HOUSEHOLD MONTHLY BUDGET
Total Projected Cost
Err:509
Housing
Second mortgage or
rent
Supplies
Other
Water and sewer
Waste removal
Maintenance or
repairs
Gas
Internet
Phone
Electricity
Mortgage or rent
Total
Transportation
Vehicle 1 payment
Vehicle 2 paym
Printer Types
Dot Matrix
An impact printer that transfers characters by striking a pattern
(from a matrix) through an inked ribbon and onto paper.
The most common number of pins on a dot matrix printer is 9, 18,
or 24.
The speed of dot matrix printers is
CHAPTER 2
Resource Utilization
1411109
13
12
Answers to Multiple-Choice Questions
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
c
b
b
c
a
b
c
a
b
c
c
a
b
a
c
b
a
d
b
d
21. b
22. c
23. c
24. b
25. d
26. a
27. b
28. d
29. b
Answers
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]
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
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
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
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
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.
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
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
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
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),
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
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
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,
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
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
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
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
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
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
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
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
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