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Texas A&M | ECON 629
Microeconomic Theory I
Professors
- Brown
17 sample documents related to ECON 629
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Texas A&M ECON 629
Econ 629 Answer Key for Problem Set 2 1. a) t : subsistence level of good 2 that changes with time. b) We only discussed the model where subsistence level of each good is zero. We also mainly discussed static problems in class. 2. min p1 x1 + p2 x2 -
Texas A&M ECON 629
Syllabus Econ 629 Fall 2007 Professor Gronberg Office Hours: T 11:00-12:30 and by appt. Rm. 3074, Academic Bldg.-West tjg@econmail.tamu.edu http:/econweb.tamu.edu/tgronberg Purpose: This course is intended to provide a reasonably modern and rigorou -
Texas A&M ECON 629
Econ 629 Problem Set 1 Dr. Gronberg Fall 2007 1. MWG; Problems 1.B.1, 1.B.2, 3.B.1, 3.B.3 Consider preferences defined over the nonnegative orthant by (x1,x2) (y1,y2) if x1 + x2 < y1 + y2. Do these preferences exhibit local nonsatiation? If these -
Texas A&M ECON 629
Econ 629 Homework Set 3 Due Date: December 4 (put in my mailbox by noon) 1. Dr. Gronberg Fall 2007 It has been shown that the translog cost function is a (local) second-order approximation to an arbitrary cost function. It is given implicitly by th -
Texas A&M ECON 629
Problem 1 Consider the following preference rankings of the family of Mom (M), Dad (D) and Child (C) for the opera (O), rock concert (R) and ice show (I): An agenda is an ordering of more than two items where two items are voted on and the winner p -
Texas A&M ECON 629
Problem 2 Recall the following two properties: Sens Property . For all B, B B if B B , and x C(B ), then x C(B). Sens paraphrase: If the world champion in some game is Pakistani, then he also must be the champion of Pakistan. Sens Property . If -
Texas A&M ECON 629
September 24 Class Problem For the the Cobb-Douglas utility function with L goods L u(x1 , . . . , xL ) = i=1 i log xi where i > 0 and L i=1 i = 1. 1. Solve the expenditure minimization problem to find the Hicksian demand function. 2. Derive v -
Texas A&M ECON 629
November 10 Class Problem Recall the following types of utility functions, (1) constant absolute risk aversion (CARA) and (2) constant relative risk aversion (CRRA). u(x) u(x) for a, , > 0 1. Verify that the certainty equivalent for a lottery betwe -
Texas A&M ECON 629
September 3 Class Problem Recall the following definition from class. Definition. A function f (x1 , . . . , xL ) is homogeneous of degree r (for r = . . . , -1, 0, 1, . . .) if for every > 0 we have f (x1 , . . . , xL ) = r f (x1 , . . . , xL ). P -
Texas A&M ECON 629
1. [5 total points] Write out the Kuhn-Tucker rst order conditions for the utility maximization problem with utility u(x1 , x2 , x3 ) = x x log 1 2 1 . x3 There are eight conditions. You do not need to solve anything. The Lagrange is L(, x1 , x2 -
Texas A&M ECON 629
Solution to September 22 Class Problem 2 f: Show that the following definition of continuity is equivalent to MWG\'s for n n. Definition (Conventional Definition of Continuity). A function f is said to be continuous at point c if for any > 0, ther -
Texas A&M ECON 629
November 5 Class Problem Recall the following simplified version of the definition of continuous preferences over lotteries: Definition (Simplified Version of Continuous Preferences over Lotteries). The L implies L preference relation is continuous -
Texas A&M ECON 629
Economics629Fall2008 MicroeconomicTheoryI MW1:152:30 Room1002,AllenBuilding ProfessorAlexBrown OfficeHours:MW3:004:30 Room3056,AllenBuilding abrown@econmail.tamu.edu http:/econweb.tamu.edu/abrown (websitecomingsoon) Purpose: Inthiscoursewewille -
Texas A&M ECON 629
Economics629Fall2008 MicroeconomicTheoryI MW1:152:30 Room1002,AllenBuilding ProfessorAlexBrown OfficeHours:MW3:004:30 Room3056,AllenBuilding abrown@econmail.tamu.edu http:/econweb.tamu.edu/abrown (websitecomingsoon) Purpose: Inthiscoursewewille -
Texas A&M ECON 629
September 15 Class Correction Claim. The indirect utility function of the two good Cobb-Douglas utility function is quasiconvex. That is, the set {(p, w) : v(p, w) v } is convex for any v , where v(p, w) is defined as v(p, w) = u(x(p, w) = [ log -
Texas A&M ECON 629
Correction of Exercise 5.D.5 (a) second part. f() is increasing returns to scale. It is NOT necessary that f\'()0. The concept of increasing returns to scale is actually increasing average production (as we have proved in the first part). Recall -
Texas A&M ECON 629
September 1 Class Problems 1. Given the two-commodity budget set Bp,w : Deduce the equation for the budget line in the graph as x2 in terms of x1 (e.g., x2 = mx1 + b). Show that if prices change by a factor of k (p = kp, k > 0), and wealth changes
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