Eco206y Freitas Tt2 2012w

Given name: Family name:
Student number: Signature:

UNIVERSITY OF TORONTO
Faculty of Arts and Science
ECO206Y1 (Microeconomic Theory)
Instructor: Victor Couture and Kripa Freitas
Midterm 2
January 25th 2012
Duration: 75 minutes
Examination Aids: Non-Programmable Calculators
This examination paper consists of 16 pages and 4 questions. Please bring any discrepancy
to the attention of an invigilator. The number in brackets at the start of each question is
the number of points the question is worth.
Answer all questions.
TO OBTAIN CREDIT, YOU MUST GIVE ARGUMENTS TO SUPPORT YOUR
ANSWERS
For graders use:
Score
1 (30)
2 (30)
3 (25)
4 (15)
Total (100)
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1. Long Answer Problem. Provide a detailed answer to the following questions: Astro
Funk is 20-year-old young man in the process of deciding whether to work or to enjoy
himself in leisure activities. Astro is second-generation rich, and receives $100, 000 each
year from his dad. Each year, Astro has 1000 hours of time that he can divide between
leisure R and labor L. He can work for an hourly wage of w = 2. If you denote Astros
consumption in dollars by C, then his utility function is U(R, C) = 5R + 2C.
(a) [5] Draw Astros budget line, as well as some of his indierence curves, in the
same graph (do not worry about the scale of the graphs axis, just make sure that
you label everything properly).
Question continues on next page
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(b) [8] How much leisure does Astro demand?
(c) [2] How much labor does Astro supply?
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(d) [7] Eventually, the word spreads in Astros family that he is not a hard worker.
Astros aunt Ayumi thinks that the reason why Astro enjoys so much leisure is
because he receives a lot of money from his dad, and that Astro would work more
if he did not have such a large non-labor income. Is there any truth to Ayumis
argument? Explain.
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(e) [8] How high must Astros wage be for him to work 1000 hours a year? Is this
increase in hours worked due to the substitution eect, the income eect, or both?
Explain.
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2. Long Answer Problem. Provide a detailed answer to the following questions: Con-
sider an industry with a demand curve q = p
and a supply curve q = p.

