Homework Sheet Problem Set 3
International Economics (V31.0238) Spring 2008 Instructor: Vivian Z. Yue Your Name: _ Recitation Section:_
(Optional) The approximate time you spent on this homework: _ ho
Review Problems 5. The MPN, or the marginal product of labor is the additional output produced each additional of labor, change in Y/ change in N As with the marginal product of capital, for small inc
Perfect Competition
March 22, 2009
The problem of the rm is that of maximizing prots: this problem consists of two parts, choosing the amount to produce and choose how to produce that amount ecientl
Pefect Competition
March 29, 2009
1
The Short Run
Exercise There are N = 100 rms in the market. The short run cost function is T C(Q) = 20 + 4Q2 . The non sunk xed costs are AN SC = 16. Find the m
Monopoly
April 4, 2009
1
Monopoly: denition
A single seller No close substitutes for the good produced by the monopolist Presence of barriers to entry
Monopolies are characterized by:
As you c
Define the term budget and identify four benefits of budgeting.
A budget is a list of all planned revenues and expenses and revenues, it plans a forecast of
expenditures and revenues and how the busin
C H A P T E R 10
Becoming"TheWorld,"10001300Ce
ChapterStudyOutline
I.Aglobeofregionalworlds
A.Peopleexchangedmoneyandgoodsalongtraderoutesandsealanes
connectingtheworld'sregionsandusheredinthreeinterr
Zeena Mohamed
Homework #3A
Micro 101
Prof. Nurul Aman
1. A) I do not agree there is some information missing here. For instance the OC
of her time and how much was a first investment. The cost she cou
Zeena Mohamed
Dr. Ben Taylor
U.S Government and Public Policy
7th October 2013
Public Opinion
Public opinion is defined as a sum of beliefs and views of the public about
actions of the government. The
Cost Minimization and Perfect Competition
March 8, 2009
1
Cost Minimization
The problem of the rm is to maximize prots and this is accomplished by deciding how much to produce, and how to produce
Production Theory
February 21, 2009
1
Production
Production is the process of combining inputs to make outputs Technology: the technology of a rm refers to the method by which inputs are combined
Consumer Theory: Part II
February 19, 2009
1
Problem Set 2: Solution
Execise 3.13 Lets put Peanut Butter on the vertical axes and Jelly on the horizontal axes. 1. 1-Peanut Butter is the same as 2-
Consumers Theory
February 8, 2009
1
Problem Set 1: Solution
The data are P Q 4 30 4.5 27 5 24
Exercise 2.6
Its pretty easy to see that these points lie above a line with slope equal to -6: 27 30
Review
April 13, 2009
1
Chapter 7: Cost Minimization
The cost minimization problem of the rm is that of nding the optimal combination of productive inputs to minimize total cost given the target o
Recitation 2: Demand and Elasticity
February 25, 2009
1
Supply Curves
The supply curve gives the relation between the quantity of the good supplied by the productive sector (QS ) and its price (P
Game Theory
May 1, 2009
1
Mixed Strategies
Sometimes players randomize over their pure strategies: for instance a player can decide to play a strategy with 50% probability and another strategy wit
Game Theory and Oligopoly
April 26, 2009
1
Oligopoly Models
Exercise 1 The demand is given by P = 100 Q where Q = q1 + q2 (there are only two rms in the market). The two rms have similar marginal
Monopoly
April 12, 2009
1
Monopoly
The demand is P = 100 Q. Find the optimal markup.
Exercise 11.17
This is a constant elasticity demand curve: the elasticity is = 0.5. The optimal markup is 1 P
Problem Set 3
International Economics (V31.0238) Spring 2008 Instructor: Vivian Z. Yue Multiple choice questions (4 points each, 44 points in total)
1. Where there are economies of scale, an increase
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