Questions and Answers of Microeconomics

Present the model of a market of two goods from Exercise E2 as (a) a dynamic discrete-time model, (b) a dynamic continuous-time model.Exercise E2There is given a market of two products with exogenous
An owner of a strawberry plantation hires one worker who has 24 units of time. The employee can allocate part of the time to work and part to rest. He/she owns 20% of shares in profits of the
Consider a discrete-time version of the dynamic Arrow-Debreu-McKenzie model for the same data given as in Exercise E5. Initial prices are:Exercise E5An owner of a strawberry plantation hires one
Consider a continuous-time version of the dynamic Arrow-Debreu-McKenzie model for the same data given as in Exercise E5.Exercise E5An owner of a strawberry plantation hires one worker who has 24
What does it mean that a utility function is a numerical characteristics of a relation of consumer’s preference?
What are first and second Gossen’s laws? What properties are required for a utility function to have any of these laws satisfied?
Why does a linear utility function describe goods that are perfect substitutes and not complementary to each other? Why does a Koopmans-Leontief utilityfunction describe goods that are perfect
What is a difference between a Giffen good and a Veblen good?
What are criteria to classify consumer goods and what is economic interpre-tation of these criteria?
What are basic properties of a Marshallian demand function and of an indirect utility function?
What are basic properties of a Hicksian demand function and of a consumer’s expenditure function?
Why a Hicksian demand function is also called a compensated demand function?
Regarding a consumption utility maximization problem what assumptions are needed to have a marginal utility of a money unit for the purchase of i-th good equal to a marginal utility of a consumer’s
What is Roy’s identity in a consumption utility maximization problem? What is the counterpart of this identity in a consumer’s expenditure minimization problem?
What conditions need to be satisfied to have a Hicksian demand function and a Marshallian demand function having the same values?
What assumptions should be satisfied to derive a Slutsky equation?
What conclusions can be drawn from a Slutsky equation?

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