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Econ 4010 Lecture 10
Course: ECON 4010, Spring 2009School: USC
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10> <Lecture Review: Study Questions a b c e d f g h i j k l m n o pi q r s t u v w x y z
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USC - ECON - 4010
<Lecture 11> 6. Production We have so far focused on the demand side of the market behaviour of consumers. Now we turn to the supply side and examine the behaviour of producers. The production decisions of firms are analogous to the purchasing decis
USC - ECON - 4010
<Lecture 12> 6. Production Q1. Isoquants can be convex, linear, or L-shaped. What does each of these shapes tell you about the nature of the production function? What does each of these shapes tell you about the MRTS? Convex isoquants imply that with
USC - ECON - 4010
<Lecture 13> 7. The Cost of Production In the last two classes, we examined the firm's production technology the relationship that shows how factor inputs can be transformed into outputs. Now we will see how the production technology, together with
USC - ECON - 4010
<Lecture 14> 7. The Cost of Production Q1. Suppose that a firm's production function is q = 10L1/2K1/2. The cost of a unit of labor is $20 and the cost of a unit of capital is $80. a. The firm is currently producing 100 units of output, and has deter
USC - ECON - 4010
<Lecture 15> 8. Profit Maximization and Competitive Supply A fundamental problem faced by every firm: How much should be produced? Profit Maximization Profit: Difference between total revenue and total cost Short Run Profit Maximization (p.265) Profi
USC - ECON - 4010
<Lecture 16> Theories of Firm Economists do not agree on how to conceptualize firms. Different theoretical approaches are used to answer different questions. Neoclassical View Property Right Approach Transaction Cost Theory Evolutionary Theory Contes
USC - ECON - 4010
<Lecture 17> 16. General Equilibrium and Economic Efficiency So far we have analysed how - a rational consumer behaves given any fixed prices and income - a profit-maximizing firm behaves given any fixed prices of inputs, prices of outputs and techno
USC - ECON - 4010
<Lecture 18> 17. Markets with Asymmetric Information We have so far assumed that consumers and producers have complete information about the economic variables that are relevant for the choices they face. Now we will see what happens when some partie
USC - ECON - 4010
<Lecture 20> Review: Study Questions * Suppose that a firm's production function is Q = 4L 0.25K 0.25. a. Find the marginal products of labor and capital. b. Does this production function show diminishing returns to labor? Explain. c. Does this produ
USC - ECON - 4010
<Lecture 21> 9. The Analysis of Competitive Markets Supply and DemandEquilibrium Competitive Market Changes in Market EquilibriumElasticity Elasticity & Change in Market Equilibrium. Consumer Surplus & Producer SurplusDeadweight LossWelfare E
USC - ECON - 4010
<Lecture 22> 10. Market Power: Monopoly Market Power Monopoly Average and Marginal RevenueProfit MaximizationP = MC / [1 + (1 / Ed)] Monopoly Power Learner Index of Monopoly Power A monopolistic market has no supply curve.Social costs of Monopo
USC - ECON - 4010
<Lecture 23> Theories of Industrial Organization There are many applications of microeconomic theory (economics of health care; environmental and natural resource econ; labor economics; etc.) What is Industrial Organization? Industrial organization i
USC - ECON - 4010
<Lecture 24> 11. Pricing with Market Power Capturing Consumer Surplus Price discrimination First-Degree Price DiscriminationSecond-Degree Price DiscriminationThird-Degree Price Discrimination Bundling negatively correlatedWhen Products are sold
USC - ECON - 4010
<Lecture 25> 12. Oligopoly Def.) Oligopoly is a market structure characterized by a small number of relatively large firms, producing either identical products or products with slight differences, with restricted entry and exit, and limitations on in
USC - ECON - 4010
<Lecture 26> 12. Oligopoly We have assumed that our two duopolists make their output decisions at the same time. Now let's see what happens if one of the firms can set its output first. Stackelberg Model Duopoly Example: Oligopoly model in which one
USC - ECON - 4010
<Lecture 27> 12. Oligopoly Cournot Model, Stackelberg Model, and Bertrand Model Q1. Two firms have constant marginal costs MC1 = 1/2 and MC2 = 2. If they choose outputs, they face inverse demand functions P1 = 5 Q1 (1/2)Q2 and P2 = 5 Q2 (1/2)Q1.
