Problem Set 1

# Problem Set 1 - EC 301 Spring 2009 Problem set 1 Assignment...

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EC 301, Spring 2009. Problem set 1 EC 301 Spring 2009: Problem set 1 Assignment date: Jan 26, 2009 Due date: Feb 2, 2009 Total Points: 15 points. Note: Your score will be based on your overall performance in answering all questions in this problem set. Answers to specific questions will not be individually graded. Show all logical steps in your arguments. Answers without any explanation will get zero credit. You must write your own answers. However, you are encouraged to form study groups and consult any other resources (internet, other text books, etc.). There are ten problems in total. All questions are from your text book “Microeconomics” by Bernhiem and Whinston, 1 st Edition, US version. Questions on Chapter 2 1. (In text Q. 2.1) Suppose that the demand function for corn is: Q d = 20 – 4 P corn + 8 P potatos – 0.50 P butter . Potatoes cost \$0.25 per pound and butter costs \$2 per pound. At what price will consumers demand 8 billion bushels per year? How does your

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Problem Set 1 - EC 301 Spring 2009 Problem set 1 Assignment...

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