We aren't endorsed by this school 
ECON 302  INMD MICROEC ANLY  Penn State Study Resources
 Penn State
 KURRE%2C JAMES ANTHO
 Find Textbooks

Homework_1Answer_Key
School: Penn State
Course: INMD MICROEC ANLY
Econ 302 Homework #1 McLeod Due in class Monday, January 25. Name _ ID # _ Instructions: Please Read Carefully Please print out this form. There should be three separate sheets of paper. After you have written your answers, please staple the three sheets

Homework_1_Answer_Key
School: Penn State
Econ 302 Homework #1 McLeod Due in class Wednesday, September 11th. Name _ ID # _ Instructions: Please Read Carefully Please print out this form. There should be seven separate sheets of paper. After you have written your answers, please staple the seven

302HW1
School: Penn State
Course: INMD MICROEC ANLY
1. (20 total points) Suppose the demand for a product is given b y QD = 2 000  25P. a) (10 points) Calculate the Price Elasticity o f Demand when the price is $30 . . 16p =20QV  0,> c.  p:;:t?JO .1: (~(J 7: =  Yz'5 ~?o) 7: :. l~(%S1 Qp ~ JOIn

Homework
School: Penn State
Course: INTERMEDIATE MICROECONOMIC ANALYSIS
Econ 302 Homework #1 McLeod Due in class Wednesday, September 12th. Name _ ID # _ Instructions: Please Read Carefully Please print out this form. There should be seven separate sheets of paper. After you have written your answers, please staple the seven

Homework_1_Answer_Key
School: Penn State
Course: INTERMEDIATE MICROECONOMIC ANALYSIS
Econ 302 Homework #1 McLeod Due in class Wednesday, September 12th. Name _ ID # _ Instructions: Please Read Carefully Please print out this form. There should be seven separate sheets of paper. After you have written your answers, please staple the seven

Answer_Key_Homework_2
School: Penn State
Course: INMD MICROEC ANLY
Econ 302 Homework #2 McLeod Due in class Monday, February 8. Name _ ID # _ Instructions: Please Read Carefully Please print out this form. There should be five separate sheets of paper (including the cover sheet). After you have written your answers, plea

Answer_Key_Homework_6
School: Penn State
Course: INMD MICROEC ANLY
Econ 302 Homework #6 McLeod Due in class Friday, April 30th. Name _ ID # _ Instructions: Please Read Carefully Please print out this form. There should be six separate sheets of paper (including the cover sheet). After you have written your answers, pleas

8429533
School: Penn State
Suppose a consumer has preferences represented by the utility function U(X,Y) = MIN[X,3Y]. Suppose PX = 1 and PY = 2. Draw the Income Consumption Curve for this consumer for income values M = 100, M = 200, and M = 300. Your graph should accurately draw th

Answer_Key_Homework_3
School: Penn State
Course: INMD MICROEC ANLY
Econ 302 Homework #3 McLeod Due in class Monday, March 1st. Name _ ID # _ Instructions: Please Read Carefully Please print out this form. There should be four separate sheets of paper (including the cover sheet). After you have written your answers, pleas

Homework_3_Answer_Key (1)
School: Penn State
Course: INMD MICROEC ANLY
Econ 302 Homework #3 McLeod Due in class Wednesday October 23rd. Name _ ID # _ Instructions: Please Read Carefully Please print out this form. There should be four separate sheets of paper (including the cover sheet). After you have written your answers,

Homework_4
School: Penn State
Course: INTERMEDIATE MICROECONOMIC ANALYSIS
1. (20 points) Suppose a monopolist can purchase Labor at a price w = 36 and can purchase Capital at a price r = 25. The monopolists production function is given by Q = L1/2K1/2. The demand facing the monopolist is given by P = 180 3Q. a) What is the Mono

Answer_Key_Homework_5
School: Penn State
Course: INMD MICROEC ANLY
Econ 302 Homework #5 McLeod Due in class Monday, April 12th. Name _ ID # _ Instructions: Please Read Carefully Please print out this form. There should be four separate sheets of paper (including the cover sheet). After you have written your answers, plea