USC - ECON - 4010
<Lecture 28> Review: Study Questions * Suppose that an industry is characterized as follows: Total Cost: C = 10Q, Industry Demand: Q = 30 P1. Find the marginal cost and the marginal revenue. 2. Find the equilibrium price, quantity, and the consume
USC - ECON - 4010
<Lecture 34> Evolutionary Game Theory Many people have attempted to use traditional game theory to analyze economic problems. However, traditional game theory is a "static" theory, which reduces its usefulness in analyzing these very sorts of situati
USC - ECON - 4010
<Lecture 37> Review: Study Questions * Find the Nash Equilibria and Mixed Strategy Equilibrium in each game. Explain how you get the answer. - Prisoners' Dilemma. Prisoner 2 Deny Prisoner 1 Deny Confess -1 , -1 0 , -9 Confess -9 , 0 -6 , -6- Exampl
N.C. State - MA - 242
N.C. State - MA - 242
N.C. State - MA - 242
N.C. State - MA - 242
N.C. State - MA - 242
N.C. State - MA - 242
N.C. State - MA - 242
\e /\ bso\ul\ tri,rMuvrr\1*C gi n ol *L,1E Ctb:.-.) u.l- 'l4r CtX t ;7\ U /va,\V.,luaSC-,t A "r 1wl t n i"',vt*,-lV.a lu e S o F o\C'cr,r$-,/)'.-,c.-,*.; F-nc-i-\ c-r)$c) /1 .i. Crif r'c"q'(:Dl soF ClcS<a.i 1 i:t-'-^{e{ I O Firr"\ tA
N.C. State - MA - 242
MA 242 Test 1 Solutions 1. [5 points] Find an equation of the sphere with center (2,-6,4) and radius 5.Solution: The equation of a sphere with center (h, k, l) and radius r is (xh)2 +(yk)2 +(zl)2 = r2 , so the equation of our sphere is (x2)2 +(y+6)
N.C. State - MA - 242
MA 242 Test 2 Solutions 1. [10 points] Given the vector-valued function, (t) =< cos(t), ln(t), t3 > where t > 0. Find the velocity r and acceleration vectors.Solution: (t) = (t) =< sin(t), 1 , 3t2 > v r t (t) = (t) =< cos(t), 1 , 6t >
N.C. State - MA - 242
MA 242 Test 3 Solutions 1. [10 points] If f is a constant function, f (x, y) = k, and R = [a, b] [c, d], computeRkdA.Which theorem was used in this problem?Solution:d bdbkdxdy = kc a cdyadx = k [y]d [x]b = k(d c)(b a) c aWe
N.C. State - MA - 242
MA 242Test1- VersionISolufi oosNO WORK:NO CREDIT!from (6,5,3)to each thefollowing of 1. (5 points) Findthedistance a) the xy - plane 3 b) theyz - plane (Oc )t h e - a x i s x t.?foay* A yi ,= r Q{ \ [e*a>z +(s-o>'G-o)- :- \{?42. (10 p
N.C. State - MA - 242
N.C. State - MA - 242
N.C. State - MA - 242
N.C. State - MA - 242
N.C. State - MA - 242
N.C. State - MA - 242
MA 242 Test 4 Solutions 1. [8 points] Given f (x, y) = xy 2x, nd the gradient vector eld of f .Solution: f = fx + fy = (y 2) + x i j i j x2 y zdz, where the curve C is given by the parametric equaC2. [15 points] Evaluate the line integral,
N.C. State - MA - 242
lr-l-rnot4O' rII lout \.C, rr\l-c f r ,-\ c! \ (-1\-.1-,c.r : ' \\tne i\ r^ec\ 1)c-,\ c.'-. it.t.{ (f ', \!,-,. r\ ',clrC-,n r l'"r\lt,<(lL,<-\,t r- t1-<- {-h+|.*7-a.,.1v,(,)Vg. Ic-,-vLl!:\.e,n I Tc,rr-^o\t'-?'c"nl-,.\*
N.C. State - MA - 242
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11/6/08Lecture 10 Community Ecology Reading Ch 54Overview - Community Ecology I. Community definitions and concepts II. Interspecific interactions III. Species Diversity IV. Trophic Structure V. Top-down and Bottom-up control VI. Disturbance VII.
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11/13/08Some places have high species diversity, tropical rain forestVII. PATTERNS OF SPECIES DIVERSITYOther places have low species diversity this boreal forest is dominated by only two species of trees; black spruce and white spruceTwo key
RIT - NSSA - 4002 208
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4002-208 Intro. to Prog. [in C+] Day 10 Yet more on RepetitionObjectives Basics of the do-while statement Using do-while for a "Yes/No" loop Writing a do-while for data validation Writing a while loop to act as a for loop4002-2082Review o
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