Answer Happy

indicated. Partial credit will be given so attempran SECTION 1: True/False and explain. When answering you must explain why the statement is true or false. Illustrations can count as explanations. An answer of true or false alone will be considered wrong. Each question is worth 4 points. Partial credit can be earned. 1. The utility functions, U(X,Y) and V(X, Y) - F(U(X, Y)) where F is strictly increasing function, have the same MRS. This statement is 2. Coach Jackson says that between any two players, he prefers the one who is taller AND faster. This means Coach Jackson's preference over players can be expressed by a utility function. it is
3. The production function is to producer theory what the budget constraint is to consumer theory. 4. If criminals are risk neutral, then an increase in the probability of getting caught will not affect their behavior. Derive themarkt Lind indindan ang sanctione 5. A profit maximizing firm always sets P=MC.