Econ 4002.02
Homework 1
Due Date: Thursday, February 13
1. Consider a production process characterized by the Cobb-Douglas production function
Y = AL K 1 . Let A = 2, = , K = 625 & P = 4.
(a) Derive the equation for the labor demand curve.
AL^(-1)K^(1-)=
Notes on profit maximization and cost
minimization for a general Cobb-Douglas
production technology
Ritesh Jain
March 3, 2016
1
Introduction
In producer theory profit maximization and cost minimization are two important
exercise which according to me are
ECON 4001.01:Problem Set 2
Due: March 1,2016
February 23, 2016
1
Technology
1.1
Define the following
1. Isoquant
2. Marginal Product of a factor
3. Technical rate of substitution
4. What do you mean by increasing return to scale
1.2
Review Question 1 and
ECON 4001.01:Problem Set 1
Due: January 28,2016
January 22, 2016
1
Budget line
You have an income of $50 to spend on apples and oranges. Apples costs $10
per unit, and oranges 2 costs $5 per unit.
1. Write down your budget equation
2. If you spent all you
Economics 4001 HW1 Solution
Due: 23 January 2015
1. The demand function for apple is D(P ) =
100
,
P
and the supply function is S(P ) = P .
What is the equilibrium price and quantity?
Answer. In equilibrium, the excess demand and excess supply do not exis
EXAM #1 STUDY GUIDE
Note: any material below that we do not cover by 10/2 will not be on the exam.
Each question has one to three asterisks next to it. Asterisks denote the relative
importance of a question. However, just because a question has one asteri
Economics 4001 HW4
Due: 08 April 2015
Name:
Heejeong Kim
1. A rm uses labor and machines to produce output using the production function
f (x1 , x2 ) = mincfw_x1 , 3x2 , where x1 is the number of workers and x2 is the number
of machines that it uses in pr
Homework #2
Due: Friday, September 27
Name: Ryan Shary
ECON 4830
Instructions:
Insert your typed answers immediately following the corresponding question.
Handwritten graphical responses are permitted; however, they too should be inserted
immediately foll
ECON 4830
Homework #4
Due: Monday, December 2
Name: Ryan Shary
1.) Humphreys and Mondello (2007), which can be found in the academic papers folder
on Carmen, suggest restricted and unrestricted donations to universities respond
differently to athletic per
Economics 4001.01
Intermediate Microeconomic Theory
Test 2: Part A (75 points plus bonus)
Name:
1. (6 points.) Complete the following table. Write the formulas you used to do
the calculations.
Quantity of
Variable Input
Total Output
0
1
2
3
4
5
6
0
Margin
Econ 4001.01 Intermediate Microeconomics
Mid Term 1
11 February, 2016
Instructions
1. The duration for this exam is 1 hour 10 min.
2. This exam has two sections. In Section 1 there are 20 multiple choice
questions each carrying one point.
3. Section 2 is
Economics 4001.01
Intermediate Microeconomic Theory
Test 3: Part A (75 points plus bonus)
Name:
1. (6 points.) The demand and supply functions for oil on the world market are
given as: QD = 25.64 - 0.06P and QS = 21.74 + 0.07P. Calculate consumer
surplus.
2
Supply
and Demand
Talk is cheap because supply exceeds demand.
Challenge
Quantities and
Prices of
Genetically
Modified Foods
Countries around the globe are debating whether to permit firms to grow or sell
genetically modified (GM) foods, which have thei
Economics 4001.01
Intermediate Microeconomic Theory
Test 1: Part A (75 points plus bonus)
Name:
1. (3 points.) Does the following statement involve positive economic analysis,
normative economic analysis, or both? Explain your answer.
Gasoline rationing (
The Ohio State University
Department of Economics
ECON 4001.01
Intermediate Microeconomics theory
Classes:
Section 10928: TR 2:20-3:40, Smith Lab 1009
Section 10929: TR 3:55-5:15, Smith Lab 1005
Office hours: Wednesday 11-12 or by appointment
Dr. Leila Fa
Practice Question 3.Preferences
1. Charlie likes both apples and bananas. He consumes nothing else. The consumption bundle where Charlie consumes xA apples and xB bananas per year
is written as (xA , xB ). Last year, Charlie consumed 20 bushes of apples a
Practice Question 19. Technology
1. Prunella raises peaches. Where L is the number of units of labor she uses and
1
1
T is the number of units of land she uses, her output is f (L, T ) = L 2 T 2 bushels
of peaches.
(a) On the graph below, plot some input
Practice Question 8.Slutsky Equation
1. Nevilles passion is ne wine. When the prices of all other goods are xed at
current levels, Nevilles demand function for high-quality claret is x1 (p1 , m) =
0.02m2p1 , where m is his income, p1 is the price of clare
Practice Question 22. Cost Curves
1. Ottos brother, Dent Carr, is in the auto repair business. Dent recently had
little else to do and decided to calculate his cost conditions. He found that the
total cost of repairing s care is T C(s) = 2s2 +10. Please c
Practice Question
24.Industry Supply, Consumer Surplus, Producer Surplus
1. Consider a competitive industry with a large number of rms in the long run.
Suppose that the demand curve for this industry is given by D(p) = 50 p
and the market supply curve is
Practice Question 20. Prot Maximization
1
1
2
4
1. A rm has two variable factors and a production function, f (x1 , x2 ) = x1 x2 .
The price of output is 4. Factor 1 receives a wage of w1 and factor 2 receives
a wage of w2 .
(a) Write an equation that say
Practice Question 12.Uncertainty
1. Willy owns a small chocolate factory, located close to a river that occasionally
oods in the spring, with disastrous consequences. Next summer, Willy plans
to sell the factory and retire. The only income he will have is
Practice Question 5. Choice
1. (30 points) Stephen Fry earning an income m, has a Cobb-Douglas utility U (x, y) =
xc y d over the two goods x and y. The price of good x is Px and y is Py .
(a) Write down Mr.Frys demand function for good x and y.
For the f
Practice Question 4. Utility
1
1. Consider the utility function U (x1 , x2 ) = (x1 + x2 ) 2 .
(a) Draw the indierence curve representing U (x1 , x2 ) = 2 with x1 on the horizontal
axis and x2 on the vertical axis. Determine whether the marginal rate of su
Practice Question 1. The Market
1. Suppose that we have 8 people who want to rent an apartment. Their reservation prices
(marginal willingness to pay) are given below.
Person A
Price
$40
B
$25
C
$30
D
$35
E
$10
F
$18
G
$15
H
$5
(a) Plot the market demand
Josh Horning
Econ 4001.01
Hmwk Assignment #1
9/5/17
1.
(a). False because the more is better assumption states that increasing the
quantities of both goods results in a preferred bundle. Also an indifference curve
cannot be upward sloping.
(b). True becau
Department of Economics
Economics 4001.01
Intermediate Microeconomics (online)
Spring 2017
Instructor: Dr. Audrey Light, Professor of Economics
Email: [email protected]
Feel free to email any time. Every effort will be made to respond to email questions
wi