微观经济学原理考试代写 EC201代写 Microeconomic代写

EC201 Microeconomic Principles I

Mock Exam 1 – Lent Term

微观经济学原理考试代写 Instructions to candidates This paper contains 1 question. The long question carries 50 marks. Your answers to the question will count

Instructions to candidates 微观经济学原理考试代写

This paper contains 1 question. The long question carries 50 marks. Your answers to the question will count towards the final mark.

Answers should be justified by showing work.

Reading Time: 5 minutes

You are supplied with: No additional materials

You may also use: This is an open book mock exam

Calculators: Calculators are not expected to be used in this mock exam

Section B

[Answer the question in this section. If during this examination you feel you need to make additional assumptions in order to proceed, then please do so stating your assumptions clearly]

Question 1 微观经济学原理考试代写

(a) Set the price of meat to one. Find the vegetable demand function for each of the omnivores. [4 marks]

(b) How does invoking Walras law facilitate solving for the price of vegetables? [3 marks]

(c) What is the equilibrium price of vegetables? [4 marks]

(d) What are the utility levels of omnivores and vegans at the equilibrium price of vegetables? [Hint: you can leave your answer in logs] [8 marks]

(e) Does it make sense to compare utility of omnivores and vegans? [3 marks]

(f) Now suppose that 25 of the omnivores become vegans, i.e. so that there are 75 vegans and 25 omnivores. What is the new equilibrium price of vegetables?  [6 marks]

(g) 微观经济学原理考试代写

How does the utility of omnivores and vegans change due to the increase in the number of vegans? Explain the economics behind your finding. [8 marks]

(h) Explain why your finding in part 7 depends on a general equilibrium analysis, i.e. considering a change in the equilibrium relative price of vegetables. Would you get a different result if the supply of vegetables also increased as more people become vegan? [6 marks]

(i) Assume that some vegans consider the market for meat to be repugnant. Discuss the parallels and differences in the arguments that could be made for banning eating meat and markets for organs for transplant, referring to the course readings in your answer. What economic considerations should go into deciding whether to allow meat consumption? (Hint: should distributional considerations be a deciding factor? Can you think of other considerations?) [8 marks]

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