Penn State ECON 302 | Practice Exams, Lecture Notes, Textbooks, Study Guides and Study Materials

Homework_1

Penn State ECON 302

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

Penn State ECON 302

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_2

Penn State ECON 302

Econ 302 Homework #2 McLeod Due in class Wednesday, September 26th. Name : YOO, JONGJAE ID #: 918922528 (JQY5174) Instructions: Please Read Carefully Please print out this assignment and answer each question on the page provided. If you need extra space,
Homework_2_Answer_Key

Penn State ECON 302

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
Homework_3

Penn State ECON 302

Econ 302 Homework #3 McLeod Due in class Wednesday October 24th. Name: YOO, JONGJAE ID #: 918922528 Instructions: Please Read Carefully Please print out this form. There should be four separate sheets of paper (including the cover sheet). After you have w
Homework_3_Answer_Key

Penn State ECON 302

Econ 302 Homework #3 McLeod Due in class Wednesday October 24th. 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

Penn State ECON 302

Econ 302 Homework #4 McLeod Due in class Wednesday, November 7th. Name: JONGJAE YOO ID #: 918922528 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
Homework_4_Answer_Key

Penn State ECON 302

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
Homework_5

Penn State ECON 302

Econ 302 Homework #5 McLeod Due in class Wednesday December 12th. Name: JONGJAE YOO ID #: 918922528 Instructions: Please Read Carefully Please print out this form. There should be six separate sheets of paper (including the cover sheet). After you have wr
Homework_5_Answer_Key

Penn State ECON 302

Econ 302 Homework #5 McLeod Due in class Wednesday December 12th. 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,
302hw6

Penn State ECON 302

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

Penn State ECON 302

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

Penn State ECON 302

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
8429533

Penn State ECON 302

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
8430314

Penn State ECON 302

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

Penn State ECON 302

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

Penn State ECON 302

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
aaaaa

Penn State ECON 302

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
econ302-8429533

Penn State ECON 302

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
econ302- 8429533-1

Penn State ECON 302
Econ302Homework_2

Penn State ECON 302

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
Econ302HW3

Penn State ECON 302

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
q=l

Penn State ECON 302

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
Sol1-3

Penn State ECON 302

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 )
Sol5-7

Penn State ECON 302

5. 1) P( Dull Granny) = 0.4 * 0.98 = 0.392 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

Penn State ECON 302

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

Penn State ECON 302
302q2

Penn State ECON 302

L; ~Iy:; q I Z~ (l~ 2S(_J:-QY GtX Z~: I~CO ~; I~cfw_ so =3l_p k \'X > Z~ y: %/q 160 0 b\'J ll: I tb xS[O : ~(oo() e:y ~I\'i; Lcfw_\\ZS 2S~:U\')( Ai\'l -T /. n\'@lA.) co\'cfw_/oO ~ S6() ,<\",. l nCD\'YY\\.9 cz?:J:O x:
180470_12541_1_TM_TM_MF_TTs020313-83114-2-part-2

Penn State ECON 302

Name _ Date_ last 4 PSU ID _ Economics 304 Homework - Lesson 8 100 points total Instructions: Please show all work or points will be taken off. Good luck! 1. (65 points total) Suppose the real money demand function is: Md/P 1500 0.2 Y 10,000 (r e). Assume
180470_180470_1_MT_180470-12541-1-TM-TM-MF-TTs020313-83114-2--1-

Penn State ECON 302

Homework - Lesson 7 - The Fed and the Money Supply 90 points Instructions: Please show all work or points will be taken off. Good luck! 1. (35 points total) In this problem, we are going to calculate the money multiplier one year prior to the Great Recess
Homework_4

Penn State ECON 302

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
Homework_4

Penn State ECON 302

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
302HW1

Penn State ECON 302

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_1Answer_Key

Penn State ECON 302

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
Answer_Key_Homework_2

Penn State ECON 302

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_3

Penn State ECON 302

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
Answer_Key_Homework_4

Penn State ECON 302

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
Answer_Key_Homework_5

Penn State ECON 302

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
Answer_Key_Homework_6

Penn State ECON 302

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
examreview 1

Penn State ECON 302

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
exam3

Penn State ECON 302

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
Quiz 1

Penn State ECON 302

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
Quiz 2

Penn State ECON 302

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
Quiz 3

Penn State ECON 302

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

Penn State ECON 302

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

Penn State ECON 302

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

Penn State ECON 302

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

Penn State ECON 302

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

Penn State ECON 302

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

Penn State ECON 302

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

Penn State ECON 302

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
Econ_302.7_Syllabus_Spring_2010

Penn State ECON 302

Course Syllabus for Econ 302, Section 007: Intermediate Microeconomics Penn State, Spring 2010 Instructor: Dr. Mark McLeod Prerequisite: Econ 002 or equivalent Lectures: MWF 2:30-3:20 010 Sparks Office: 507 Kern Graduate Building Office Hours: MWF 12-1 or