ECON5021 Microeconomics with applications in Finance
Hello, dear friend, you can consult us at any time if you have any questions, add WeChat: daixieit
Microeconomics with applications in Finance, ECON5021
1. Advice on the contents of the exam and technical support
If you have questions about the contents of this paper, or you require technical assistance, please contact our virtual invigilation team at the University of Glasgow Helpdeskhttps://www.gla.ac.uk/help or on +44 (0)141 330 4800.
Questions relating to the contents of the paper should be raised within the first 3 hours of the assessment period, when an academic member of staff will be available to answer these. Technical support will be available 24 hours per day. To ensure timely responses, and that all students receive the same information, you should not contact academic staff directly but instead use the Helpdesk.
2. You are about to sit an online assessment
You have a 24-hour period in which to take and complete this exam. 24 hours is NOT the length of the exam.
It should take you no longer than ONE HOUR 30 MINUTES to complete this exam unless you are entitled to time adjustments (see Section 3. below), or you experience unavoidable disruption; and you should pay specific attention to guidance provided on the exam paper regarding the total word count.
You should be able to complete the exam in the time indicated and are unlikely to derive major benefits from taking longer. Note that spending longer often leads to muddled answers which do not receive high grades. It is better to answer in a clear and concise fashion within the time limit given.
3. Time adjustments for students with disabilities
If you have in the past been granted adjustments to your exam time, e.g. through the University’s Disability Service or at School or College, allowance is made for these since you have a 24-hour period in which to complete this exam.
4. Enlarging the text
If you need to enlarge the text of a PDF document: open Adobe Acrobat; click on the VIEW tab; click on ZOOM and then ZOOM TO; select the desired magnification level.
5. Planning your time
When planning your time, you should allocate half an hour to download the exam paper and a further half hour to upload your answers to Moodle at the end of the exam. For students instructed to do so, you should allow time to submit your exam script on Turnitin within the 24-hour period. This will allow sufficient time to report any problems prior to the end of the 24-hour period.
6. Submitting your answers
Acceptable file types for submitting typed documents are: DOC/DOCX; RTF; PDF; XLS/XLSX.
Acceptable file types for submitting high resolution images are: JPG; PNG; TIF; PDF.
• Please check that you have uploaded the CORRECT FILE, that it is readable and is the version that you want to be marked; if you use a word-processing package other than Word, you are advised to convert and upload as a pdf.
• Lastly please ensure you upload files to the correct course Moodle assignment.
• Submit (at least) one file per question. You may submit up to 20 files. Subquestions may be submitted in one file according to question.
• Use the following naming convention: StudentID_CourseCode_QuestionNumber (e.g. 1234567_MGT1001_1). DO NOT include your name
• This exam has been configured to allow submission of answers for two hours beyond the scheduled exam time. Submissions made during this two-hour period will be treated as ‘late’ and will be graded ‘H’.
7. Declaration of Academic Integrity
The following information is very important – your degree may be at risk if you do not adhere to these instructions:
• You must not communicate with any other person about these examination questions during the period in which you can submit your answers
• You must follow any instructions on your examination paper regarding use of resources such as internet sources, books, notes or any other material that would not normally be allowed in examinations on campus.
• The work you submit must be entirely your own effort and must demonstrate your understanding rather than reproduce text from notes, slides, books, or online sources (which is plagiarism)
• You must not submit answers you have discussed with or copied from others, and you must not copy from notes you have prepared with or shared with others. If your answers are similar to those of any other candidate(s) you will both/all be suspected of collusion and
referred to Student Conduct
• This declaration incorporates the University’s Declaration of Originality which applies to all academic work (see below).
8. Declaring that the work is your own
Before viewing the exam paper, you must check the box in the Exam Section on the Moodle Course page to agree to both this declaration and the University’s Declaration of Originality.
Answer ONE question using a separate document. Both questions have equal weighting.
1) Consider the following pure exchange, Edgeworth box economy. There are 2 consumers and 2 goods. Consumer 1 has an endowment of 8 units of good X and 5 units of good Y, while consumer 2 has an endowment of 10 units of good X and 5 units
of good Y. For both consumers the utility function is given by:
U (x, y) = (x-2)(y-3)
where x and y denote the respective quantities of goods X and Y. Find the Walrasian equilibrium price ratio PX/PY and the Walrasian allocations. Does trade take place in equilibrium?
[100%] [Maximum word limit: 600]
2) Explain the expected utility theorem and its assumptions. Why is it important? Why, as a descriptive theory, can it be problematic? Explain the Allais Paradox and possible responses to this paradox.
[100%] [Maximum word limit: 600]
END OF PAPER
2021-12-03