Econ3028429533
School: Penn State
Suppose a consumer has preferences represented by the utility function U(X,Y) = MIN[X,3Y]. Suppose PX = 1 and PY = 2. Draw the Income Consumption Curve for this consumer for income values M = 100, M = 200, and M = 300. Your graph should accurately draw th

Econ_302.7_Syllabus_Spring_2010
School: Penn State
Course: INMD MICROEC ANLY
Course Syllabus for Econ 302, Section 007: Intermediate Microeconomics Penn State, Spring 2010 Instructor: Dr. Mark McLeod Prerequisite: Econ 002 or equivalent Lectures: MWF 2:303:20 010 Sparks Office: 507 Kern Graduate Building Office Hours: MWF 121 or

Econ302HW3
School: Penn State
Econ 302 Homework 3 Read these instructions carefully! Carefully answer each of the questions below You can write or type your answers for the questions Please put your name and PSU ID number at the top of the 1st page You may use as many sheets of paper

Homework_2_Answer_Key
School: Penn State
Course: INTERMEDIATE MICROECONOMIC ANALYSIS
Econ 302 Homework #2 McLeod Due in class Wednesday, September 26th. Name _ ID # _ Instructions: Please Read Carefully Please print out this assignment and answer each question on the page provided. If you need extra space, you may use the back of the shee

Answer_Key_Homework_4
School: Penn State
Course: INMD MICROEC ANLY
Econ 302 Homework #4 McLeod Due in class Monday, March 22nd. Name _ ID # _ Instructions: Please Read Carefully Please print out this form. There should be four separate sheets of paper (including the cover sheet). After you have written your answers, plea

Aaaaa
School: Penn State
Suppose a consumer has preferences represented by the utility function U(X,Y) = MIN[X,3Y]. Suppose PX = 1 and PY = 2. Draw the Income Consumption Curve for this consumer for income values M = 100, M = 200, and M = 300. Your graph should accurately draw th

Homework_1
School: Penn State
Course: INMD MICROEC ANLY
Econ 302 Homework #1 McLeod Due in class Wednesday, September 11th. Name _ ID # _ Instructions: Please Read Carefully Please print out this form. There should be seven separate sheets of paper. After you have written your answers, please staple the seven

Homework_2 (1)
School: Penn State
Course: INMD MICROEC ANLY
Econ 302 Homework #2 McLeod Due in class Wednesday, September 25th. Name _ ID # _ Instructions: Please Read Carefully Please print out this assignment and answer each question on the page provided. If you need extra space, you may use the back of the shee

Quiz 1
School: Penn State
Course: INMD MICROEC ANLY
Econ 302 Quiz 1 McLeod 1. (6 points) For each of the following questions, please answer with either increase, decrease, or remain unchanged. Only one of these answers is correct in each case. Suppose guitars and guitar strings are complements. hap

Exam 2 Version B Answer Key
School: Penn State
Course: INMD MICROEC ANLY
Econ 302 Exam 2 McLeod Name (please print): _ Penn State ID #: _ _ Please write all answers in the spaces provided. Please show your work in order to receive any partial credit on this exam. 1. (20 points) Suppose a firm has a production function given by

Homework_4_Answer_Key
School: Penn State
Course: INMD MICROEC ANLY
Econ 302 Homework #4 McLeod Due in class Wednesday, April 9th. Name _ ID # _ Instructions: Please Read Carefully Please print out this form. The first sheet is intended only as a cover sheet. Do not write anything on the first sheet except your name and I

Exam 1 Version B Answer Key
School: Penn State
Course: INMD MICROEC ANLY
Econ 302 Exam 1 McLeod NAME _ PSU ID # _ PLEASE ANSWER ALL QUESTIONS IN THE SPACE PROVIDED. 1. (24 total points) Suppose there are two consumers, A and B, and two goods, X and Y. Consumer A is given an initial endowment of 1 units of good X and 5 units of

