Econ 360 - Fall 2015 Homework 7
Due on 12th Nov
TRUE/FALSE
1. If a profit- maximizing competitive firm has constant returns to scale, then its long-run profits
must be zero.
2. If the value of the mar
Simon Fraser University
Department of Economics
Dr. Chen Bo
Econ~342, 2005-3
Assignment #2
Due in Nov.17(Thursday), 2005
Please write down your name, student number as well as tutorial number. The ass
I True or false.2points*10
1. A consumers preference is directly related to his income and prices of goods.
2. The relation strictly preferred to satisfies completeness, reflexivity and
transitivity.
Chapter 4. Costs and Cost Minimization
Problem Set
1. Suppose the production of airframes is characterized by a CES production
function: Q = (L + K)2. The marginal products for this production functio
Econ 360 - Homework 2
TRUE/FALSE
1. If there are two goods, if a consumer prefers more of each good to less, and if she has a
diminishing marginal rate of substitution, then her preferences are convex
ECON 360: Intermediate Microeconomics
Homework 1
Due on 01/31/2017
Draw diagrams (indifference curves, budget lines.) whenever appropriate. Write
clear explanations, and show all the steps in any calc
Chapter 19
Technology
Technologies
Firm technology: the process by which inputs
are converted to outputs / feasible ways to
produce outputs from inputs.
Inputs to production (factors of production):
l
Homework I
Due to Mar. 7
Ch. 1 The Market
1.1 Suppose that we have 8 people who want to rent an apartment. Their reservation prices are
given below (daily rent payments).
Person
=
A
B
C
D
E
F
G
H
Pric
Answer Key to Mid Term 1 Review
1 a. Income = 1*a1+2*b1 b. b
Andreas Pape, Kai Sun
MRSa,b=1
U1 U0 BC a Now her MRS=1, which is not equal to the price ratio (Pa/Pb=1/2) She can buy more apples and less
Midterm 2 Answer Key
Andreas Pape, Kai Sun
1.
a.
FC(q)=75
AC(q)=10q+75/q
AVC(q)=10q
MC(q)=20q
b.
p
short run supply
AVC
q
P=MC(q)=20q
q=p/20
AVC=10q
So AVC(q)<MC(q)=p for all q;
Therefore dont shutdow
Chapter 3
RATIONAL CONSUMER CHOICE
Boiling Down Chapter 3
This chapter gets down to the nitty-gritty of decision making. The process of
choosing among alternatives requires, first, a clear understandi
Midterm Exam on Intermediate Microeconomics
November 13, 2008
You have 1 hour and 30 minutes to solve the exam set. The whole exam set is worth 100 points:
(1) Notice how many points each question is
Econ 211 Midterm Study Questions
1.
Perry lives on avocados and beans. The price of avocados is $10, the price of beans is $5, and
his income is $40. Show Perrys budget line on a graph with avocados o
Econ 360
Final Preparation and
Review Questions
May 12, 2008
General Comments on the Final
Questions zero through three stars to designate diculty
The exam is 2 hrs, and hence 120 minutes = 120 points
Econ 360 - Homework 2
TRUE/FALSE
1.
If there are two goods, if a consumer prefers more of each good to less, and if she has a diminishing
marginal rate of substitution, then her preferences are convex
Sample Multiple Choice Questions for Midterm 2
Revealed Preference
1. Let A stand for the bundle (7, 9), B stand for the bundle (10, 5), and C stand for the
bundle (6,6). When prices are (2, 4), Betty
Split by PDF Splitter
Chapter 2
Budget Constraint
True-False
Topic: Budget Constraint
Correct Responses: 90
Correct Answer: False
Di culty: 1
Discrimination Index: 10
2.1 If there are two goods with
Economics 360: Microeconomic Theory
Binghamton University Department of Economics Fall, 2008 Homework #2 1. Suppose that an electric company charges consumers 10 cents per kilowatt hour for electricit
Boazii University/Fall 2011
EC 501/Zenginobuz
INTERMEDIATE LEVEL PROBLEMS ON PRODUCER THEORY
1. TRUE OR FALSE. Explain
a) The average variable cost curve must always be U shaped.
b) If the average cos
Chapter 22
Cost Curves
1
Types of Cost Curves
A total cost curve: TC.
A variable cost curve: VC or .
An average total cost: ATC.
An average variable cost: AVC.
An average fixed cost curve: AFC.
A
Chapter 3
RATIONAL CONSUMER CHOICE
Boiling Down Chapter 3
This chapter gets down to the nitty-gritty of decision making. The process of
choosing among alternatives requires, first, a clear understandi
Chapter 5
APPLICATIONS OF RATIONAL
CHOICE AND DEMAND THEORIES
Boiling Down Chapter 5
The tools developed in the preceding chapters are useful in analyzing many policy
options and situations of consume
2nd Midterm Study Questions
1) Suppose that Dent Carrs long-run total cost of repairing s cars per week is c(s) = 3s2 + 12. If
the price he receives for repairing a car is $24, then in the long run, h
Intermediate Microeconomics
Due: March 10, 2004
March 3, 2004
Prof. Li-Chen Hsu
Answer Key to Problem Set #1
1.
(a) False. When interest rate decreases, a lender can become a borrower who does not
vio
Chapter 20
Profit
Maximization
Economic Profit
A firm uses two inputs (K & L) to
make product.
Output level is y.
Input levels are x1, x2.
Product prices are p.
Input prices are w1, w2.
The Competi
Chapter 21
Cost
Minimization
1
Review
Technical rate of substitution
A profit maximizer (the objective of firms)
In the short-run
Iso-profit curves / lines
MRP1=w1
p increases, y* & x1* increase
w
Chapter 15
Market Demand
From Individual to Market
Demand Functions
Think of an economy containing n
consumers, denoted by i = 1, ,n.
Consumer is ordinary demand
function for commodity j is
x*i (p1 ,
Chapter 14
Consumers
Surplus
Monetary Measures of Gains-toTrade
Suppose
there is a tennis club in
Binghamton, and it provides tennis courts
at $10 per hour.
Given this price, you would like to play
-The marginal factor cost curve for a monopsony:
(p.
380-381)
A. lies above the labor supply curve.
-The optimal level of employment for a monopsonist
corresponds to the point where labor: (p. 380-381
ECON 360: Microeconomic Theory
Practice Problems on Consumer Theory: Constrained Optimization
(To be done at home/discussion section: Not graded)
1. Find the demand functions of 1 & 2 .
a) (1 ; 2 ) =