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EC-252: Principles of Microeconomics Spring 2021 Homework #3 Due Date: Monday, March 8, 2021 Name: 1. What are the three properties of indifference curves? Property 1-> Property 2 -> Property 3 -> 2. Write down the producer's problem. COLLECT SHEMSLIPSTOMAR 3. Write down the consumer's problem.For a given good at a given price, if the amount of that good that producers supply EXCEEDS the amount that consumers demand, what will happen to the price of that good? Circle the correct answer below. PRICE WILL GO UP PRICE WILL NOT CHANGE PRICE WILL GO DOWN 5. The drawing below depicts three indifference curves for corn and wheat for a given consumer. Do those indifference curves violate any of the properties of ICs? Circle the correct answer below. YES NO Wheat Corn 6. Look at the drawing of an indifference curve below and answer the True/False questions that follow on the next page by circling the correct answer. Wheat . p A . C 15 10 utile NTRUE FALSE Basket A provides 10 utils for this consumer. TRUE FALSE Basket A always provides 10 utils for a different consumer. TRUE FALSE Baskets A and B have the same amount of corn. TRUE FALSE Basket A has more wheat than basket B. TRUE FALSE If this consumer solves his consumer problem and chooses basket C, basket A was unaffordable. TRUE FALSE Basket C could provide 5 utils for this consumer. TRUE FALSE The slope of the IC at baskets A and B is the same. TRUE FALSE If this consumer solves his consumer problem and chooses basket B, the price of wheat is much greater than the price of corn. TRUE FALSE If the consumer solves his consumer problem and chooses basket D, he could have afforded to buy basket A. TRUE FALSE Baskets C and D are on the same IC for this consumer. TRUE FALSE Basket D has more corn and more wheat than basket C. TRUE FALSE Basket D has more corn and more wheat than basket B. 37. On the consumer side, why are prices advantageous over a system of distributed baskets where people can trade amongst themselves? After all, people in the priceless trading system can end up with baskets that make them happier than what they received. So what advantage do prices confer for consumers? (Hint: Pareto efficient should be included in this answer.) EVIBE 8. On the producer side, why are prices advantageous over a system where each producer would make some amount of goods along their PPF? (Hint: The word incentives should be included in this answer. Explain what information the producers would have to glean from others before making their production decision in a priceless system of trade.) LINE MORE LONE9. Using "trade triangles," show a mutually beneficial trade between Janice and Vernon below. The points marked on their ICs represent their initial baskets. Janice Vernon meatballs meatballs mostspaghetti spaghetti 10. Show a consumer's budget constraint for ham and cheese if the price of ham is $2, price of cheese is $1, and he has $20 of income. Remember to label your axes, endpoints, and slope of the budget constraint. LUGE11. Answer the following True/False questions that refer to the same situation as Problem #10 by circling the correct answer. TRUE FALSE The consumer could afford to buy 15 units of cheese. TRUE FALSE The consumer could afford to buy 15 units of ham. TRUE FALSE The consumer could afford to buy 2 units of ham and 5 units of cheese. TRUE FALSE If the consumer bought 2 units of ham and 5 units of cheese, he would be correctly solving his consumer problem. TRUE FALSE If the price of ham increased, the maximum amount of cheese the consumer could afford would be unchanged. TRUE FALSE If the price of ham increased and the consumer continued to buy at least 1 unit of ham, the amount of cheese the consumer could afford would be unchanged. 612. The diagram below shows a societal PPF, societal indifference curve, and the revenue line/budget constraint for two goods (labeled good 1 and good 2). good 2 good 1 a. Is this society in equilibrium? Circle the correct answer below. YES NO b. Which of the following statements is true? Fill in the blank below. Statement 1: Consumers desire more of good 1 than producers are willing to produce at the prevailing prices. Statement 2: Consumers desire more of good 2 than producers are willing to produce at the prevailing prices. Statement is true. c. Which of the following statements is true? Fill in the blank below. Statement 1: The price of good 1 will rise. Statement 2: The price of good 2 will rise. Statement is true