Worksheet: Consumer Behavior 1_Solution
Econ 3251/4351
Dr. Myoung Lee
University of Missouri
1. Assume your budget is such that if you spend all your income you can afford either 8 units of good 1 and 8 units of good
2 or 32 units of good 1 and 2 units of

Solution_Worksheet: Profit Maximization
Econ 4351
Dr. Myoung Lee
University of Missouri
1. The following table contains information for a price taking competitive rice producer. Suppose the price for a bag of rice
is 24. Assume that only integer quantitie

Worksheet: Consumer Behavior II
Econ 4351
Dr. Myoung Lee
University of Missouri
Your handwriting must be legible, and you must make sure that I can follow your logic. Do not expect me to read your
mind! Please show your work (step by step) for every quest

Worksheet_Costs and Profit
Econ 4351
Dr. Myoung Lee
University of Missouri
1. A firm has the following short run cost function: C q 2q 2 50
(a) What is the fixed cost and variable cost? Derive an equation for this firms average cost, average variable cost

Econ 4351: Lecture 2
Worksheet 8: Production & Cost Minimization
Dr. Myoung Lee
University of Missouri
1. You manage a plant that mass produces engines by teams of workers using assembly machines. The
technology is summarized by the production function.
Q

Review Worksheet: Demand & Supply
Econ 3251/4351
Dr. Myoung Lee
University of Missouri-Columbia
Please show your work in order to get full credit. Analyze the following market when a following economic shock occurs.
Use the graphs to depict the consequenc

Solution_Worksheet 7: Production
Econ 4351: Lecture 2
Dr. Myoung Lee
University of Missouri
Do not expect me to read your mind! Your handwriting must be legible, and you must make sure that I can
follow your logic. Please show your work (step by step) for