T HE C ITY U NIVERSITY OF N EW Y ORK
H UNTER C OLLEGE
D EPARTMENT OF E CONOMICS
I NTERMEDIATE M ICROECONOMICS
Midterm Exam I Key
Boss: Richard J Nugent III
October 5, 2016
I NSTRUCTIONS
(i.) Use a #2
T HE C ITY U NIVERSITY OF N EW Y ORK
H UNTER C OLLEGE
D EPARTMENT OF E CONOMICS
I NTERMEDIATE M ICROECONOMICS
Midterm Exam I
Boss: Richard J Nugent III
October 5, 2016
I NSTRUCTIONS
(i.) Use a #2 penc
T HE C ITY U NIVERSITY OF N EW Y ORK
H UNTER C OLLEGE
D EPARTMENT OF E CONOMICS
I NTERMEDIATE M ICROECONOMICS
Midterm Exam II
Ringleader: Richard J Nugent III
October 5, 2016
I NSTRUCTIONS
(i.) Use a
1
Answer Sheet, Problem Set # 4
1.a) Smiths input is fixed at 900 hours, which means that output is now a function of the only
remaining variable input, Jones labor. We can invert the production funct
Intermediate Microeconomics, ECON 300
Fall 2017
Problem Set 2 Solution
R. Tasnim
1. Solve the following problem.
Suppose that a budget equation is given by p1 x1 + p2 x2 = m. The government
decides to
Intermediate Microeconomics, Econ
300
Hunter College, CUNY
Chapter 14
RUBAIYAT TASNIM
Monetary Measures of Gains-toTrade
You can buy as much gasoline as you wish at $1 per gallon once you
enter the ga
Intermediate Microeconomics,
ECON 300
Hunter College, CUNY
Chapter 9
R U B A I YAT TA S N I M
FA L L 2 0 1 7
Buying and Selling
Trade involves exchange - when something is bought something else must b
Intermediate Microeconomics, ECON 300
Fall 2017
Problem Set 6
R. Tasnim
1. Suppose the consumer has a utility function, U (x1 , x2 ) = x1 + x2 . Initially
the consumer faces prices (1, 2) and has inco
Problem Set # 4
1. Professors Smith and Jones are going to produce a new economics textbook. As true
economists, they have laid out the production function for the book: q = SJ where
q = the number of
1
Answer Sheet, Problem Set # 3
1.a) Melvyn always buys the cheaper of the two goods. This implies that he has perfectsubstitutes preferences U C , P C P with . In this case, chips are cheaper, so
m
p
Problem Set # 3
1. Melvyn likes to snack on peanuts and potato chips. He has $5 to spend and he always buys the
cheaper of the two.
a) If the price of a bag of peanuts is $1.00 and the price of a bag
Intermediate Microeconomics
Hunter College, CUNY
Fall 2017
Rubaiyat Tasnim
CHAPTER 6
Properties of Demand Functions
Comparative statics analysis of ordinary demand functions
- the study of how ordinar
Intermediate Microeconomics
Hunter College, CUNY
Rubaiyat Tasnim
CHAPTER 5: CHOICE
Economic Rationality
The principal behavioral postulate is that a decision
maker chooses its most preferred alternat
T HE C ITY U NIVERSITY OF N EW Y ORK
H UNTER C OLLEGE
D EPARTMENT OF E CONOMICS
I NTERMEDIATE M ICROECONOMICS
Midterm Exam II
Ringleader: Richard J Nugent III
October 5, 2016
I NSTRUCTIONS
(i.) Use a
Hunter College, City University of New York
Department of Economics
Intermediate Microeconomics
Economics 300
Fall 2016
Mon/Wed 4:10-5:25pm
HW 113
Richard J Nugent III
[email protected]
Offi
1
Answer Sheet, Problem Set # 2
1
1
1.a) Set up the Lagrangian: L T , O, T 2 O 2 1 0.1T 0.25O .
FOCs:
1 T * 2 O* 2 0.1 * 0
T 2
L 1 * 1 * 1
*
T 2 O 2 0.25 0
O 2
L
L
1
1
1 0.1T 0.25O 0 0.1T 0.25O 1
1
Answer Sheet, Problem Set # 1
1.a)
b)
dy
dx
13 x12 .
1
4 x 2 2 x 2 .
dx
2
1
dy
1
dy
c) Use the product rule.
dx
2 x 4 x 6 x 2 4 8 x 2 12 x 4 x 2 12 x x 1 .
dy
d) Again, use the product rule.
3
1
Answer Sheet, Problem Set # 5
1.a) The marginal revenue is equal to the derivative of the total revenue with respect to
dTR dp
dq
q p p
3 q 100 3q 1
output. TR q p q q 100 3q q
dq
dq
dq
3q 100 3
NAME:.
Midterm Exam # 2
INSTRUCTIONS: You have 75 minutes to complete the exam. Partial credit will be
awarded, so if you are unsure of the answer, provide any intuition that you might have
and move o
Problem Set # 1
1. Find the first derivative of the following functions.
a) y = x 13 .
b) y = 4 x .
c) y = x 2 4 x + 6 .
b
b
1
2
gc
g
h
d) y = 3x + 11 6 x 2 5x .
e)
y=
x +3
.
x
2
g)
(
y = (8x
h)
y = (
Intermediate
Microeconomics
HUNTER COLLEGE, CUNY
R U B A I YAT TA S N I M
FA L L 2 0 1 7
Slopes of Indifference Curves
The slope of an indifference curve is its marginal rate-ofsubstitution (MRS).
H
Intermediate Microeconomics
Hunter College, CUNY
Fall 2017
Rubaiyat Tasnim
CHAPTER 6
Properties of Demand Functions
Comparative statics analysis of ordinary demand functions
- the study of how ordinar
Intermediate Microeconomics, ECON 300
Fall 2017
Problem Set 3 Solution
R. Tasnim
1. Solve the following problems. SHOW YOUR WORK.
a) Charlie consumes apples and bananas. His two indifference curve equ
Intermediate Microeconomics, ECON 300
Fall 2017
Problem Set 4 Solution
R. Tasnim
1. Mary has a utility function of U (x1 , x2 ) = 4 x1 + x2 . Find the demand
functions for x1 and x2 . Here just find t
Intermediate Microeconomics, ECON 300
Fall 2017
Problem Set 1 Solution
R. Tasnim
1. Solve the following partial derivative problems with respect to x and y.
1.f (x, y) = 8x + 12y + 3xy
f (x, y)
= 8 +