Hints for Home Works

# Hints for Home Works - Hints for Home Works (Econ 201)...

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Hints for Home Works (Econ 201) Notes: Not all assigned homework have hints in here. There are extra hints for exercises that are not assigned for this quarter. HW#1 Chapter 1 Hint for solving the problem 6 in chapter 1 student problem set. Example: First prepare the table Time Study Fun GPA 20 0 20 0 20 2 18 1 and so on. In this way complete the table .Now if one has to raise the G.P.A from 0.0 to 1.0 one has to study two hours more and has to give up or sacrifice 2 hours of fun time. This is the OC for increasing one’s G.P.A from 0 to 1 General Hints: Place the study time on horizontal axis and the fun time on the vertical axis as in the graph Point A will be on the horizontal axis and then you move up along the curve with points B and C. If student increases the study time by one hour, he/she will have to sacrifice fun time by one hour. This relationship continues all the way. What type of curve is this? What’s the slope? The OC of increasing the grade is in terms of sacrificed fun time as we increased GPA by one additional point. Change in fun time/ increase in GPA . HW#2 Chapter 3 Exercise No 3 of Chapter 3 Page 5 in Students Problem Manual Hints on #3: For each price, add up all the quantities demanded for the five individuals to calculate market quantity demanded. Do the same for all quantities supplied for the five individuals to calculate market quantity supplied. Then for each of the given prices compare the two markets Quantities and find out if we have a shortage, surplus or equilibrium Exercise 10 Place the price on the vertical axis and the quantities on the horizontal axis. Draw the demand and then the supply curves. The equilibrium price should be where demand intersects supply in the graph or quantity demanded equals quantity supplies in the table.

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## This note was uploaded on 04/09/2011 for the course ECON 201 taught by Professor Joyce during the Spring '07 term at Drexel.

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Hints for Home Works - Hints for Home Works (Econ 201)...

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