Exam 2 Version D Answer Key
School: Penn State
Course: INMD MICROEC ANLY
Econ 302 Exam 2 McLeod Name (please print): _ Penn State ID #: _ _ Please write all answers in the spaces provided. Please show your work in order to receive any partial credit on this exam. 1. (20 points) Suppose a firm has a production function given by

Final Exam Preview
School: Penn State
Course: INMD MICROEC ANLY
Econ 302 Final Exam Preview Summer 2013 Thursday, December 19th, 2:304:20 100 Thomas/ 110 Wartik (I will send an email telling you which room to go to, and I will announce this in class on Friday) 7 Large Problems 1. Income/Substitution Effect Problem D

Homework 2 Answer Key Copy
School: Penn State
Course: INMD MICROEC ANLY
Econ 302 Homework #2 McLeod Due in class Wednesday, September 25th. Name _ ID # _ Instructions: Please Read Carefully Please print out this assignment and answer each question on the page provided. If you need extra space, you may use the back of the shee

Homework 4 Answer Key
School: Penn State
Course: INMD MICROEC ANLY
Econ 302 Homework #4 McLeod Due in class Wednesday, November 6th. Name _ ID # _ Instructions: Please Read Carefully Please print out this form. The first sheet is intended only as a cover sheet. Do not write anything on the first sheet except your name an

Homework 5 Answer Key
School: Penn State
Course: INMD MICROEC ANLY
Econ 302 Homework #5 McLeod Due in class Wednesday December 11th. Name _ ID # _ Instructions: Please Read Carefully Please print out this form. There should be six separate sheets of paper (including the cover sheet). After you have written your answers,

Homework_5_Answer_Key
School: Penn State
Course: INMD MICROEC ANLY
Econ 302 Homework #5 McLeod Due in class Wednesday April 30th. Name _ ID # _ Instructions: Please Read Carefully Please print out this form. There should be six separate sheets of paper (including the cover sheet). After you have written your answers, ple

Exam 2 Version C Answer Key
School: Penn State
Course: INMD MICROEC ANLY
Econ 302 Exam 2 McLeod Name (please print): _ Penn State ID #: _ _ Please write all answers in the spaces provided. Please show your work in order to receive any partial credit on this exam. 1. (20 points) Suppose a firm has a production function given by

Hw23022222
School: Penn State
Course: INMD MICROEC ANLY
Econ 302 Homework #2 McLeod Due in class Wednesday, September 25th. Name _ ID # _ Instructions: Please Read Carefully Please print out this assignment and answer each question on the page provided. If you need extra space, you may use the back of the shee

Hw13022222
School: Penn State
Course: INMD MICROEC ANLY
Econ 302 Homework #1 McLeod Due in class Wednesday, September 11th. Name _ ID # _ Instructions: Please Read Carefully Please print out this form. There should be seven separate sheets of paper. After you have written your answers, please staple the seven

Homework 3
School: Penn State
Course: Intermediate Microeconomic Analysis
Econ 302 Homework #3 McLeod Due in class Wednesday October 23rd. Name _ ID # _ Instructions: Please Read Carefully Please print out this form. There should be four separate sheets of paper (including the cover sheet). After you have written your answers,

ECON 302 Syllabus
School: Penn State
Course: INMD MICROEC ANLY
ECON 302: Intermediate Microeconomic Analysis Syllabus COURSE INFORMATION INSTRUCTOR INFORMATION Credits: 3 Name: Guo Yesheng Delivery: Web, ANGEL Email: Use ANGEL email Dates: See calendar Notes on Communication Email: Please use Course Mail (ANGEL Email

Exam 1 Version A Answer Key Copy
School: Penn State
Course: INMD MICROEC ANLY
Econ 302 Exam 1 McLeod NAME _ PSU ID # _ PLEASE ANSWER ALL QUESTIONS IN THE SPACE PROVIDED. 1. (24 total points) Suppose there are two consumers, A and B, and two goods, X and Y. Consumer A is given an initial endowment of 3 units of good X and 5 units of

