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Homework 3: DSME 1031 Circle your Section: A (Tuesdays) B (Thursdays)
Due Date: Friday October 18th, 4:00pm
Where to hand in homework: Chung Yu Tung Building 9th floor, Dropbox labeled with our class code.
Instructions: This homework is to give you some review and practice on the concepts we have learned in
class.
It is an individual assignment, but you can discuss it with one or two homework partners from class. If
you work with others, please acknowledge your homework partners on the line below. However,
regardless of whether you work by yourself or with others, each student must write up and turn in their
own assignment containing their own thoughts and efforts.
Print out this worksheet and try to keep your answers written on this worksheet if possible. Have fun!
Your Name: _______________________ Your Student ID Number: ______________________
Names of classmates you worked with (if any):
___________________________________________________________________________________
Question 1: (Principles) Describe the specific trade-offs faced by each of the following:
A. You are deciding whether you should attend lecture or stay home and get an extra 2.5 hours of
sleep instead.
B. A company president is deciding whether to give company workers a day off from work after the
city encounters a huge destructive typhoon.
Question 2: (Consumer Choice) Ruby divides her income between coffee and croissants, both of which
are normal goods. Due to this year’s cold weather in coffee growing areas, suppose there is a large
increase in the price of coffee.
A. Show the effect on Ruby’s budget constraint.
