Austin
Mr. Baloain
Macro Economics
4/13/15
Chapter 18
1. A. A monopolistic competition model has four different characteristics. These
characteristics include many sellers, differentiated products, multiple dimensions of
competition, and easy entry of new
Austin Swift
Mr. Baloain
Micro Economics
4/14/15
Mind over Money
For years economics have looked at economics with the mindset that people
will behave rationally. They thought that people acted as if they performed a great
amount of economic analysis befo
Jacob Yackley
ECON 251
18 November 2015
New Product Development Restaurant Cell Phone Stand
The innovative Restaurant Cell Phone Stand aims to improve the overall quality
of experiences while eating out with friends, family, and loved ones. It is an 8 by
Looking at the data, as the market price for jumpers increases, the demand for
them inversely decreases. This effect is seen clearly as there is an extra 100 jumpers
demanded when the market price is at $2,600 compared to $3,100. At the lower market
price
1
PRINCIPLES OF MICROECONOMICS
COURSE WORKBOOK
Professor Stuart Strother
TABLE OF CONTENTS
The Wealth of Nations
2
Capital Markets
3
Scarcity and Opportunity Costs
6
Market and Price Systems
11
Elasticity
17
Demand: Consumer Choice
22
Labor Market
30
Inco
IV
Table 4 shows how through trade the two companies gain advantages in output.
Through the companies merging, the total output increases to 700 pairs of skis produced
and 800 snowboards produced, which is a 7% increase in total ski production and a
whopp
Running head: BUSINESS REPORT #3
Business Report #3
Jacob Yackley
Azusa Pacific University
1
BUSINESS REPORT #3
2
I. Introduction and Case Description
The Ford Pinto is a subcompact car that was manufactured and marketed by Ford
for the model years of 197
Standard Economic Models (SEM)
Agents have preferences, indifference curves, and maximize utility.
Agents are selfish and do not care about fairness.
If payoffs are obtained in the future, then agents have time
preferences consistent with the discounte
General SEM: Utility Maximization
People make choices that maximize their decision utility.
Given any menu B, the agent must choose x in B such
that
U(x) U(y)
for all alternatives y in B.
Utility function U should also represent the preference
relation so
Decisions under Uncertainty
Four types of decision problems:
Type I: Numerical probabilities and monetary payoffs
Type II: Numerical probabilities and general payoffs
Type III: Verbal states and monetary payoffs
Type IV: Verbal states and general payoffs.
Self-Interest and Social Preferences
Standard Economic Model assumes that utility depends only on the
personal consumption.
For any individual I,
UI ( CI, C(other people) = UI ( CI )
Behaviors that do not fit the egoistic model.
tipping
Charity donation
First Midterm Exam
Oct 28
multiple choice, 40 questions, 50 minutes
scantron F-288-PAR-L
one page of handwritten notes, two sides
no cooperation!
Next week I will hold office hours at
Tue 12-1:30 SSPA 3177
Extra Credit Essays
Topic 1: Combine a lis
Test Grading
The scores will be available next week.
Letter grades will be assigned only for the entire class.
Total Score is
0.3 Midterm1 + 0.3* Midterm2 + 0.4 *Final + Extra Credit
The cutoff for A will be somewhere around 88-90%
The cutoff for B around
First Midterm, Behavioral Economics 115
You have 50 minutes to 40 multiple choice questions. Good luck.
1. Standard normative economic models include
(A) utility maximization; (B) prospect theory; (C) satiscing procedure;
above.
Answer: A
(D) all of the
2
ECON 1223 Spring 2015
Sample Midterm II
1. A researcher investigating the determinants of crime in the United Kingdom has data for 42
police regions over 22 years. She estimates by OLS the following regression
ln(cmrt)it = ai + (1); + ﬁlunrtmit + ﬁzproyth
Answer Key 3
8.4.
(a) With 2 years of experience, the mans expected AHE is
ln( AHE ) (0.1032 16) (0.451 0) (0.0134 0 16) (0.0134 2) 0.000211 22 )
(0.095 0) (0.092 0) (0.023 1) 1.503 3.159
With 3 years of experience, the mans expected AHE is
ln( AHE ) (0.1
ECON 122B
Spring 2015
Answer Key 2
8.2.
(a) According to the regression results in column (1), the house price is expected to increase by
21% ( 100% 0.00042 500 ) with an additional 500 square feet and other factors held
constant. The 95% confidence inter
ECON 123B
Winter 2015
Answer Key 1
6.1.
By equation (6.15) in the text, we know
R2 1
n 1
(1 R 2 ).
n k 1
Thus, that values of R 2 are 0.175, 0.189, and 0.193 for columns (1)(3).
6.3.
(a) On average, a worker earns $0.29/hour more for each year he ages.
(b
ECON 122B
Spring 2015
Sample Midterm II
1.
A researcher investigating the determinants of crime in the United Kingdom has data for 42
police regions over 22 years. She estimates by OLS the following regression
ln(cmrt)it = i + t + 1unrtmit + 2proythit + 3
HW 5 Ans.
1. The optimal solution has both constraints binding: 2x + 5y = 40 and 6x + 3y =
48.
The solution is x = 5 and y = 6. The value of the objective function is 140.
2. Minimize .1M + .15C
Subject to 2M + 2C 50 (Calcium)
2M + 6C 90 (Protein)
6M + 2C