Exam 2 Study Guide
School: Penn State
Course: INMD MICROEC ANLY
Wednesday, November 13th 8:1510:15 pm Bring Pencil; ID Office Hours Tuesday TBA; Locations TBA 5 Long Problems: Find Total Cost Function; Graph Isocost and Isoquant for a given Q Monopoly Question(QM PM CS PS TS DWL Lerner Index) Perfect Competition Q

Exam 2 Version A Answer Key
School: Penn State
Course: INMD MICROEC ANLY
Econ 302 Exam 2 McLeod Name (please print): _ Penn State ID #: _ _ Please write all answers in the spaces provided. Please show your work in order to receive any partial credit on this exam. 1. (20 points) Suppose a firm has a production function given by

Exam 1 Version C Answer Key
School: Penn State
Course: INMD MICROEC ANLY
Econ 302 Exam 1 McLeod NAME _ PSU ID # _ PLEASE ANSWER ALL QUESTIONS IN THE SPACE PROVIDED. 1. (24 total points) Suppose there are two consumers, A and B, and two goods, X and Y. Consumer A is given an initial endowment of 6 units of good X and 1 unit of

Exam 1 Key
School: Penn State
Course: INMD MICROEC ANLY
Exam 1 Econ 304 Chuderewicz  Spring 2013 Name _ Last 4 (PSU ID) _ Please circle section you are registered in Sparks (11:15 am) Thomas (2:30 pm) PLEASE PUT THE FIRST TWO LETTERS OF YOUR LAST NAME ON TOP RIGHT HAND CORNER OF THIS COVER SHEET THANKS AND GO

Q2
School: Penn State
Course: INMD MICROEC ANLY
D.) K* has changed because if I did not change my capital input then I would not be on the MPK curve anymore nor would I be maximizing my prots. This is because at the higher UC I can only have 70 units of capital if I have more they will be less eective

Lesson4_ ConsumptionSaving, LendingBorrowing
School: Penn State
Course: INMD MICROEC ANLY
Increasing the Real Interest Rate Deriving savings function Example of a savings function

Lesson 5_ Capital Stock, Investment Demand, Goods Market Equilibrium
School: Penn State
Course: INMD MICROEC ANLY

Homework 4
School: Penn State
Course: INMD MICROEC ANLY
D.) Dagwood is now worse o with the falling of the interest rates because as a saver, his future dollar is now worth less so he would be better o spending it now and borrowing in the future. The substitution eect acts to stimulate current consumption by

Homework_2_Answer_Key
School: Penn State
Course: INMD MICROEC ANLY
Econ 302 Homework #2 McLeod Due in class Wednesday, February 19th. Name _ ID # _ Instructions: Please Read Carefully Please print out this assignment and answer each question on the page provided. If you need extra space, you may use the back of the sheet

Homework_1_Answer_Key
School: Penn State
Course: INMD MICROEC ANLY
Econ 302 Homework #1 McLeod Due in class Wednesday, January 29th. Name _ ID # _ Instructions: Please Read Carefully Please print out this form. After you have written your answers, please staple the seven sheets together at the top lefthand corner. The f

Homework 5
School: Penn State
Course: INMD MICROEC ANLY
D.) K* has changed because if I did not change my capital input then I would not be on the MPK curve anymore nor would I be maximizing my prots. This is because at the higher UC I can only have 70 units of capital if I have more they will be less eective

ECON302_HW1_KEY
School: Penn State
Course: INMD MICROEC ANLY
Answer Key Econ 302 WC Homework 1 1. (20 total points) Suppose the demand for a product is given by QD = 2000 25P. a) (10 points) Calculate the Price Elasticity of Demand when the price is $30. = .6 b) (5 points) What price should the firm charge if it

Test 1 Q1
School: Penn State
Course: INMD MICROEC ANLY
D) Dagwood is now worse o because of the rise in real interest rates. The substitution eect is more inuential because he now has to trade more current consumption for future consumption. The income eect is being dominated as he will not have as much in t

Homework 6
School: Penn State
Course: INMD MICROEC ANLY
C.) The U.S. is running a trade decit which means we are spending beyond our means and China has a surplus making them the savers. We are absorbing (C+I+G) more then we are making (income =Y) therefore we are consuming beyond our income and the opposite

