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 pencil. You may use a calculator. Smartphone/tablet/lap
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 pencil. You may use a calculator. Smartphone/tablet/laptop
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 #2 pencil. You may use a calculator. Smartphone/tablet/
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 of potato chips is $0.50, what
will Melvyn buy? Illustr
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
pC
Melvyn will spend all his money buying chips, which w
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 finished book pages
S = number of working hours spent
NAME:.
Final Exam
INSTRUCTIONS: You have 120 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 on. Remember to thoroughly explain ALL your answers and to cl
Problem Set # 5
1. The Mallaig Fish and Chips shop sells absolutely irresistible fried haddock and chips. Its cost
of production is equal to TC q 2q 2 , while the inverse demand for its fish and chips is given
by p q 100 3q .
a) Derive Mallaig Fish and Ch
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 = ( ax + b ) .
f)
)
3
y = 3 x 2 13 .
3
)
9
5 .
4
2. Find t
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 on. Remember to thoroughly explain ALL your answers and
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 3q 100 6q . The marginal revenue describes what happens
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 6 x 2 5 x 3 x 1112 x 5
dx
2
2
18 x 15 x 36 x 132 x 15
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
*
*
*
*
Divide the first equation by the second to get
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
rnugent@gradcenter.cuny.edu
Office: 1538 Hunter West
Monday 5:45-6:45pm
Dept. Telephone
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 #2 pencil. You may use a calculator. Smartphone/tablet/
T HE C ITY U NIVERSITY OF N EW Y ORK
H UNTER C OLLEGE
D EPARTMENT OF E CONOMICS
I NTERMEDIATE M ICROECONOMICS
Fall 2016 Extra Credit Assignment
Richard J Nugent III
November 23, 2016
This semester, you have the opportunity to earn extra credit by completi
1
Answer Sheet, Midterm Exam # 2
1.a) We need to find the market value of Olivias initial endowment:
m = pGG + pRR = 2 70 + 1 30 = 140 + 30 = 170 . Olivia has a symmetric perfectsubstitutes utility function. Therefore, she will specialize in the consumpti
1
Answer Sheet, Sample Exam # 3
1.a) With perfect-substitutes production technology the cost-minimizing way to produce
MP
. In this case, the
is to use only the input that gives the highest output per dollar,
w
MPM
3 1
amount of output per dollar for men
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 function to get the required
input as a function of the quan