Chapter 23 Practice Quiz Answers D. Gollin November 24, 2004
23.1
If the cost of plaster and labor is $9 per gnome and everything else is as in problem 23.1, what is the lowest price of gnomes at which there is a positive supply in the long run? (R
Solution Homework Assignment 1
Econ 150b. Intermediate Microeconomics January 24, 2008
1. Blanche Carter devised a system for rating the boys in her economics class. She cares about their intelligence and their looks. She ranks each male on a scale o
Economics 150, Intermediate Microeconmics, Fall 2008
Please put your discussion-section time and TA name on your answer. Homework 4, Wednesday, October 8 Due Wednesday, October 15 This homework rst examines the notion of consumer surplus. Consider th
Chapter 22 Practice Quiz Answers D. Gollin November 24, 2004
22.1
Suppose that Dent Carr's long-run total cost of repairing s cars per week is c s 3s 2 192 . If the price he receives for repairing a car is 36, then in the long run, how many cars wi
Econ 150 Final Review You'll also recall that I indicated that there would be one short question from the 'premidterm' period', in the final. THE FINAL EXAMINATION WILL COVER(VARIAN, 7TH EDITION): CH. 9 (PAGES 173-178 ONLY) CH. 10, 16, 18, 19, 20 TO
First Midterm Exam
Econ 150b. Intermediate Microeconomics February 6, 2008
Please put your discussion-section time and TA's name on the blue books. 1. True or False? Explain. (a) The optimal solution of the consumer's problem depends not only on the
Economics 150, Homework 4 Answers Spring 2008
Question 4.1
When the price of bananas is pb = 1 and the price of coconuts are pc , then the value of both agents' endowments are m = pb 1 + pc c = 1 + pc c. Since both agents have Cobb-Douglas utility f
Homework Assignment # 2
Econ 150b. Intermediate Microeconomics due January 30, 2008 (in class)
Please put your discussion-section time and TA's name on your answer. This homework uses our model of choice to explore a simple policy question. Let the a
Homework Assignment # 3
Econ 150b. Intermediate Microeconomics due February 6, 2008 (in class)
Please put your discussion-section time and TA's name on your answer. 1. Consider a consumer whose utility function is given by u.x1 ; x2 / D .x1 C .1 /x2
Solution Homework Assignment 3
Econ 150b. Intermediate Microeconomics Fabian Duarte February 5, 2008
1. Consider a consumer whose utility function is given by u(x1 , x2 ) = (x1 + (1 - )x2 )
1
(1)
where (0, 1) is a parameter. Using any of the
Economics 150, Intermediate Microeconomics, Spring 2008
Please put your discussion-section time and TA name on your answer. Homework 4 Due Wednesday, April 2 Suppose there are two agents, Robinson and Friday. The two have identical endowments of the
Solutions Homework Assignment 2
Econ 150b Intermediate Microeconomics
1
The budget constraint is p1 x1 + p2 x2 = m (in this case, it is x1 + x2 = 1000). The utility maximizing bundle can be found by equating the MRS to the x2 price ratio (1-)x1 = 1,
(1) (2)
(3) (4) (5)
Math 230: Homework 1 Due Friday, Sept. 15 Solve problems 3, 5, and 20 from Rudin chapter 1 (pp. 22-23 of the handout). For any a < b in an ordered field, show that a+b < b. a< 2 In an ordered field, given a > 0, prove that x2 <
1.
Question 1 a. Part a i. Short-Run Total Cost = wL + pkK ii. TC = 1,000L + 57.60 * 8,000 iii. TC = 1,000L + 460,800 iv. Q = 1.25 * K1/3 * L2/3 v. Q = 1.25 * (8,000)1/3 * L2/3 vi. Q = 25L2/3 vii. L = (Q/25)3/2 = Q3/2/125 viii. TC = 1,000Q3/2/125 +