Homework_1_Answer_Key
School: Penn State
Course: Micro
Econ 302 Homework #1 McLeod Due in class Wednesday, January 29th. Name _ ID # _ Instructions: Please Read Carefully Please print out this form. After you have written your answers, please staple the seven sheets together at the top lefthand corner. The f

Homework_2_Answer_Key
School: Penn State
Course: Micro
Econ 302 Homework #2 McLeod Due in class Wednesday, February 19th. Name _ ID # _ Instructions: Please Read Carefully Please print out this assignment and answer each question on the page provided. If you need extra space, you may use the back of the sheet

Econ_302_WC_Homework_1
School: Penn State
Course: INMD MICROEC ANLY
Econ 302 Homework 1 1. (20 total points) Suppose the demand for a product is given by QD = 2000 25P. a) (10 points) Calculate the Price Elasticity of Demand when the price is $30. E[d]= (dQ/dP).(P/Q) E[d]=25.30/1250=0.6 b) (5 points) What price should t

Homework_3_Answer_Key
School: Penn State
Course: INMD MICROEC ANLY
Econ 302 Homework #3 McLeod Due in class Wednesday March 26th. Name _ ID # _ Instructions: Please Read Carefully Please print out this form. There should be four separate sheets of paper (including the cover sheet). After you have written your answers, pl

Homework #2 Answer Key
School: Penn State
Course: INMD MICROEC ANLY
Econ 302 WC Homework 2 Answer Key 1. (20 points) Suppose a consumer views two goods, X and Y, as perfect complements. Her utility function is given by U = MIN [X, 2Y]. Sketch the graph of the consumers indifference curve that goes through the bundle X = 6

Homework #3
School: Penn State
Course: INMD MICROEC ANLY
Econ 302 Homework 3 Read these instructions carefully! Carefully answer each of the questions below. You need to show your work, not just the final answer You can write or type your answers for the questions Please put your name and PSU ID number at the t

Demand
School: Penn State
Course: INMD MICROEC ANLY
Demand It is important to understand these concepts related to the demand for a product: Quantity Demanded (QD): The amount of a good that consumers are willing to buy at a given price, during a given period of time. In general, the QD of a good will depe

Market Equilibrium
School: Penn State
Course: INMD MICROEC ANLY
MarketEquilibrium The term equilibrium is used in many applications in economics and other disciplines. In all cases, it means essentially the same thing. Equilibrium is a situation where there is no tendency for change. With no government policies, equil

Supply
School: Penn State
Course: INMD MICROEC ANLY
Supply And here is important terminology related to supply: Supply Schedule: a table that shows the relationship between Price and QS. When we create a Supply schedule, we hold all of the things that determine QS constant except for the price of the good.

Homework 8
School: Penn State
Course: INMD MICROEC ANLY
B) the sher equation is real Interest rates plus ination Equals nominal rate they want to do this to increase the nominal interest rates. d) as the ination expectations increase the current value of the future dollar decreases therefore people get more

Homework 7
School: Penn State
Course: INMD MICROEC ANLY
We can say this is true due to the change in size of the excess reserves. They increases over 800 times due to the FED's open market purchases. While the monetary base has expanded it is no where near the growth of the excess reserves because most of the

ECON302_PennState_FinalExamKey
School: Penn State
Course: INMD MICROEC ANLY
1. louantity lo 11 12 13 11~]ve lire lAFe lAve lAre lMe I l~@JDEJEJDu IDD~CJCJDD IDDDCJ~DD IDDDCJCJD~ >rrect Answer( s): louantity lFe live lR JIAFe lAve lAre lMe I lo l ~@J[filDDEJD 11 12 13 l ~J~[fil~[fil[Q] l ~CEJ[Ifil~[JQJ l~ITfil~lli:J~ 2. (16 total

