Doubts!! Micro !!

[Shefali]

Q1 PRice elasticity of demand for a good with dd fn q=kp^-r where k and r are positive consts is
a I
b I/r
c r
d not const

q2If the price consumption curve curls bakwards then commodity measured on horizontal axis must be
a  giffen
b normal
c luxuary
d inferior but not giffen

q3 For ravi,MRS between 2 goods is increasing.His indifference curves will be
a)convex to origin
b)concave to orgin
c)convex but upward sloping
d none of the above

q4 A consumer consumes only 2 goods x and y.Utility fn is U=x+y.Her budget constraint is  px+y=10.if p=1/2 then the absolute own  price elasticity of  good x is
a 0
b 1/2
c 1
d infinity

[Homer Simpson]

1(c), 2(a), 3(b), 4(a)

[The Villain]

Q1...the power of p which is r
q2....giffen
q3....mrs is increasing...which means upward sloping so b

[The Villain]

Tsuki ..in quest 4 m having doubt btw a and c...how did u do???

[Homer Simpson]

heehee, its 4(c)  I differentiated the budget equation wrt p and did some rearranging to get -1. is that approach fine?

[The Villain]

yeah correct...its c!!!

[Dreyfus]

 tsuki...it seems to be ans is correct but approach is wrong....we must hv demand func for x dat is x=-10/p as p=1/2
Now differentiate

[Shefali]

Thanxxx guyss

[SoniaKapoor]

Are these JNU questions?

[Shefali]

No not of Jnu...