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EC Official Mark Schemes + 2010, Hand Written Solutions £25.49   Add to cart
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  3. London School Of Economics (LSE)
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  5. Economics
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  7. EC201 Microeconomic Principles I

Exam (elaborations)

EC Official Mark Schemes + 2010, Hand Written Solutions

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Official exam solutions for the following years 2015, 2014, 2012, 2011, 2009, 2008 2010, hand written solutions, checked by class teachers.

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  • July 13, 2017
  • 249
  • 2016/2017
  • Exam (elaborations)
  • Only questions

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A strictly preferred to C I2
(nonsatiation) x2
.B
A and B indifferent .A
I1
C
B and C indifferent,

so A and C indifferent (transitivity)
0 x1
Contradiction.




Figure 1: Question 1, figure 1


SECTION A: Answer EIGHT questions (6 marks each)
The short questions are each worth 6% of the total
mark on the exam. However the mark scheme gives 10
marks on each question. The scaled marks will be on
the spread sheet.
1 (a) What is the transitivity assumptions in consumer theory?
A, B and C are bundles of goods. Transitivity: if A is preferred to
B and B to C then A is preferred to C.
2 marks
(b) Assume that nonsatiation and transitivity hold. Can indierence
curves cross? Explain your answer using a diagram.
4 marks,
right answer (no) with no explanation or diagram gets 1
mark
No, see figure 1.
(c) Assume that nonsatiation and transitivity hold. Is it possible that
there are two dierent indierence curves giving the same level of
utility? Explain your answer using a diagram.
No, see figure 2.
4 marks,
right answer (no) with no explanation or diagram gets 1
mark




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