Economics 1100
Intermediate Microeconomics,
Professors Berkowitz and Teper
Problem Set 1
Due at the Start of Class January 22 (Berkowitz) and January 23 (Teper)
1. Suppose that the demand for milk is Qd A a* pmilk b* psoda and the supply is
Qs C c * pmilk
Economics 1100
Intermediate Microeconomics,
Professors Berkowitz and Teper
Problem Set
Due at the Start of Class February 5 (Berkowitz) and February 6 (Teper)
1. Suppose that a low income family has preferences for food and housing that can
)
be represent
Intermediate Microeconomics
Problem Set 3
Berkowitz and Teper
Due February 26 (Berkowitz) and 27 (Teper)
1. Be able to solve Perloffs solved problems 6.1, 6.2, 6.3, 6.4
2. Let q = K0.75L0.25 denote the production function, and w and r denote the
prices of
Intermediate Microeconomics
Problem Set 5
April 2, 2014 Berkowitz
Due April 9 (Berkowitz)
1. In The Garden of Eden, suppose Adams utility function is UA = and Eves utility function is
where F and H are food and there are overall units of food and availab
Solutions to PS2
Question 1
A family has preferences for food and housing that are represented by the function
U (F, H) = F H 1
(A) Show that the indirect utility function is (assume ph = 1)
U (pf, , I, .) = p (1 )1 I
f
Solve this by nding
F
and
H as
func
Economics 1100
Intermediate Microeconomics
Professor Berkowitz
Review Sheet for Final
1. Material from from first two midterms
2. Edgeworth boxes.
3. Exchange economy
4. Contract curve
5. Walrass Law
6. Computing general equilibrium prices for an exchange
Intermediate Microeconomics Problem Set 3
Berkowitz and Teper
Due February 26 (Berkowitz) and 27 (Teper)
1.
Be able to solve Perloffs solved problems 6.1, 6.2, 6.3, 6.4
2.
Let q = K0.75L0.25 denote the production function, and w and r denote the prices of
Intermediate Microeconomics
Problem Set 4
Berkowitz and Teper
Due March 17 (Berkowitz) and March 18 (Teper)
Question 1
A firm has cost function () = . , and the output price is .
Compute the firms supply curve.
The firms supply curve is the marginal cost
Intermediate Microeconomics
Problem Set 5
April 2, 2014 Berkowitz
Due April 9 (Berkowitz)
1. In The Garden of Eden, suppose Adams utility function is = and Eves
utility function is where F and H are food and there are overall units of food
and available.
Intermediate Microeconomics
Problem Set 4
Berkowitz and Teper
Due March 17 (Berkowitz) and March 18 (Teper)
Question 1
A firm has cost function () = 0.52 , and the output price is .
Compute the firms supply curve.
Suppose a specific tax, t, is imposed. Wh
Economics 1100
Intermediate Microeconomics
Professors Berkowitz and Teper
Review Sheet for Midterm 2
In order to receive 7 extra points (out of 100) on next week's midterm examination, you need to fill out
the review sheet handed out in class:
1. Make a l