Intermediate Microeconomics
ECNS 301
Spring 2014
Homework #: 4
Due by the beginning of class on: February 12, 2014
Name:
Instructions:
There are 11 questions worth a total of 100 points. Answer each question clearly and
concisely. You must show your work

Intermediate Microeconomics
ECNS 301
Spring 2014
Homework #: 2
Due by the beginning of class on: Wednesday January 22, 2014
Name:
Instructions:
There are 5 questions worth a total of 100 points. Answer each question clearly and
concisely. You must show yo

Intermediate Microeconomics
ECNS 301
Spring 2014
Homework #: 2
Due by the beginning of class on: Wednesday January 22, 2014
Name:
Instructions:
There are 5 questions worth a total of 100 points. Answer each question clearly and
concisely. You must show yo

Intermediate Microeconomics
ECNS 301
Spring 2014
Homework #: 3
Due by the beginning of class on: Wednesday February 5, 2014
Name:
Instructions:
There are 8 questions worth a total of 100 points. Answer each question clearly and
concisely. You must show yo

Intermediate Microeconomics
ECNS 301
Spring 2014
Homework #: 3
Due by the beginning of class on: Wednesday February 5, 2014
Name:
Instructions:
There are 8 questions worth a total of 100 points. Answer each question clearly and
concisely. You must show yo

Intermediate Microeconomics
ECNS 301
Spring 2014
Homework #: 4
Due by the beginning of class on: February 12, 2014
Name:
Instructions:
There are 11 questions worth a total of 100 points. Answer each question clearly and
concisely. You must show your work

Intermediate Microeconomics
ECNS 301
Spring 2014
Homework #: 1
Due by the beginning of class on: Wednesday January 15, 2014
Name:
Instructions:
There are 12 questions worth a total of 100 points. Answer each question clearly and
concisely. You must show y

Intermediate Microeconomics
ECNS 301
Spring 2014
Homework #: 1
Due by the beginning of class on: Wednesday January 15, 2014
Name:
Instructions:
There are 12 questions worth a total of 100 points. Answer each question clearly and
concisely. You must show y

Intermediate Microeconomics
ECNS 301
Spring 2013
Exam #: 1
Version A
Friday February 8, 2013
Name:
Instructions:
You must answer all of the following questions. Each question is worth the same amount.
You have the class period to complete the exam.
Answer

Intermediate Microeconomics
ECNS 301
Spring 2014
Exam #: 1
Version B
Friday February 7, 2014
Name:
Instructions:
You must answer all of the following questions. Each question is worth the same amount.
You have the class period to complete the exam.
Answer

Intermediate Microeconomics
ECNS 301
Spring 2014
Exam #: 1
Version A
Friday February 7, 2014
Name:
Instructions:
You must answer all of the following questions. Each question is worth the same amount.
You have the class period to complete the exam.
Answer

Intermediate Microeconomics
ECNS 301
Fall 2012
Exam #: 1
Version A
Thursday September 27, 2012
Name:
Instructions:
You must either answer all of the following questions or answer exactly 4 of the following
5 questions. Make your choice clear. Regardless o

Consumer Choices
1.
The Budget Constraint:
pi xi = I
Two good case:
I
=
PY Y +
PX X
If I = $200, PY = $4, and PX = $2 then
200 =
2.
4Y + 2X
The feasible consumption set:
PX / PY = dY/dX
3.
Effects of changes in income (dI) and prices (dPi) on the feasibl

Economics 301: Problem Set 2
This problem set deals with one mathematical issue and with the material in Chapter 3 and the first part of
Chapter 4 of H, G & H.
1.
Consider the following demand function:
Log q = log A - b log p + c log y
where q is quantit

Economics 301
Problem Set 6
1.
In the early 1980s, Japan agreed to limit their exports of automobiles to the United States on a
voluntary basis. Show the economic welfare effects of what was, in effect, an import quota
imposed by the U.S. on Japanese vehi

Economics 301: Problem Set 8
1.
Suppose a competitive firm has the following short run production function:
Q=
2 a 0.5.
where Q is output and a is the level of input a (say labor).
(a).
What is the firms marginal product function for input a?
(b).
If the

ECNS 301: Problem Set 9
1. When real interest rates rise, households always save more. Is the statement true or false?
Give a detailed explanation for your answer.
2. Julia expects to receive $1,000 in period 1 and $1,000 in period 2. Construct her
intert

Supply and Demand Models
Supply Function:
qs = f(ps; other variables)
where qs is quantity supplied per time period (for example, per month), ps is the price received by the
seller and other variables include input prices, prices of commodities that are c

Oligopoly and Strategic Behavior
Game Theory
1.
Oligopoly is competition among the few (2 to about 6 firms)
2.
Oligopolys key feature is that each firms outcome transparently depends both on its own
strategy and the strategy of the other firms in the indu

Economics 301: Problem Set 5
1.
The XYZ firm owns three plants, A, B and, C. The total cost functions for each of these plants
are as follows:
A:
CA = 300 + 10 Q A
B:
CB = 100 +
5 Q B + 0.1 Q B 2
5 QC + 0.2 Q c2
A:
CC =
(a).
Suppose that in the short run

Microeconomics: Econ 301
Problem Set 4
1.Own price elasticities of demand can be represented as the ratio of a tangent to a ray from the
origin. True or False? Explain.
2. Is it true that straight line demand curves imply that the elasticity of demand for

Economics 301
The Firm and Firm Costs
1.
What is A Firm?
2.
Why do Firms Exist? Two Inter-related reasons:
A.
B.
3.
Types of Firm:
A.
B.
C.
4.
Team Production (Adam Smiths specialization of labor)
Transactions Costs
Sole Proprietorships
Partnerships
Corpo

Factor Markets: Demand (Chapter 12)
I.
The Firm: Output Depends on A Single Input
A.
The Production Function
B.
The Laws of Diminishing Returns
Regions 1, 2 and 3
C.
Production Functions and Cost Functions
D.
The Demand for A Single Input:
VMP = P*MP
E.
M

Econ 301: Problem Set 1
1. Define the following concepts: endogenous variable, exogenous variable, stock variable, flow variable, and ratio variable. Use your text
to answer this question.
2.
Consider the following algebraic model of the market for orange

Economics 301: Problem Set 3
1. Pairs of goods that complement each other have indifference curves with
positive slopes while pairs of goods that are substitutes for one another have
indifference curves with negative slopes. True, false or uncertain? (Exp

Economics 301: Problem Set 7
1.
Many different but similar products are observed in the market place. For example, some
cars are almost identical with respect to engineering but different with respect to color,
seating, dashboard configuration, etc.
(a).