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ECON 301

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  • 1 pages Practice for Midterm 1
    • Practice for Midterm 1
    • ITT Tech Pittsburgh
    • ECON 301 - Spring 2011
    • ECON 301 Practice for Midterm 1 1) A consumer with a fixed income of $2000 enjoys both food, F, and a composite good, Y. The price of Y is $1 per unit. The price of food is $5 per unit. Question: At the optimal consumption basket, what is the slope of the
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    Practice for Midterm 1

  • 3 pages Problem Set 2 - Solutions
    • Problem Set 2 - Solutions
    • ITT Tech Pittsburgh
    • ECON 301 - Spring 2011
    • ECON 301 Problem Set 2 Solutions 1) First, the expression for MRSx,y is MRS x, y MU x MU y x 1 y1 1 x y y x Since we know that MRSx,y = 4 when x = 4 and y = 8, 8 1 4 2 1 2 2 4 2 3 ECON 301 2) a. MRS H , M MU H 1/(2 H ) MU M 1/(2 M ) M H This utility func
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    Problem Set 2 - Solutions

  • 1 pages Problem Set 2
    • Problem Set 2
    • ITT Tech Pittsburgh
    • ECON 301 - Spring 2011
    • ECON 301 Problem Set 2 1) (2 pt) One type of Cobb-Douglas utility function is given by U(x,y)=xy1-, where MUx=x-1y1- and MUy=(1-)xy- Suppose that you are told that a person with Cobb-Douglas preferences has an MRSx,yof 4 when x = 4 and y = 8. What is the
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    Problem Set 2

  • 1 pages Problem Set 1
    • Problem Set 1
    • ITT Tech Pittsburgh
    • ECON 301 - Spring 2011
    • ECON 301 Problem Set 1 1) (2.5 pt) Consider the following demand and supply relationships in the market for golf balls: Qd=90-2P-2T and Qs=-9+5P-2.5R where T is the price of titanium, a metal used to make golf clubs, and R is the price of the rubber. a) I
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    Problem Set 1

  • 2 pages Problem Set 3 - Solutions
    • Problem Set 3 - Solutions
    • ITT Tech Pittsburgh
    • ECON 301 - Spring 2011
    • ECON 301 Problem Set 3 Solutions 1) a) Denoting the level of income by I, the budget constraint implies that p x x p y y I and the tangency condition is means that x py2 4 px2 1 2x px , which py . The demand for x does not depend on the level of income.
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    Problem Set 3 - Solutions

  • 25 pages Problem Set 3
    • Problem Set 3
    • ITT Tech Pittsburgh
    • ECON 301 - Spring 2011
    • ECON 301 Problem Set 3 1) David has a quasi-linear utility function of the form , with associated marginal utility functions and . a. Derive Davids demand curve for as a function of the prices, and . Verify that the demand for is independent of the level
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    Problem Set 3

  • 2 pages Problem Set 4 - Solutions
    • Problem Set 4 - Solutions
    • ITT Tech Pittsburgh
    • ECON 301 - Spring 2011
    • ECON 301 Problem Set 4 Solutions 1) Total Product with K=600 35,000,000 30,000,000 25,000,000 20,000,000 15,000,000 10,000,000 5,000,000 0 200 400 Labor 600 800 Total Product Total Product with K=1200 300,000,000 250,000,000 200,000,000 150,000,000 100,00
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    Problem Set 4 - Solutions

  • 1 pages Problem Set 4
    • Problem Set 4
    • ITT Tech Pittsburgh
    • ECON 301 - Spring 2011
    • ECON 301 Problem Set 4 1) Suppose the production function for DVDs is given by , where is the number of disks produced per year, is machine-hours of capital, and is the man-hours of labor. When either or , does the total product function have a region of
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    Problem Set 4

  • 1 pages Problem Set 5
    • Problem Set 5
    • ITT Tech Pittsburgh
    • ECON 301 - Spring 2011
    • ECON 301 Problem Set 5 1) A packaging firm relies on the production function , with and . Assume that the firms optimal input combination is interior (it uses positive amounts of both inputs). Derive its long-run total cost curve in terms of the input pri
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    Problem Set 5

  • 6 pages Syllabus
    • Syllabus
    • ITT Tech Pittsburgh
    • ECON 301 - Spring 2011
    • Econ 301 Microeconomics Spring Quarter 2011 Syllabus Tuesday and Thursday 4:00 -5:50 pm, Pearl 302 Professor Mian Dai Department of Economics and International Business LeBow College of Business Office: Matheson 503 G (215) 895-2536 E-mail: [email protected]
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    Syllabus

  • 2 pages Problem Set 1 - Solutions
    • Problem Set 1 - Solutions
    • ITT Tech Pittsburgh
    • ECON 301 - Spring 2011
    • ECON 301 Problem Set 1 Solutions 1) a) Substituting the values of R and T, we get Demand : Q d 70 2 P Supply : Q s 14 5P In equilibrium, 70 2P = 14 + 5P, which implies that P = 12. Substituting this value back, Q = 46. b) Elasticity of Demand = 2(12/46),
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    Problem Set 1 - Solutions

  • 2 pages Key to Practice for Midterm 1
    • Key to Practice for Midterm 1
    • ITT Tech Pittsburgh
    • ECON 301 - Spring 2011
    • ECON 301 Solutions to Practice for Midterm 1 1) The equation of the budget line for this consumer is 2000 = 5F + 1Y. As such, we know that the slope of the budget line, when the composite is measured on the vertical axis, is 5 (the price ratio). At the op
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    Key to Practice for Midterm 1

