25 by increments of 1.\u00a0"},{"attributes":{"bold":true},"insert":"You must graph the demand curve for good X to receive credit.\u00a0\u00a0Please show all of your work to receive full credit. You are encouraged to use EXCEL to complete this question (15 points).\u00a0\u00a0"},{"insert":"\n\n"}]}

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