Problem Set 1 Intermediate Microeconomics 73150
Due: 10 Days from First Day of Posting. 20th of February.
Directions:
Provide your solutions directly on the paper. In Section C, write
below the questions in the space provided.
For Sections A and B, wri
Problem Set 2 Intermediate Microeconomics 73230
Due: April 3
Directions:
Provide your solutions directly on the paper. In Section C, write
below the questions in the space provided.
If you do not write your solutions on the answer sheet WE WILL
DEDUCT
Chapter 2
SUPPLY AND DEMAND
Boiling Down Chapter 2
The amount of a commodity that consumers wish to purchase depends on a number of things, including the following: 1. product price 2. prices of substitute and complementary goods 3. income of consum
Course 73150
Fall 2011
Prof. Christoph Mueller
Problem Set 6
Due: Mon, Dec 5, 2011, beginning of class.
For early submission, please contact: Billie Davis, [email protected]
Please print this problem set and answer in the spaces provided. Print single side
Course 73150
Fall 2011
Prof. Christoph Mueller
Problem Set 5
Due: Fri, Nov 18, 2011, beginning of class.
For early submission, please contact: Billie Davis, [email protected]
Please print this problem set and answer in the spaces provided. Print single sid
73150, Fall 2010
due: October 25, 2010 (beginning of class)
TA: Abby Clay Turner
Problem Set 4
This problem set has 100 points.
Please print this problem set and answer in the spaces provided. Print
single sided if you would like to use the back of the p
Course 73150
Fall 2011
Prof. Christoph Mueller
Problem Set 4
Due: Wed, Nov 2, 2011, beginning of class.
For early submission, please contact: Billie Davis, [email protected]
Please print this problem set and answer in the spaces provided. Print single side
Chapter 1
THINKING LIKE AN ECONOMIST
Boiling Down Chapter 1
1. The full cost (opportunity cost) of an action is underestimated because some costs come in the form of opportunities sacrificed rather than dollars paid or in the form of social cost not
73150, Fall 2010
due: Mon, November 29, 2010 (beginning of class)
TA: Abby Clay Turner
Problem Set 6
This problem set has 100 points.
Please print this problem set and answer in the spaces provided. Print single sided if you
would like to use the back of
73150, Fall 2010
due: October 25, 2010 (beginning of class)
TA: Abby Clay Turner
Problem Set 4 Solutions
This problem set has 100 points.
Problem 1 (9 points)
Does the production function F(K; L) = K + 2KL + L have
a) strictly positive marginal products?
Homework 6, Solutions
Utility functions:
ui (xA , xA ) =
1
2
xi xi , i cfw_A, B
12
Endowments:
A
A
1 , 2 = (3, 1)
B
B
1 , 2 = (1, 3)
(a) Draw an Edgeworth box for this economy. Label the endowment point and for each
consumer draw the indierence curve whi
73230/Kesten
SAMPLE QUESTIONS for MIDTERM 2
The following questions/problems are meant to help you prepare for the
exam. Some of the midterm problems/questions will be similar to (but not
the same as) the following. However, you are also responsible from
Course 73150
Fall 2011
Prof. Christoph Mueller
Problem Set 3
Due: Wed, Oct 12, 2011, beginning of class.
For early submission, please contact: Billie Davis, [email protected]
Please print this problem set and answer in the spaces provided. Print single sid
73150, Fall 2010
due: September 17, 2010 (beginning of class)
TA: Kendal Fowler
Problem Set 2
Always explain your answers!
Problem 1
a) Solve problem 20 from chapter 3 of the book.
b) Solve problem 22 from chapter 3 of the book.
c) Solve problem 27 from
Problem Set 2 Solutions, 73 150, Fall 2011
Problem 1 (12 points)
Note the marginal rate of substitution for each utility function:
a)
b)
c)
d)
e)
f)
g)
The utility function in a) represents the same preferences as (check all that are correct)
Answer: d) a
Chapter 3
RATIONAL CONSUMER CHOICE
Boiling Down Chapter 3
M = PxX + PyY where Px and Py are the prices of goods X and Y, which then are multiplied times the quantities of X and Y that are purchased. Simple algebraic manipulation of the equation show
Chapter 4
INDIVIDUAL AND MARKET DEMAND
Boiling Down Chapter 4
The priceconsumption curve (PCC) connects all optimal market basket points that result from a series of price changes while nominal income is held constant. The PCC is not widely used in
Chapter 5
APPLICATIONS OF RATIONAL CHOICE AND DEMAND THEORIES
Boiling Down Chapter 5
The tools developed in the preceding chapters are useful in analyzing many policy options and situations of consumer choice. In the case of a gasoline tax with a re
Chapter 6
THE ECONOMICS OF INFORMATION AND CHOICE UNDER UNCERTAINTY
The tools for exploring riskaverse behavior are based on the fact that wealth has diminishing marginal utility for riskaverse people. The figure below shows that if starting incom
Chapter 9
PRODUCTION
Boiling Down Chapter 9
If utility has been created for anyone, then production has occurred whether or not the inputs are tangible. The process of generating utility can be spelled out by observing the amount of output that is g
Chapter 10
COSTS
Boiling Down Chapter 10
The reason we spent so much time in the last chapter trying to identify the relationship between inputs and outputs is that inputs represent the cost of producing a given output. As in the case of production
73150 Intermediate Economics Book Notes
CH. 1 INTRODUCTION
08/29/11

Microeconomics study of how individuals succeed in a world of scarcity
o
Price Theory emphasizes role that price plays in determining market outcomes
1. Microeconomics: The Allocation
Problem Set 3 Intermediate Microeconomics 73230
Due:?
Directions:
 Provide your solutions ON BLACKBOARD.
FIRST NAME:
LAST NAME:
ENTER ANDREW ID HERE:
CIRCLE SECTION HERE:
Section
A
B
C
D
Time
08:30AM 09:20AM
08:30AM 09:20AM
09:30AM 10:20AM
09:30AM 10:20