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1、1BUDGETCONSTRAINT1.Apoorpersonwhohasanincomeof$1000receives$100worthoffoodstamps.Drawthebudgetconstraintifthefoodstamprecipientcansellthesecouponsontheblackmarketforlessthantheirfacevalue.2.Since1979,recipientshavebeengivenfoodstamps.Before1979,however,peopleboughtfoodstampsatasub
2、sidizedrate.Forexample,toget$1worthoffoodstamps,ahouseholdpaidabout15￠(theexactamountvariedbyhouseholdcharacteristicsandotherfactors).Whatisthebudgetconstraintfacinganindividualifthatindividualmaybuyupto$100permonthinfoodstampsat15￠pereach$1coupon.3.Duringhisfirstyearatschool,Ximi
3、ngbuyseightnewcollegetextbooksatacostof$50each.Usedbookscost$30each.Whenthebookstoreannouncesa20%increaseinnewtextsanda10%increaseinusedtextsnextyear,Ximing’sfatheroffershim$80extra.IsXimingbetteroff,thesame,orworseoffafterthepricechange?Why?2PREFERENCES1.Juliaconsumescansofanchov
4、ies,A,andboxesofbiscuits,B.Eachofherindifferencecurvesreflectsstrictlydiminishingmarginalratesofsubstitution.WhereA=2andB=2,hermarginalrateofsubstitutionbetweencansofanchoviesandboxesofbiscuitsequals-1.Willshe25preferabundlewiththreecansofanchoviesandaboxofbiscuitstoabundlewithtwo
5、ofeach?Why?2.Whatassumptionorassumptionsruleoutthefollowingphenomenon:Geoffreyhasabundleconsistingof6applesand8raspberries.Hestatesthatifheisgiven1moreapple,hewillaskfor3moreraspberriestokeephimindifferentbetweenhisoldbundleandthenewbundlethathewillhaveafterhereceivesthe1additiona
6、lapple.3.Drawindifferencecurvesforthefollowingpeople:a)Johnsays:“Igetnosatisfactionfrom1ounceofvermouthor3ouncesofgin,but1ounceofvermouthand3ouncesofgin(amartini)reallyturnmeon.”b)Stevesays:“Iwillnotcutmyhairtopleasemybossunlessshepaysme.Mypriceis$300plus$1forevery1/8inchofhairtha
7、tiscut.Inotherwords,forevery$1above$300thatthebosspaysme,Iwillcut1/8inchoffmyhair.”c)InPartbofthisproblem,whatisthemarginalrateofsubstitutionbetweendollarsandhairintheregionbelowandabove$300?d)Annsays:“Ienjoybeerandpretzels,butafter12beers,anyadditionalbeermakesmesick.”4.Jeffreyis
8、fiveyearsold.Helikescandyandhates
