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Intermediate Microeconomics
ECO 340 - Section 2
Problem Set 1
Solutions
1. (10 pts) Read the New York Times article: Oil Prices: Whats Behind the Plunge? Simple
Economics. (http:/nyti.ms/1HUKGuG) Use supply and demand curves to represent
graphically what
EC 340: Intermediate Microeconomic Theory Homework #1
Due: February 11, 2015
Problem #1
Consider the set, X , of pairs of (a, b) , where a and b are integers not smaller
than 0 and not bigger than 9. Dene the preferences over elements of X
a>c
a=c
(c, d)
ECON 340 Fall 2016 Vargas
Intermediate Microeconomics
ECO 340
Problem Set 2
Due on September 15th, 2016 at the beginning of class
Please write on your homework your full name, as it appears in Blackboard, and your
student ID number. Write neatly and show
Homework 03
ANSW
ECON 305.
Dr. Dan Gerlowski
This homework assignment is to be understood by all students. It will be presented by the Charcoal and
Red teams by Saturday 2/19/11 at 11:00 p.m. Each of these teams will submit one word file to the
conference
ECON 340 Spring 2016 HW #2 Solutions
1.
(a) , =
=
(b) expenditure on eggs + expenditure on cabbage Cathys income
6e + 3c 72
(c) In class, we showed that the following conditions are satisfied to maximize utility:
, =
=
6
3
c = 2e
Plugging c = 2e into 6e
ECON 340 Spring 2016 - Practice Exam #1
True/False If false, explain in EXACTLY ONE sentence. (5 points each)
1. The slope of the budget line is the negative of the ratio of the marginal
utilities
2. Quasi-linear utility functions have parallel indierence
Intermediate Microeconomics
ECO 340 - Section 2
Problem Set 1
Due on Thursday September 10th at the beginning of class
1. (10 pts) Read the New York Times article: Oil Prices: Whats Behind the Plunge? Simple
Economics. (http:/nyti.ms/1HUKGuG) Use supply a
October 25th , 2013
ECON 340 Fall 2013
Econ 340 - Homework #5
b) What is the equation for the short-run market supply?
(Make sure to tell demand for all prices P 0.) To
nd the short-run market supply, we sum horizontally,
Due: October 29th , 2013
1. A bic
October 3rd , 2013
ECON 340 Fall 2013
Due: October 15th , 2013
1. Suppose the production of Toyota cars is characterized by
a Cobb-Douglas production function: Q = 50L2/3 K 1/3 .
a) Find the cost-minimizing combination of labor and
capital if Toyota wants
Chapter 5
The Theory of Demand
1
Overview
1. Individual Demand Curves
2. Income and Substitution Effects &
the Slope of Demand
3. Consumer Surplus
4. Constructing Market Demand
5. Network Externalities
Chapter Five
2
Price Consumption Curves
Y (units)
PY
Lecture # 10
Inputs and Production
Functions
(cont.)
Lecturer: Martin Paredes
1. The Production Function (conclusion)
Elasticity of Substitution
2. Some Special Functional Forms
3. Returns to Scale
4. Technological Progress
2
Definition: The elasticity o
Agenda
What is Game Theory?
2
Prisoners Dilemma
3
Nash Equilibrium
4
Repeated Games
5
Sequential Games
November 19th , 2013
ECON 340
Slide 3
What is Game Theory?
What is Game Theory?
The study of strategic interactions.
Strategic interaction - Outcomes de
Chapter 14
Game Theory and
Strategic Behavior
1
Chapter Fourteen Overview
I.
Introduction to Game Theory
II.
Simultaneous-Move, One-Shot
Games
III. Infinitely Repeated Games
IV. Finitely Repeated Games
V.
Sequential Games
Introduction to Game Theory
In s
Intermediate Microeconomics
ECO 340
Problem Set 2
Due on October 2nd, 2017 at the beginning of class
On a cover page write your full name, as it appears on Blackboard, your student ID number, problem set 2,
the due date, and time of the section you are en
Chapter 8
Costs Curves
1
Chapter Eight Overview
1. Long Run Cost Functions
Shifts
Long run average and marginal cost functions
Economies of scale
2. Short Run Cost Functions
3. The Relationship Between Long Run and Short Run
Cost Functions
Chapter Eigh
Chapter 3
Consumer Preferences and the
Concept of Utility
1
Overview
1. Motivation
2. Consumer Preferences and the Concept of Utility
3. The Utility Function
Marginal Utility and Diminishing Marginal Utility
4. Indifference Curves
5. The Marginal Rate of
ECON 340 Spring 2016 HW #4 Solutions
1.
(a) Since Gus has to pay rent no matter whether he operates, the $20 rent is a sunk fixed cost.
Since Gus needs to pay the officers wages of $27 and the refrigeration costs of $5 only if
he operates, they are non-su
ECON 340 Spring 2016 HW#2
Due: Wednesday, February 3, 2016
1. Suppose that Cathy consumes two goods: eggs (e) and cabbage (c). Her
utility function is u = ec. The price of an egg is 6, while the price of
cabbage is 3. Cathy has $72 in income.
(a) What is
ECON 340 Spring 2016 HW#1
Due: Wednesday, January 27, 2016
1. For each of the following, solve for the equilibrium price and quantity
(a) QD = 300 5P , QS = 50 + 20P
(b) QD = 25 P , QS = 5 + 2P
(c) QD = 12 2P ,QS = 8 + 2P
2. For each of the following dema
ECON 340 Spring 2016 - Practice Exam #1 Solution
1. False. The slope is the negative of price ratio and it equals the negative of the ratio of
marginal utilities at the optimal bundle.
2. True.
3. False. As we have quantity of good Y as y-intercept (where
Chapter 4
Consumer Choice
1
Overview
1. The Budget Constraint
2. Consumer Choice
3. Duality
4. Revealed Preference
Chapter Four
2
The Budget Constraint
Assume only two goods available: X and Y
Price of x: Px ; Price of y: Py
Income: I
Total expenditure
Chapter 6
Inputs and
Production Functions
1
Chapter Six Overview
1. The Production Function
Marginal and Average Products
Isoquants
The Marginal Rate of Technical Substitution
2. Technical Progress
3. Returns to Scale
4. Some Special Functional Forms
Chap
Future demand for your product is random. Demand will be HIGH, Q = 1,000 2P, with probability p HIGH = 0.4.
Demand will be MEDIUM, Q = 500 P, with probability p MEDIUM = 0.4. Demand will be LOW, Q = 250 - P, with probability
pLOW = 0.2. You must commit to