  • 3 pages Key to Midterm 1
    • Key to Midterm 1
    • ITT Tech Pittsburgh
    • ECON 301 - Spring 2011
    • P Q 16 240 Solutions 8 120 1) EQ,P = -1 to the Midterm 1 As given, Lindsay consumes F = 10 and C = 2 with an income of 24. Initially (with PF = PC = 2) she spends all her income: PFF + PCC = 2(10) + 2(2) = 24. To buy her initial basket at the new prices,
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    Key to Midterm 1

  • 20 pages Deck 2
    • Deck 2
    • ITT Tech Pittsburgh
    • ECON 301 - Spring 2011
    • Econ 301 Microeconomics L lick to edit Master subtitle style Cecture 2. Demand, Supply and Equilibrium Analysis Professor Mian Dai Spring, 2011 5/11/11 A road map for todays talk Review: Partial Derivative What are supply and demand? What is the market me
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    Deck 2

  • 18 pages Deck 3
    • Deck 3
    • ITT Tech Pittsburgh
    • ECON 301 - Spring 2011
    • Econ 301 M icr oeconomics L lick to edit Master Shape style Cecture 3. Elasticities:subtitleof Supply and Demand Professor Mian Dai Spring, 2011 5/11/11 A r oad map for t odays lect ur e How Shapes of Demand and Supply Curves Matter? How do short-run and
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    Deck 3

  • 16 pages Deck 4
    • Deck 4
    • ITT Tech Pittsburgh
    • ECON 301 - Spring 2011
    • Econ 301 Microeconomics L lick to edit Master subtitle Cecture 4. Consumer Choice style Professor Mian Dai Spring, 2011 5/11/11 A road map for todays lecture Preferences Three axiom of preferences. Utility: the representation of preference Marginal Utilit
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    Deck 4

  • 16 pages Deck 5
    • Deck 5
    • ITT Tech Pittsburgh
    • ECON 301 - Spring 2011
    • Econ 301 Microeconomics L lick to edit Master subtitle Cecture 5. Consumer Choices style Professor Mian Dai Spring, 2011 5/11/11 A road map for todays lecture Budget Constraints Consumers Optimal Choice Interior solution Corner solution Application: Food
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    Deck 5

  • 16 pages Deck 7 tostudent
    • Deck 7 tostudent
    • ITT Tech Pittsburgh
    • ECON 301 - Spring 2011
    • Econ 301 Microeconomics L lick to edit Master production Cecture 7. Inputs and subtitle style functions Professor Mian Dai Spring, 2011 5/11/11 A road map for todays Lecture What is production function Margin product, average product isoquants, marginal r
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    Deck 7 tostudent

  • 12 pages Deck 8 tostudent
    • Deck 8 tostudent
    • ITT Tech Pittsburgh
    • ECON 301 - Spring 2011
    • Econ 301 Microeconomics L lick to edit Master and cost Cecture 8. Production subtitle style minimization Professor Mian Dai Spring, 2011 5/11/11 A road map for todays lecture Cost minimization problem Interior and corner solution Comparative statics: Inpu
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    Deck 8 tostudent

  • 19 pages Deck 10
    • Deck 10
    • ITT Tech Pittsburgh
    • ECON 301 - Spring 2011
    • Econ 301 Microeconomics L lick to edit Master subtitle style Cecture 10. Cost Curves Professor Mian Dai Spring, 2011 5/11/11 A road map for todays talk Total cost function Derived from cost minimization inputs Comparative Statics Economy of scale, disecon
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    Deck 10

  • 19 pages Deck 11
    • Deck 11
    • ITT Tech Pittsburgh
    • ECON 301 - Spring 2011
    • Econ 301 Microeconomics L lick to edit Master subtitle style Cecture 11. Perfectly Competitive Markets Professor Mian Dai Winter, 2011 5/11/11 Outline What is perfect competitive market? What is profit maximization quantity? What is long run and short run
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    Deck 11

  • 19 pages econ 301 week 1
    • econ 301 week 1
    • ITT Tech Pittsburgh
    • ECON 301 - Spring 2011
    • Econ 301 Microeconomics L ecture 1. Analyzing Economic Problems Professor Mian Dai Spring, 2011 A road map for todays class What are the key themes of microeconomics? What are the key analytical tools? Constrained Optimization Equilibrium Analysis Compar
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    econ 301 week 1

  • 16 pages Deck 1
    • Deck 1
    • ITT Tech Pittsburgh
    • ECON 301 - Spring 2011
    • Econ 301 Microeconomics L lick to edit Master subtitle Problems Cecture 1. Analyzing Economicstyle Professor Mian Dai Spring, 2011 5/11/11 A road map for todays class What are the key themes of microeconomics? What are the key analytical tools? Constrai
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    Deck 1

ECON 301 Questions & Answers

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    • Profile picture
    May 22, 2016
    | No strong feelings either way.

    Not too easy. Not too difficult.

    Course Overview:

    I would definitely take another course with him if he taught mid level econ even though I'm a Finance major

    Course highlights:

    Very easy professor, especially when compared to other professors for econ 101.

    Hours per week:

    9-11 hours

    Advice for students:

    We used aplia, an online homework thing you have to pay for, a lot.

    • Summer 2015
    • Sheng
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