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  1. (10 points) Annie and David are painting their apartment. At the paint store, David says he prefers
    Canary Yellow to Bumblebee Yellow, Lime Yellow, and Crayola Yellow. Annie finds new paint samples
    and asks David to compare Canary Yellow to School Bus Yellow and to Sunrise Yellow. David prefers
    Sunrise Yellow to Canary Yellow, and prefers School Bus Yellow to Canary Yellow. He also prefers
    Sunrise Yellow to School Bus Yellow. The store is out of Sunrise Yellow, so they buy School Bus Yellow
    and paint their apartment with it. David then insists that they go back, buy Lime Yellow, and repaint
    the apartment.
    True/False/Uncertain: David has rational preferences (as we define them).
    Problem 1 courtesy of William Wheaton. Used with permission.
  2. (20 points) In each of the following examples, a consumer purchases just two goods: x and y. Based on
    the information in each of the following parts, sketch a plausible set of indifference curves (that is, draw
    at least two curves on a set of labeled axes, and indicate the direction of higher utility). Also, write
    down a utility function u(x, y) consistent with your graph. Note that although all these preferences
    should be assumed to be complete and transitive (as required for utility representation), not all will be
    monotone.
    (a) (4 points) Jessica enjoys bagels x and coffee y, and consuming more of one makes consuming the
    other more enjoyable.
    (b) (4 points) Plamen loves mocha swirl ice cream x, but he hates mushrooms y.
    (c) (4 points) Jennifer likes Cheerios x, and neither likes nor dislikes Frosted Flakes y.
    (d) (4 points) Edward always buys three white tank tops x for every pair of jeans y.
    (e) (4 points) Nancy likes both peanut butter x and jelly y, and always gets the same additional
    satisfaction from an ounce of peanut butter as she does from two ounces of jelly.
  3. (20 points) A consumer’s preferences are representable by the following utility function:
    1
    u(x, y) = x 2 + y.
    (a) (10 points) Obtain the MRS of the consumer at an arbitrary point (¯x, y¯), where x >¯ 0 and y >¯ 0.
    (b) (10 points) Suppose the price of the second good (y) is 1, and the price of the first good (x) is
    denoted by p > 0. If the consumer’s income is m > 0, obtain the optimal consumption bundle of
    the consumer (in terms of m and p). [Caution: make sure you cover cases in which m is relatively
    low, as well as cases in which m is relatively high.]
  4. (25 points) It is exactly 24 hours before Lauren’s physics final. She has an economics final directly after
    the physics final and has no time to study in between. Lauren wants to be a physicist, so she places
    more weight on her physics test score. Her utility function is given by
    u(p, e) = 0.6 ln(p) + 0.4 ln(e)
    where p is the score on the physics final and e is the score on the economics final. Although she cares
    more about physics, she is better at economics; for each hour spent studying economics she will increase
    her score by 3 points, but her physics score will only increase by 2 points for every hour spent studying
    physics. Studying zero hours results in a score of zero on both subjects (although ln(0) is not defined,
    assume her utility for a score of zero is negative infinity).
    (a) (5 points) What constraints does Lauren face in her test score maximization problem?
    (b) (5 points) How many hours should Lauren optimally spend studying physics? How many hours
    studying economics? (hours are divisible)
    ∗ (c) (5 points) What economics and physics test scores will she achieve (i.e. what are e and p∗)?
    (d) (5 points) What utility level will she achieve?

Sample Answer

Compelling correspondence is essential to the achievement all things considered but since of the changing idea of the present working environments, successful correspondence turns out to be more troublesome, and because of the numerous impediments that will permit beneficiaries to acknowledge the plan of the sender It is restricted. Misguided judgments.In spite of the fact that correspondence inside the association is rarely completely open, numerous straightforward arrangements can be executed to advance the effect of these hindrances.

Concerning specific contextual analysis, two significant correspondence standards, correspondence channel determination and commotion are self-evident. This course presents the standards of correspondence, the act of general correspondence, and different speculations to all the more likely comprehend the correspondence exchanges experienced in regular daily existence. The standards and practices that you learn in this course give the premise to additionally learning and correspondence.

This course starts with an outline of the correspondence cycle, the method of reasoning and hypothesis. In resulting modules of the course, we will look at explicit use of relational connections in close to home and expert life. These incorporate relational correspondence, bunch correspondence and dynamic, authoritative correspondence in the work environment or relational correspondence. Rule of Business Communication In request to make correspondence viable, it is important to follow a few rules and standards. Seven of them are fundamental and applicable, and these are clear, finished, brief, obliging, right, thought to be, concrete. These standards are frequently called 7C for business correspondence. The subtleties of these correspondence standards are examined underneath: Politeness Principle: When conveying, we should build up a cordial relationship with every individual who sends data to us.

To be inviting and polite is indistinguishable, and politeness requires an insightful and amicable activity against others. Axioms are notable that gracious “pay of graciousness is the main thing to win everything”. Correspondence staff ought to consistently remember this. The accompanying standards may assist with improving courtesy:Preliminary considering correspondence with family All glad families have the mystery of progress. This achievement originates from a strong establishment of closeness and closeness. Indeed, through private correspondence these cozy family connections become all the more intently. Correspondence is the foundation of different affiliations, building solid partners of obedient devotion, improving family way of life, and assisting with accomplishing satisfaction (Gosche, p. 1). In any case, so as to keep up an amicable relationship, a few families experienced tumultuous encounters. Correspondence in the family is an intricate and alluring marvel. Correspondence between families isn’t restricted to single messages between families or verbal correspondence.

It is a unique cycle that oversees force, closeness and limits, cohesiveness and flexibility of route frameworks, and makes pictures, topics, stories, ceremonies, rules, jobs, making implications, making a feeling of family life An intelligent cycle that makes a model. This model has passed ages. Notwithstanding the view as a family and family automatic framework, one of the greatest exploration establishments in between family correspondence centers around a family correspondence model. Family correspondence model (FCP) hypothesis clarifies why families impart in their own specific manner dependent on one another ‘s psychological direction. Early FCP research established in media research is keen on how families handle broad communications data. Family correspondence was perceived as an exceptional scholastic exploration field by the National Communications Association in 1989. Family correspondence researchers were at first impacted by family research, social brain science, and relational hypothesis, before long built up the hypothesis and began research in a family framework zeroed in on a significant job. Until 2001, the primary issue of the Family Communication Research Journal, Family Communication Magazine, was given. Family correspondence is more than the field of correspondence analysts in the family. Examination on family correspondence is normally done by individuals in brain science, humanism, and family research, to give some examples models. However, as the popular family correspondence researcher Leslie Baxter stated, it is the focal point of this intelligent semantic creation measure making the grant of family correspondence special. In the field of in-home correspondence, correspondence is normally not founded on autonomous messages from one sender to one beneficiary, yet dependent on the dynamic interdependency of data shared among families It is conceptualized. The focal point of this methodology is on the shared trait of semantic development inside family frameworks. As such, producing doesn’t happen in vacuum, however it happens in a wide scope of ages and social exchange.

Standards are rules end up being followed when performing work to agree to a given objective. Hierarchical achievement relies significantly upon compelling correspondence. So as to successfully impart, it is important to follow a few standards and rules. Coming up next are rules to guarantee powerful correspondence: clearness: lucidity of data is a significant guideline of correspondence. For beneficiaries to know the message plainly, the messages ought to be sorted out in a basic language. To guarantee that beneficiaries can without much of a stretch comprehend the importance of the message, the sender needs to impart unmistakably and unhesitatingly so the beneficiary can plainly and unquestionably comprehend the data.>

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