(a) [6] Show that the price elasticity of demand is constant.
(b) [7] Find the equilibrium price.
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page 7
(c) [9] The proportion in which the burden of a tax is shared between demanders
and suppliers is called the incidence of a tax. The incidence of a tax depends
on the price elasticity of demand and on the price elasticity of supply. Suppose
that a government imposes an ad valorem tax of size . Show that the lower
the elasticity of demand (in absolute value), the lower the proportion of the tax
burden that is borne by suppliers (Hint: you can think of the burden of a tax
for suppliers as the dierence between the price paid by suppliers before and after
the tax).
Space for answer continues on next page
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page 9
(d) [8] Now consider a dierent industry: the apartment market in Paris. To preserve
the beauty and historical signicance of its capital city, the French government
makes it impossible to build new apartments in Paris. Suppose that the govern-
ment decides to put a new quantity tax on apartment rents to help cover the
growing budget decit, but worries about demonstrations and riots by apartment
renters. As the ECO206 advisor to the French government, use a graph to show
how to obtain a measure of renters welfare, and explain how their welfare is af-
fected by the tax. (Hint: You can do this question even if you did not answer any
of the above questions.)
Page 9 of 16
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page 10
3. Long Answer Problem. Provide a detailed answer to the following questions: Dude
P. Smith likes soft drinks, ice cream and everything with bacon. If Dudes heart fails,
the medical procedure to x it will cost $100, 000. Dude thinks that his heart will
fail with probability 1/3. Being American, Dude has the option of purchasing health
insurance at a cost of $0.5 per dollar of insurance, so for instance buying K dollars
of insurance costs 0.5K. Dudes assets are worth $200, 000 and his von Neumann-
Morgenstern utility for wealth is u(w) = 3ln(w).
(a) [15] How much insurance does Dude purchase?
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page 11
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page 12
(b) [10] Suppose that Siri is a politician who thinks that everyone should be fully
insured i.e. that individuals should buy enough insurance to cover the full costs
of any medical procedure that they may need. Siri, however, does not want to
make insurance mandatory. So she proposes the following incentive scheme: if an
individual does not buy full insurance, then everything is as before. However, if
an individual decides to fully insure her/himself, then the government will pay
50% of his insurance costs. How much insurance does Dude purchase after the
new insurance scheme is put in place?
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page 13
4. [15] Long Answer Problem. Provide a detailed answer to the following questions:
Consider rms in a perfectly competitive industry. Every rm is the same and they
all have the same cost function c (y) =
y
2
2
+ 3y + 50 for y > 0 and c (0) = 0. Suppose
that the demand curve for this industry is given by D(p) = 526 2p. Remember that
if the number of rms in an industry has to be an integer, rm output doesnt have to
be. What is the equilibrium number of rms in the industry? What is the equilibirum
price and output of the industry? What are the prots of each rm?
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Page for rough work (will not be graded)
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D o w n l o a d e r I D : 1 3 1 9 3
I t e m I D : 1 0 4 0 2
D o w n l o a d e r I D : 1 3 1 9 3
I t e m I D : 1 0 4 0 2
D o w n l o a d e r I D : 1 3 1 9 3
I t e m I D : 1 0 4 0 2
D o w n l o a d e r I D : 1 3 1 9 3
I t e m I D : 1 0 4 0 2
D o w n l o a d e r I D : 1 3 1 9 3
Item ID: 10402
D o w n l o a d e r I D : 1 3 1 9 3
Item ID: 10402
Item ID: 10402
D o w n l o a d e r I D : 1 3 1 9 3
I t e m I D : 1 0 4 0 2
Item ID: 10402
Item ID: 10402
Item ID: 10402
I t e m I D : 1 0 4 0 2
D o w n l o a d e r I D : 1 3 1 9 3
I t e m I D : 1 0 4 0 2
D o w n l o a d e r I D : 1 3 1 9 3
Item ID: 10402
D o w n l o a d e r I D : 1 3 1 9 3
Item ID: 10402
D o w n l o a d e r I D : 1 3 1 9 3
I t e m I D : 1 0 4 0 2
D o w n l o a d e r I D : 1 3 1 9 3
I t e m I D : 1 0 4 0 2
D o w n l o a d e r I D : 1 3 1 9 3
page 16
Page for rough work (will not be graded)
End of examination
Total pages: 16
Total marks: 100
Item ID: 10402
D o w n l o a d e r I D : 1 3 1 9 3
Item ID: 10402
Item ID: 10402
I t e m I D : 1 0 4 0 2
D o w n l o a d e r I D : 1 3 1 9 3
Item ID: 10402
Item ID: 10402
I t e m I D : 1 0 4 0 2
I t e m I D : 1 0 4 0 2
D o w n l o a d e r I D : 1 3 1 9 3
Item ID: 10402
Item ID: 10402
Item ID: 10402
Item ID: 10402
Item ID: 10402
I t e m I D : 1 0 4 0 2
D o w n l o a d e r I D : 1 3 1 9 3
I t e m I D : 1 0 4 0 2
D o w n l o a d e r I D : 1 3 1 9 3
Item ID: 10402
Item ID: 10402
D o w n l o a d e r I D : 1 3 1 9 3
Item ID: 10402
D o w n l o a d e r I D : 1 3 1 9 3
I t e m I D : 1 0 4 0 2
Item ID: 10402
Item ID: 10402
I t e m I D : 1 0 4 0 2
I t e m I D : 1 0 4 0 2
D o w n l o a d e r I D : 1 3 1 9 3
I t e m I D : 1 0 4 0 2
D o w n l o a d e r I D : 1 3 1 9 3
Item ID: 10402
D o w n l o a d e r I D : 1 3 1 9 3
I t e m I D : 1 0 4 0 2
I t e m I D : 1 0 4 0 2
I t e m I D : 1 0 4 0 2
D o w n l o a d e r I D : 1 3 1 9 3
I t e m I D : 1 0 4 0 2
Item ID: 10402
Item ID: 10402
D o w n l o a d e r I D : 1 3 1 9 3
Item ID: 10402
D o w n l o a d e r I D : 1 3 1 9 3
I t e m I D : 1 0 4 0 2
Item ID: 10402
Item ID: 10402
I t e m I D : 1 0 4 0 2
D o w n l o a d e r I D : 1 3 1 9 3
Item ID: 10402
Item ID: 10402
Item ID: 10402
Item ID: 10402
Item ID: 10402
I t e m I D : 1 0 4 0 2
Item ID: 10402
D o w n l o a d e r I D : 1 3 1 9 3
Item ID: 10402
Item ID: 10402
Item ID: 10402
D o w n l o a d e r I D : 1 3 1 9 3
I t e m I D : 1 0 4 0 2
Item ID: 10402
Item ID: 10402
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