Fayaz Lalani
Business Law 201
Orkin
1. (a) Being a quality assurance manager of Vandalay Latex, George Costanza was
promised $500 for his work ethic by the owner of the company. Art Vandalay, sole own
HW 5:
1. In a perfectly competitive market, the market demand and market supply curves
are given by Qd = 1000 10Pd and Qd = 30Ps. Suppose the government provides a
subsidy of $20 per unit to all selle
Practice for Midterm 1
1. Consider the utility function U(x, y) = xy. The marginal utilities are MUx = y/(2x)
and MUy = x/(2y).
a) Is the assumption that more is better satisfied for both goods?
b) Do
Homework3Answers
Problem 1
Note that in this game tree Firm 1 chooses to move first and then Firms 2 and 3 play a simultaneous
game.
Find the subgame perfect Nash equilibrium to this game.
First we mu
Exam 1 Answer Key:
1.
a)
Yes, the more is better assumption is satisfied for both goods since both
marginal utilities are always positive.
b)
c)
The marginal utility of x remains constant at 3 for all
Fayaz Lalani
Business Law 201
Neal Orkin
Ethics Assignment
Being the CFO of Jackson-Miller Company, a company that produces asbestos, I
am well aware of the damages that can be caused to the company.
Solution to Problem Set 1, Econ 301, Spring 2013
1. We are given that Y = 40, and PA = 100, and so substituting these values into the
equation that determines the quantity demanded gives us
QS = 100 2
INTB 334
Drexel University
Yoto Yotov
Article Analysis # 2
Price Gap Puts Spice in Sugar-Quota Fight
The Wall Street Journal, March 15, 2010, by Carolyn Cui
This is the second part of the extra-credit
Econ 301, Spring 2013 Problem Set 4
(Due May 16 by 4 pm)
1. The production function Q = KL + M has marginal products MPK = L, MPL = K, and MPM = 1.
The input prices of K, L, and M are 4, 16, and 1, re
Practice Questions for Midterm 2
1. You might think that when a production function has a diminishing marginal rate of
technical substitution of labor for capital, it cannot have increasing marginal p
Answer Key to HW 6:
1. Suppose a monopolist producing Q units of output faces the demand curve P = 20
- Q. Its total cost when producing Q units of output is TC = F + Q2, where F is a
fixed cost. The
Homework #2 (due May 15th)
Problem 1
In each of the three games shown below, let p be the probability that player 1 plays cooperates
(and 1- p the probability that player 1 defects), and let q be the
Homework 1 (due April 24th)
Problem 1
Consider the following game of divide a dollar. There is a dollar to be split between two
players. Player 1 makes an offer (an offer by Player 1 specifies how muc
DREXEL UNIVERSITY
Department of Economics and International Business
INTB 334
International Trade, 4 credits
Spring 2013
SYLLABUS
Instructor:
Yoto V. Yotov
Oce:
Science Center, 3600 Market Street, 7th
Econ 301 Microeconomics
Lecture 1. Analyzing Economic Problems
Professor Mian Dai
Spring, 2013
A road map for todays lecture
What are the key themes of microeconomics?
What are the key analytical to
Econ 301 Microeconomics
Lecture 2. Demand, Supply and Equilibrium Analysis
Professor Mian Dai
Spring, 2013
A road map for todays lecture
What are supply and demand?
What is elasticity? How it is rel
Econ 301 Microeconomics
Lecture 3. Preference and Utility
Professor Mian Dai
Spring, 2013
A road map for todays lecture
Preferences
Three axiom of preferences.
Utility: the representation of prefer
Solution to Problem Set 3, Econ 301, Spring 2013
1. Because these isoquants are convex to the origin they do exhibit diminishing marginal rate of
technical substitution.
2. To determine the nature of
Econ 301 Microeconomics
Lecture 10. Perfectly Competitive Markets
Professor Mian Dai
Spring, 2013
Outline
What is perfect competitive market?
What is profit maximization quantity?
What is long run
Homework 3:
1. Suppose the production function is given by the equation Q = LK. Consider the isoquants
corresponding to Q = 10, Q = 20, and Q = 50. Do these isoquants exhibit diminishing marginal
rate
Econ 301 Microeconomics
Lecture 9. Cost Curves
Professor Mian Dai
Spring, 2013
A road map for todays lecture
Total cost function
Derived from cost minimization inputs
Comparative Statics
Economy o
Econ 301 Microeconomics
Lecture 8. Production and cost minimization
Professor Mian Dai
Spring, 2013
A road map for todays lecture
Cost minimization problem
Interior and corner solution
Comparative
Econ 301 Microeconomics
Lecture 7. Inputs and production functions
Professor Mian Dai
Spring, 2013
A road map for todays lecture
What is production function
Margin product, average product isoquants
Econ 301 Microeconomics
Lecture 6. Theory of Demand-cond
Professor Mian Dai
Spring, 2013
A road map for todays lecture
Recap: How price changes affect demand
Substitution vs. Income effect
Applicat
Econ 301
Microeconomics
Spring Quarter 2012 Syllabus
Tuesday and Thursday 4:00 -5:50 pm, Pearl 303
Professor Mian Dai
Department of Economics and International Business
LeBow College of Business
Offic
Econ 301 Microeconomics
Lecture 5. Theory of Demand
Professor Mian Dai
Spring, 2013
A road map for todays lecture
How to derive demand from optimal choice.
How income and prices affect demand
Subst
Econ 301, Spring 2013 Problem Set 1
(Due April 18 by 4 pm)
1. Suppose that the quantity of steel demanded in France is given by
Qs = 100 2 Ps + 0.5Y + 0.2 PA , where Qs is the quantity of steel demand
Final Exam Practice:
1. Consider a market in which the market demand curve is given by P = 18 - X - Y, where
X is Firm 1s output, and Y is Firm 2s output. Firm 1 has a marginal cost of 3, while
Firm 2