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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
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
Increasing the Real Interest Rate Deriving savings function Example of a savings function
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
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
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
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
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
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
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
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
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
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 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 left-hand corner. The f
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
Course Syllabus for Econ 302, Section 002: Intermediate Microeconomics Penn State, Fall 2013 Instructor: Dr. Mark McLeod Prerequisite: Econ 102 or equivalent Lectures: MWF 4:40-5:30 in 111 Forum Office: 507 Kern Graduate Building Office Hours: MWF 2:30-3:
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 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 left-hand corner. The f
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,
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
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,
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
Econ 302 Final Exam Preview Summer 2013 Thursday, December 19th, 2:30-4:20 100 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
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
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
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
Wednesday, November 13th 8:15-10:15 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
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
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
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
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
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
Econ 302 Notes 9/13/13 Price Consumption Curve (PCC): shows the different bundles the consumer will chose when we allow the price of one good to change while holding the price of the other good and the amount of money constant. o Ex: U(X,Y)= X x Y M=$100
Exam 1: Wednesday: 8:15 to 10:15 PM 100 Thomas Pareto Efficiency- in the interior of Edgeworth box (where both consumers have apositive amount of each good), a necessary condition for Pareto efficiency is that MRSA= MRSB We can have Pareto efficiency when
Get graphs Econ 302 Notes Assumptions about Consumer Preferences o Completeness o Transitivity For all bundles A,B,C If A B and if B C then A C o More is better For all bundles A & B If A has at least as much of each good as B, and A has more of some
Econ 302 Final Exam Thursday 12/19 at 2:30-4:20 PM Exam make up: 7 long problems 1. Income/Substitution effects a. Determine consumers optimal bundle (X* and Y*) b. Determine the new optimal after a price change (X* and Y*) c. Determine value of M that
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,
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
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
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 102 Homework #3 McLeod Due in class Wednesday, November 14, 2012 Name (please print or type)_ Instructions: Please Read Carefully Please print out this form. There should be three separate sheets of paper. After you have written your answers, please
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
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
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
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
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 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
Econ 302 Homework 6 Sara Hooper 980319686 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
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
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,
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
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
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,
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
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
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,
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
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 - 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
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
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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
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
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 )
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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