Intermediate Microeconomics
Price and Costs Extra Question
1. Please fill in the following table. The only variable costs are labor hours. Please compute to
two decimal places.
Cost of labor
Cost of c
EC 301
Madra
Problem Set 5
November 20, 2016
Due on December 1, 2016 (Thursday)
Remember: For = ! + , where a, b, and c are constants and y and x are variables,
!
= ! . Notice that c drops (cancels) b
EC 301
Madra
Problem Set 3
October 19, 2016
Due on October 27, 2016 (Thursday)
1. (Chapter 19) Prunella raises peaches. Where L is the number of units of labor she
uses and T is the number of units of
ECON 301
MADRA
PROBLEM SET 1
Due on Tuesday Sept. 20, 2016 (In class)
(Please use squared paper. Neatness appreciated.)
1. Suppose the demand curve is D(p)= 200-5p. Graph your demand curve. What
price
ECON 301
MADRA
PROBLEM SET 2
Due on Thursday October 4, 2016 (In class)
(Please use squared paper. Neatness appreciated.)
1. Calculate the Marginal Utilities and Marginal Rate of Substitution for each
EC 301
Madra
Problem Set 4
October 27, 2016
Due on November 8, 2016 (Tuesday)
Remember: For ! = !" ! + !, where a, b, and c are constants and y and x are variables,
!
= !"! ! . Notice that c drops (ca
Chipo Mashiatshidi
An Assessment of the Electric Vehicle Market in the United States and its Global Imprint
It is widely agreed upon that climate change is becoming a powerful concern amongst a
vast
ll
a
c
Re
Level of
Measurement
Scale
Ordinal
(many categories)
Dichotomous
Nominal
(or ordinal with
few categories)
Scale
Ordinal
(many categories)
scatterplot,
scatterplot,
Pearsons
Spearman
Dichotom
Drew University | Department of Economics
ECON 301 | INTERMEDIATE MICROECONOMIC THEORY | Fall 2016
INSTRUCTOR: Dr. Yahya M. Madra
OFFICE: 202 Lewis House
EMAIL: [email protected]
OFFICE PHONE: Ext. 3289
Average Product of Labor Quantity/Labor
Short Run Average Total Cost FC+VC/Q
Marginal Product of Capital- Q/ K
Marginal Product of Labor- Q/ L
Optimal Capital/ Labor Mix- MPL/MPK=w/r
Shut-Down Conditi
Normative Theory |Completeness- We can rank all possible outcomes of goods and services (There are multiple
indifference curves) x f y; x, y X |Transitivity- Were consistent in our preferences (Indiff
Endowment NBundle- What
you get today and tomorrow (living paycheck
to paycheck)
t
N
N
Expected
Expected Value- E X
Future Value- FV ( M 1 : t , r ) M 1 1 r
p u(M ); p 1
X
p
E U (M )Utility i i
i
i
What happens to the demand for a good when the price changes?
Would you buy more or fewer apples if the price goes up?
What if you grew apples?
What if your wage went from
$10 to $100
Would you work m
The Slutsky Equation
or
The Fundamental
Equation of the
Theory of Value
Eugene Slutsky 1880 1948
Sulla teoria del bilancio del consumatore (1915)
Sir John R. Hicks, 1904-1989
Value and Capital (1939)