H33022222
School: Penn State
Course: INMD MICROEC ANLY
Econ 302 Homework #3 McLeod Due in class Wednesday October 23rd. Name _ ID # _ Instructions: Please Read Carefully Please print out this form. There should be four separate sheets of paper (including the cover sheet). After you have written your answers,

Quiz 310
School: Penn State
Course: INMD MICROEC ANLY
Econ 302 McLeod Quiz 2 Name _ ID # _ 1. (8 points) Calculate the price elasticity of demand for each of the following situation: a) Demand is given by Q = 50 2P, and P = 20. 4 b) Demand is given by Q = 80 5P, and P = 6. 3/5 or .6 2. (8 points

302hw6
School: Penn State
Econ 302 Homework 6 Read these instructions carefully! Carefully answer each of the questions below You can write or type your answers for the questions Please put your name and PSU ID number at the top of the 1st page You may use as many sheets of paper

8420776
School: Penn State
Suppose a consumer views two goods, X and Y, as perfect complements. Her utility function is given by U = MIN [X, 2Y]. Sketch the graph of the consumers indifference curve that goes through the bundle X = 6 and Y = 5. Put the amount of Y on the vertical a

8420781
School: Penn State
uppose a consumer has $600 to spend on two goods, Good X and Good Y. The price of Good X is given by PX = $20. The price of Good Y is given by PY = $15. Graph the consumers budget constraint. Please put the quantity of Good X on the horizontal axis, and t

8430314
School: Penn State
Suppose the demand for a particular product (swimsuits) is highly inelastic.What does that suggest about the wage elasticity of demand for workers in the industry that produces swimsuits?Describe the effect of a binding minimum wage in this industry. Be s

8430803
School: Penn State
Suppose a public referendum is being held on whether or not to levy a tax on cigarettes. Currently, the supply of cigarettes is given by Qs = 900 + 200P. You estimate the demand for cigarettes to be Qd = 1200  50P.You are asked to evaluate the likely ef

8430806
School: Penn State
Suppose you have $600 to spend on either concert tickets or CDs. Concert tickets cost $15 each, and CDs cost $12 each. Let T = the number of Concert Tickets, and C = the number of CDs. a) Write the equation of the consumers budget constraint. 15T +12C = 6

Econ302 84295331
School: Penn State

Econ302Homework_2
School: Penn State
Econ 302 Homework 2 Read these instructions carefully! Carefully answer each of the questions below You can write or type your answers for the questions Please put your name and PSU ID number at the top of the 1st page You may use as many sheets of paper

Q=l
School: Penn State
Need to show work Suppose a firms production function is given by Q = L1/2*K1/2. The Marginal Product of Labor and the Marginal Product of Capital are given by: MPL = , and MPK = . a) If the price of labor is w = 36, and the price of capital is r = 64, ho

Sol13
School: Penn State
1 1True (A B ) = (A ) = so ( ) = This is the requirement for exhaustive 2False ( ) = () + () ( ) = 0.3 + 0.25 0.5 = 0.05 0 So they are not mutually exclusive 2 a) E(R) = 0.39 V(R) = 0.051 Just use E(R) = ( = ) = 0.3 0.1 + = 0.39 For V(R), use () = (2 )

Course_Syllabus_for_Econ_302.2_Fall_2013 (1)
School: Penn State
Course: Intermediate Microeconomics
Course Syllabus for Econ 302, Section 002: Intermediate Microeconomics Penn State, Fall 2013 Instructor: Dr. Mark McLeod Prerequisite: Econ 102 or equivalent Lectures: MWF 4:405:30 in 111 Forum Office: 507 Kern Graduate Building Office Hours: MWF 2:303:

Homework_4
School: Penn State
Course: Intermediate Microeconomics
Econ 302 Homework #4 McLeod Due in class Wednesday, November 7th. Name _ ID # _ Instructions: Please Read Carefully Please print out this form. The first sheet is intended only as a cover sheet. Do not write anything on the first sheet except your name an

Quiz 3
School: Penn State
Course: INMD MICROEC ANLY
Econ 302 Quiz 3 McLeod Name _ ID # _ 1. Suppose the market supply and demand for softball gloves in Happy Valley are given by: Demand: Q = 480 10P Supply: Q = 180 + 12P A) (2 points) Calculate the equilibrium price and quantity of softball glove

