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Question 2 - 10 Points Mother Goose is trying to allocate bundles of corn and water between her two offspring, Grey and Wild. She is going to use the Pareto criterion to rank them - i.e she will prefer an allocation A to an allocation B if and only if Grey and Wild both prefer A to B. If Grey and Wild's preferences are complete and transitive, then is Mother Goose's 1 ranking complete and transitive? Can it be represented by a utility function - i.e. is the a utility function such that Mother Goose ranks over if and only if () () and is indifferent to if and only if () = ().

Question 3 - 15 Points Geoff is going to live for two years. All he consumers is tofu. if he consumes 1 units of tofu this year and 2 units of tofu next year, his utility is (1) 1 2 + (2) 1 2 Geoff currently get $10 income in each year. Whatever he does not spend this on tofu this year he puts in the bank and earns interest. If he saves an amount he will get (1 + ) (plus his $10 income) to spend on tofu next year. Say that the price of tofu is $1 per unit 1. (4 pts) If Geoff buys 1 units of Tofu this year, how much tofu can he buy next year? 2. (7 pts) Substitute your answer to part 1 into Geoff's utility function. Find the optimal level of consumption in the first year (1) as a function of and 3. (4 pts)Show that, if (1 + ) = , then Geoff will consume 10 units of tofu in each period

Question 3 - 15 Points Geoff is going to live for two years. All he consumers is tofu. if he consumes 1 units of tofu this year and 2 units of tofu next year, his utility is (1) 1 2 + (2) 1 2 Geoff currently get $10 income in each year. Whatever he does not spend this on tofu this year he puts in the bank and earns interest. If he saves an amount he will get (1 + ) (plus his $10 income) to spend on tofu next year. Say that the price of tofu is $1 per unit 1. (4 pts) If Geoff buys 1 units of Tofu this year, how much tofu can he buy next year? 2. (7 pts) Substitute your answer to part 1 into Geoff's utility function. Find the optimal level of consumption in the first year (1) as a function of and 3. (4 pts)Show that, if (1 + ) = , then Geoff will consume 10 units of tofu in each period

Question 5 - 20 points Demand for Kristal is given by () = 42 2 The supply function is given by ()=5 1. (5 pts) What is the equilibrium price, output, consumer and producer surplus in the market for Kristal. 2. (4 pts) The government decides that Kristal is too expensive, and pass a law so that the maximum price of Kristal is $4. How much Kristal will producers produce? What is their producer surplus? 3. (6 pts) Say that producers produce at the level you calculated in (2), but consumers can buy at $4, what is their consumer surplus (NOTE: the consumer will not be on their demand curve at this point, as if the price is $4, they would like to consume more that this amount) 4. (5 pts) Say that government changes the law to force producers to produce the same amount as they did in (1), but only charge $4. Assuming that the area under the supply curve is total cost, will the firms make positive or negative profits? What will consumer surplus be?

1. After only her seventh month in business, Martha realized that her new business venture was paying off, and she would be taking home a $1,000 profit for the month. Finally, she could reap the financial rewards of being the boss. This is an advantage of what type of business ownership? A. Merger B. Partnership C. Corporation D. Sole proprietorship 2. For her new job, Tasha has been asked to write a report. She has found a website with information regarding her topic. Which of the following would help her identify whether the information on this site is accurate: A. A table of contents B. A bibliography C. A professional-looking website design D. A date of modification less than one year old 3. The office photocopier is jammed again! Fortunately, there is an instruction manual to guide you through the process of removing the jammed paper. What is the best way to use the manual to clear the photocopier? A. Perform the first step, and then verify that you have performed it correctly in the manual. Repeat this process in sequential order until all the steps are completed. B. Read the entire manual in sequential order and then perform all of the steps in reverse order to remove the jammed paper. C. Briefly skim the manual in reverse order and then follow the steps in sequential order to remove the jammed paper. D. Read step one and then perform step one. Repeat this process in sequential order until all of the steps are completed and you have removed the paper. 4. What is an effective way to support and encourage someone who is talking to you? A. Avoid making any noise while the speaker is talking B. Interrupt the speaker to debate what s/he has said C. Clap as the speaker makes each of her/his main points D. Make comments such as "yes" or "I see" occasionally 5. The employee didn't listen to the manager's explanation about how to perform a certain task because s/he had done a similar job before. Which of the following factors caused the employee not to listen effectively: A. Past experiences B. Attention span C. Age differences D. Language skills 6. Which of the following adds meaning to the words a speaker uses: A. Tone of voice B. Tempo C. Accuracy D. Economy of speech 7. If a message recipient is frowning and has clenched fists, the emotional response that s/he is most likely displaying is A. anger. B. sadness. C. joy. D. nervousness