ECON 256: Intermediate Microeconomics
Long Assignment: 2
Answer Key 1. (Chapter 3 Review Question 3; p. 77) True or False? Explain. Due Date: Thursday, October 14, 2010
The downward slope of indifference curves is a consequence of the diminishing marginal
ECON 256: Intermediate Microeconomics
Long Assignment: 4
Answer Key Due Date: Thursday, November 11, 2010 1 (a). (Frank p. 194; Question 8) What is the expected value of a random toss of a fair and six-sided die?
The expected value of one toss of a six-si
ECON 256: Intermediate Microeconomics
Long Assignment: 3
Answer Key 1. Marilyn spends her entire monthly income of $600 on champagne (C) and perfume (F). The price of a bottle of champagne is $30 and the price of an ounce of perfume is $10. If she consume
Answers of Even-numbered are in the textbook.
Ch. 12
2. Suppose that MRP L = 20 0.5L for left-handed workers, where L = the number of left-handed
workers and MRP L is measured in dollars per hour. The going wage for left-handed workers is $10
per hour, bu
Midterm Practice MBA Part 2
1) Use supply-and-demand graphs to explain why parking is free at the suburban shopping mall but one
typically must pay to park when shopping downtown.
2) What happens to the equilibrium price and quantity of coffee when there
Name: _ Class: _ Date: _
ID: A
Midterm Practice MBA
Multiple Choice
Identify the choice that best completes the statement or answers the question.
Figure 21-5
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1. Refer to Figure 21-5. Which of the graphs shown represent indifference curves for perfe
Discussion Paper
No. 2012-17 | March 21, 2012 | http:/www.economics-ejournal.org/economics/discussionpapers/2012-17
Cobweb Theorems with Production Lags and
Price Forecasting
Daniel Dufresne
University of Melbourne
Felisa Vzquez-Abad
Hunter College, CUNY
PRACTICE QUESTIONS FOR EXAM 2 (1) The demand equation is Q = 50 0.5 P, and the supply equation is Q =(P/3). (a) Initially there is no tax. Find the following: Equilibrium Quantity, Equilibrium Price, Consumer Surplus, Producer Surplus, and Total Sur
ECON 256: Intermediate Microeconomics
Short Assignment: 3
Answer Key 1. (a) The following graph shows Johns budget constraints and indifference curves with respect to two goods: fresh-cut flower and candy bars. John spends $150 on these two goods. Initial
ECON 256: Intermediate Microeconomics
Short Assignment: 2
Answer Key Due Date: Tuesday, September 14, 2010 1. Bob has decided to go skiing for the weekend, but (absentminded professor that he is) he has forgotten his skis. He is considering three options:
ECON 256: Intermediate Microeconomics
Short Assignment: 1
Fall 2010
1. (Textbook Problem Question 1) Chris has a flexible summer job. He works every day but is allowed to take a day off anytime he wants. Of course, if he takes a day off, he doesnt get pai
ECON 256: Intermediate Microeconomics
Long Assignment: 5
Answer Key Due Date: Tuesday, December 7, 2010 1. In the short-run marginal and average variable cost curves for a competitive firm are given by MC = 2 + 4Q and AVC = 2 + 2Q. How many units of outpu
ECON 256: Intermediate Microeconomics
Long Assignment: 1
Answer Key Due Date: Thursday, September 23, 2010 (a) The price of hot dogs increases. 1. Indicate what happens in the market for hamburgers in each of the following case. Label your graphs clearly.
Northern / Central New Jersey
Take the New Jersey Turnpike and/or Route 287 to I-78. Follow I-78 West across New Jersey and into Pennsylvania to Route 309 South (Exit 60A). Continue south on Route 309 for about 3 miles to the intersection of Route 3
PRACTICE QUESTIONS FOR THE FINAL EXAM VERY IMPORTANT: For full credit on the final exam, make sure that your answers show all your work. State the optimality conditions, label all your accurately drawn diagrams, explain how you came by your answer. I
INTEREST RATES AND PRESENT VALUE
Even if there were no inflation, a dollar today is not worth a dollar one year from now ( or anytime in the future for that matter ). The reason for this: interest rates, which tell us how much more money is worth to
Econ 256 Intermediate Microeconomics Professor Ranganath Murthy Bucknell University, Summer 2005 PROBLEM SET 9 Due July 20, 2005
(1) Suppose that the inverse demand curve for paper is P 200 Q , the private marginal cost ( i.e., the unregulated compet
Econ 256 Intermediate Microeconomics Professor Ranganath Murthy Bucknell University, Summer 2005 PROBLEM SET 7 Due July 15, 2005
Solve the following problems. Graphs are required for Questions (1), (2), and (5). Please use the graph paper available a
Econ 256 Intermediate Microeconomics Professor Ranganath Murthy Bucknell University, Summer 2005 PROBLEM SET 5 Due July 1, 2005 Please use the graphs provided in class. Your graphs should be accurate. (1) The following questions refer to the graph ti
Econ 256 Intermediate Microeconomics Professor Ranganath Murthy Bucknell University, Summer 2005 PROBLEM SET 4 Due June 29, 2005 (1) Please use the graph provided. Your graphs should be accurate. (1) The "price of labor" (w) is $2 and the "price of c
Econ 256 Intermediate Microeconomics Professor Ranganath Murthy Bucknell University, Summer 2005 PROBLEM SET 3 Due June 22, 2005
Make sure you use the graph paper provided in class. Your graphs should be accurate. I neglected to mention that the util
SOLUTIONS TO THE PRACTICE PROBLEMS FOR THE FINAL EXAMINATION (1) MR = 100 2Q. MC = 5. MR = MC implies 100 2Q = 5. So, QM = 47.50. Thus PM = 100 (47.5), and so PM = 52.5. Profit = (PM QM) TC = (52.5)(47.5) [ 10 + 5(47.5)] = 2246.25. (2) Since P