Quiz 4
School: Penn State
Course: INMD MICROEC ANLY
Econ 302 Quiz 4 McLeod Name _ ID # _ 1. (8 points) Suppose a consumer has $900 to spend on either baseballs or baseball gloves. Suppose baseballs cost $5 each and gloves cost $25 each. Draw the budget constraint for this consumer. Please put the n

Quiz 5
School: Penn State
Course: INMD MICROEC ANLY
Econ 302 Quiz 5 McLeod Name _ ID# _ 1. (10 points) Suppose a consumers preferences are given by U(X,Y) = X*Y. Thus, the marginal utility of X, MUx = Y and the marginal utility of Y, MUy = X. Suppose the consumer has $600 to spend and the price of

Quiz 6
School: Penn State
Course: INMD MICROEC ANLY
Econ 302 Quiz 6 McLeod Name _ ID # _ 1. Suppose a consumers utility function is given by U(X,Y) = X*Y. Also, the consumer has $1800 to spend, and the price of X, PX = 9, and the price of Y, PY = 25. a) (4 points) How much X and Y should the consum

Quiz 7
School: Penn State
Course: INMD MICROEC ANLY
Econ 302 Quiz 7 McLeod Name _ ID # _ 1. Suppose there are two consumers, A and B. The utility functions of each consumer are given by: UA(X,Y) = X2Y UB(X,Y) = X*Y Therefore: For consumer A: MUX = 2XY; MUY = X2 For consumer B: MUX = Y; MUY = X Th

Quiz 8
School: Penn State
Course: INMD MICROEC ANLY
Econ 302 Quiz 8 McLeod Name _ ID # _ 1. (16 points)Suppose a firms production function is given by Q = AL K . Thus the marginal product of labor is given by: MPL = AL 1 K and the marginal product of capital is given by: MPK = AL K 1 Suppose 1 1

Quiz 9
School: Penn State
Course: INMD MICROEC ANLY
Econ 302 Quiz 9 McLeod Name _ ID# _ 1. (12 points) Suppose there are n identical firms in a market. Each firms cost function is given by C = 500 + 20q2, where q is the amount that an individual firm produces. This means that an individual firms ma

Quiz 10
School: Penn State
Course: INMD MICROEC ANLY
Econ 302 McLeod Quiz 10 Name _ ID # _ 1. Suppose a monopolist has a production function given by Q = L1/2K1/2. Therefore, K 1/ 2 L1 / 2 MPL = 1 / 2 , and MPK = 2L 2K 1 / 2 The monopolist can purchase labor, L at a price w = 25, and capital, K at a

Exam3
School: Penn State
Course: INMD MICROEC ANLY
Production function the relationship between the quantities of inputs used and the maximum quantity of output that can be produced, give current knowledge about technology and organization Short run a period of time so brief that at least one facto

Examreview 1
School: Penn State
Example Problems for Chapter 2 1. Consider an economy that produces only two goods: fresh apricots and dried apricots. In this economy, the technology of producing dried apricots is to place fresh apricots on special racks and allow them to dry in the sun

Sol57
School: Penn State
5. 1) P( Dull & Hipster ) = 0.6 0.4 = 0.2 2) P(Granny) = 1 0.6 = 0.4 P(Dull & Granny) = 0.4 * 0.98 = 0.392 P(Flashy & Granny) = 0.4 * (10.98) = 0.008 P( Flashy & Granny  Flashy) = 0.008/(0.4+0.008) = 0.0196 3) P(Dull) = 0.392 + 0.2 = 0.592 6. 30 = 1 for

Table
School: Penn State
Quantity 0 1 2 3 4 5 FC 45 45 45 45 45 45 VC 0 20 35 120 TC 45 65 80 165 AFC 45 22.5 15 11.25 9 AVC 20 17.5 ATC 65 40 24 30 33 MC 10

302hw3
School: Penn State