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: _ hours
Multiple choice questions (4 points each, 40
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 increases in employment, the MPN can be measured by t
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 eciently. We have dealt with the second part, now we need
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 market supply in the short run equilibrium. The sho
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 can see, monopoly is the exact opposite of perfect
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 business might financially perform if certain strategies,
ev
C H A P T E R 10
Becoming"TheWorld,"10001300Ce
ChapterStudyOutline
I.Aglobeofregionalworlds
A.Peopleexchangedmoneyandgoodsalongtraderoutesandsealanes
connectingtheworld'sregionsandusheredinthreeinterrelatedthemes
1.Tradetrafficwasshiftingfromlandtosea
2.C
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 could have
made somewhere else and also the profit from th
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 formation of Public Opinion is by five steps. First a
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 that specic quantity. We are going to focus on the
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 to produce the output Inputs: Labor, Physical Capi
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-Jelly. So I can always substitute Peanut Butter fo
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 24 27 Q = = 6 = P 4.5 4 5 4.5 In order to iden
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 of producing a certain amount of output. T C(Q) = m
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 ). If we assume a linear form QS = f + hP The slop
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 with 50% probability.
Example Lef t Right Up 1, 2 4,
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 costs M Ci = 20 + qi for i = 1, 2. a) rium. Find
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 MC = =2 P Notice that when demand has constant e
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 in the size of the market will (a) increase the nu
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