Exam 1 List of Terms
Know the following definitions including any formulas that go along with them:
Substitutes: A good when an increase of a price of one leads to an increase in the
quantity demanded of another. P good X QD good Y. Ex. hamburgers and ho
Self exam-Chapter 2
Question 1
Complete
Graded out of 1.00
Flag question
0
qaid=4518257&qu 0
Question text
3
Ali inherits $10,000 from his great-great aunt in 2008. His great-great aunt's will require that Ali spend
the money before December 31, 2009. He
Exam 2 Terms
Increasing Returns to Scale-doubling inputs more than doubles outputs
Decreasing Returns to Scale-doubling inputs less than doubles outputs
Constant Returns to Scale-doubling inputs exactly doubles outputs
Accounting Costs-a cost that financi
Exam 3 Topics list:
These topics are in the exact order of our notes. These represent the gist of each lecture.
Challenge yourself to answer these questions by creating your own scenarios or going
through the examples in the book. Recall that one of the e
Econ 311
Homework Set 1
Assigned Friday, August 26th
Due Friday, September 2nd no later than 10:11AM
1. Suppose two goods H (hotdogs) and B(hotdog buns).
a. Are these compliments or substitutes?
b. Suppose the price of H (hotdogs) skyrockets (increases).
Econ 311
Homework Set 2
Assigned Wednesday, September 7th
Due Wednesday, September 14th no later than 10:11AM
1. Chapter 3, Exercise 14. (Hint: Let U(M,P)=U, some constant level of utility, and
solve it for a line that you can graph in commodity space.)
2
Econ 311
Homework Set 3
Assigned Monday, October 10
Due Monday, October 17 at 10:10AM
1. Chapter 6, Exercise 2
2. Chapter 6, Exercise 3 (Please present me with the entire chart and your math, full
credit will only be awarded for both)
3. Consider a firm w
Econ 311
Homework Set 4
Assigned Friday, November 4, 2011
Due Friday, November 11 at 10:10AM
1. Chapter 9 Exercise 2
a. DO NOT DO PART C! Instead, calculate the loss to consumer surplus, the
loss to producer surplus, and the deadweight loss from the tax.
Econ 311
Homework Set 5
Assigned Friday, November 18, 2011
Due Monday, November 28, 2011
1. Suppose a monopoly is facing the following linear demand schedule:
Price
22
20
18
16
14
Quantity
0
1
2
3
4
MR
20
16
12
8
Suppose the firm has a constant marginal c
Self exam-Chapter 3
Question 1
Complete
Graded out of 1.00
Flag question
0
qaid=4571358&qu 0
Question text
3
Draw supply and demand curves. Show the impact of an increase in demand on the price and quantity
exchanged in the market. Show the impact of a de