The College of Wooster
Econ 10100 01: Principles of Economics
Fall 2017
Instructor: Matthew Histen (Joe)
Lectures: MWF 8-8:50am in Morgan 307
Office hours: MW 2-4pm & by apt, Morgan 207
Email: mhisten
Econ 201 Answers to Problem Set 6
1 In the original diagram the demand crossed the long run supply at Pf. This means that at the original
position the price floor had no effect on the market. Once the
Econ 202 Answers to Problem Set 2
1a. Individual A is at pt L in the graph. Since A has spent all income but cannot get the desired amount of
good q1, the MRSA > p1/p2. This is verified since MRSA = 8
Econ 201
Problem Set 1
Prof. Jim Burnell
Due Tuesday Jan. 31
General Guidelines for Problem Sets: All work for the problem sets must be done neatly. When using
graphical analysis, be sure that all axe
Econ 201
Problem Set 2
Prof. Jim Burnell
Due Tuesday, Feb. 7
Note: in questions requiring numerical solutions do not round to a whole number. Keep decimals to three
places.
1. The price of q1 is $10 a
Econ 201 Answers to Problem Set 1
1. The slope of the demand function is .76 - a $1 increase in price will yield a 760 decrease in quantity
demanded of laptops. The slope of the supply function is .24
Econ 201 Answers to Problem Set 3
1a. The equilibrium price is $18 and the equilibrium quantity is 24000. Total value would equal the total
willingness to pay of consumers for the amount available. TW
Econ 202
Problem Set 3
Prof. Jim Burnell
Due Tuesday Feb. 28
1. The supply and demand for widgets are known to be: Qd =60000 - 2000P and
Qs = 15000+ 500P. Price is measured in dollars and quantity is
Econ 201
Problem Set 6
Prof. Jim Burnell
Due by Thursday, April 20
1. Consider the long run in constant cost industry illustrated on the next page. A price floor of Pf exists in the
industry. Now cons
Econ 202
Problem Set 4
Prof. Jim Burnell
Due Tuesday, March 7
1. The Acme Widget Company faces the following production function:
q = 16L.5K. The price of labor is $5 and the price of capital is $40.
HW1SteveTang
1.4
a. Ifthereisaprolongeddraught.Cottonandsoybeansoutputwillbeunderminedalot.Sothe
graphwillbelikethelineA1B1.(thePPFwillmoveinward.)
b. Withthedevelopmentoftechnology,theyieldofsoybeanw
Tang 1
Steve Tang
Dr. Mellizo
Understanding Capitalism
Nov. 2ed 2015
Thinking about the life, leadership and LAC: Trust is the basic of social relationship
In the lecture, the speaker gave us many opi