Changes

'''Honors''':   

'''Honors''':   

7. Do you think a [[Giffen good]] really exists?  Can you see any possible political bias in the claim that [[Giffen goods]] exist?  Your views, please.

7. Do you think a [[Giffen good]] really exists?  Can you see any possible political bias in the claim that [[Giffen good]]s exist?  Your views, please.

8. Suppose you are a rational consumer who makes purchases by maximizing marginal utility.  One day you hear that the price on a good you purchase (e.g., milk), falls by 30%.  The Law of Demand says you should buy more of it.  Using only the assumption that you maximize marginal utility, prove the Law of Demand as best you can.

8. Suppose you are a rational consumer who makes purchases by maximizing marginal utility.  One day you hear that the price on a good you purchase (e.g., milk), falls by 30%.  The Law of Demand says you should buy more of it.  Using only the assumption that you maximize marginal utility, prove the Law of Demand as best you can.