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1. Suppose the round-trip airfare between Philadelphia and Los Angeles a month before the departure date follows the normal probability distribution with a mean of $387.20 and a standard deviation of $68.50. The interval around the mean that contains 95% of the airfares is A) $352.95, $421.45 B) $318.70, $455.70 C) $284.45, $489.95 D) $250.20, $524.20

2. On the schedule below, Derived the missing Marginal Utility (MU). NO SOLUTION will be considered WRONG. 4 pts each 4. Graph the completed schedule below showing the TU and MU. 5pts Candy Consumed TU (in utils) MU (in utils) JO O o 11 20 1. ? 12 24 4. ? 3 30 2. ? 30 5. ? 15 27 16 25 3. ? ?

3.The Marshallian demand function for good x is given by: x = I/(2px). The compensated demand function for good x is given by: xc = [(py/px)U]1/2. The indirect utility function for this consumer choice problem is given by: V(px, py, I) = I2/4pxpy. In this example, the substitution effect for good x own-price change (as opposed to cross-price effect) is given by the following equation: –a(I/px2), where a is a constant. Constant a is equal to [a]. Find a using Slutsky Decomposition approach. Write your answers in number format, with two decimal places of precision level. Explain each step in detail please.

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