Review Notes for Chapter 5
1.
Optimal decision making by anyone
Engage in an activity up to the point where the marginal benefit= marginal cost
Sunk costs are costs which must be borne regardless of future actions
These should not affect decisions.
Opport
Economics 204
Homework 3: Consumer Theory
1
Risk versus Return is an old adage on Wall Street. If higher expected returns are a
good and greater risk of loss is a bad, what does a typical investors risk-return
indifference map look like?
2
Jane has a week
Economics 204
Problem Set 8: Equilibirum
1. The town of Whoovile wants to increase the amount of affordable housing in town.
Assume that housing is a perfectly competitive industry in Whooville, and that firms
have increasing marginal costs. The mayoral c
Homework 8
1
Due Thursday, December 3rd
Instructions: Homework must be written up individually, though you are allowed to work with
your fellow students. Use math, graphs, or words to support your answers. Please write legibly and
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Ch
Schools and lives in economics after Smith
1. Classical School: Smith 1723-90, Malthus 1766-1834, Ricardo 1772-1823, J.S. Mill
1806-1873, Marx 1818-1883
also: Bentham 1748-1832, Say 1767-1832; George 1839-1897
2. Neoclassical precursors: a. England: Nassa
Quiz 3
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Quiz 2
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ECNS 204 Online
Assignments. Please scan and download this as one signal document.
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Read all sections directions carefully and use the Wedge Method for all solutions.
Quiz 5 _ 60 pts
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Quiz 4 _ 78 pts
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ECNS 204 Online
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Quiz 1
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1 Recitation Jan 27,2016 Note
A Few Helping Definitions:
P (A B) = P (A) + P (B) P (A B)
P (A) = P (A B) + P (A B c )
Cov(X, Y ) = E[(X E(X)(Y E(Y )]
(X, Y ) = Cov(X,Y )
V ar(X)V ar(Y )
Law of Iterated Expectations:
EX [E[Y |X] = E[Y ]
Proof:
E
R XR [E[Y
1 Recitation 5; Feb 24,2016 Note
1.1 Finishing Up Discussion of F-tests
For notes on this, see Recitation 4 section of the Weebly website.
1.2 Non-Linear Models Basic Set-Up
Say our model is of the form (That, is, we think the real world looks like):
f (Y
1 Recitation Feb 16,2016 Note
1.1 Colinearity
Perfect Multicollinearity is when one covariate (independent variable) can be expressed
as a linear combination of the other covariates. Mathematically, for the example of 3
covariates:
Say our model is of the
Midterm Exam Instructions
Introduction to Econometrics, Spring 2015
Prof. Christoph Rothe
1. This exam consists of nine pages, including this one. Please verify that your copy is
complete.
2. Write your answers into the blue book. You should not need more
Economics 204
Intro to Microeconomic Theory
Final Exam
Version B
April. 30, 2014
Name:
Student ID Number:
INSTRUCTIONS
1. Do not open the exam. or look inside until you are told. I want to make sure that everyone is
on an even footing with regards to ti
Economics 204
Intro to Microeconomic Theory
Midterm Exam
Version A
Mar 5, 2015
Name:
Student ID Number:
INSTRUCTIONS
1. Do not open the exam or look inside until you are told. I want to make sure that
everyone is on an even footing with regards to time.
2
Homework 7
1
Due Thursday, 12 Nov
Instructions: Homework must be written up individually, though you are allowed to work with
your fellow students. Use math, graphs, or words to support your answers. Please write legibly and
staple your homework.
Chapter
Homework 5 Key
1
Due Thursday, 22 Oct
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your fellow students. Use math, graphs, or words to support your answers. Please write legibly and
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1. M
Homework 4
1
Due Thursday, 26 Sept
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your fellow students. Use math, graphs, or words to support your answers. Please write legibly and
staple your homework.
Chapter
Homework 7 Key
1
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Chapter 7
1. Moose-nose p
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Quiz 5
ECNS 204: Microeconomics
Instructions: Choose the one alternative that best completes the statement or answers the question.
1. Jimmys Jump Ropes faces the following demand and cost schedules for their world-famous jump ropes:
Quantity
Pr
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QUIZ 6
ECNS 204: Microeconomics
Instructions: Choose the one alternative that best completes the statement or answers the question.
1. Suppose the toothpaste industry is a. constant cost perfectly competitive industry, with the following
Name: ID:
24
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has. an Income of $24 million and the price of race horses is PR = $1 million, what are the quantities of show horses
demanded at the prices
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PRACTICE QUIZ 7
ECN S 204: Microeconomics
Instructions: Choose the one alternative that best completes the statement or answers the question.
1. T or Although a sales tax hurts both producers and consumers, their losses are fully offset by
Name: ID:
QUIZ 1
ECNS 204: Microeconomics
Instructions: Keep your eyes on your own quiz and completely answer each question.
1. Suppose the demand curve for a good is given by the equation Q = 600 BF and the supply curve is given by the
equation Q = 6P -1
Name: 1 :i;!3 ID: _._
5. @or F: The income and substitution effects always go in the same direction for normal goods.
6. When the price of a good rises, the resulting change in quantity demanded due solely to the decline in your incomes
purchasing power i
Name: e ID:
(QUIZ 4
ECNS 204: Microeconomics
Instructions: Choose the one alternative that best completes the statement or answers the question.
1. or F: If the price elasticity for oranges is 0.2 and the price of oranges increases, then we can expect the
Homework 3 Key
1
Instructions: Homework must be written up individually, though you are allowed to work with
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Chapter 3
1. In each of t