Supply and Demand 1. Prices, quantities of goods that are bought and sold, and resource allocations are determined by supply and demand. 2. Related concepts for Demand: a. Quantity demanded the amount a consumer is willing and able to buy, a number b. Dem
Cell Biology (BIO 320), Fall 2009, Dr. Bushart Homework set #1 1. Dissolving solid urea in water is an endothermic reaction (+H) yet it still occurs spontaneously at room temperature. a. How would heating the water help this process? b. Even at room tempe
Cell Biology (BIO 320), Fall 2009, Dr. Bushart Homework set #1 key 1. Dissolving solid urea in water is an endothermic reaction (+H) yet it still occurs spontaneously at room temperature. a. How would heating the water help this process? Higher temperatur
Cell Biology (BIO 320), Fall 2009, Dr. Bushart Homework set #2 1. Lipid rafts are thicker than other regions of the membrane. Describe the fatty acid tails of the phospholipids that would make up a lipid raft (as compared to "regular" phospholipids). Woul
BIO 320 Cell Biology, Spring `09 Dr. Thomas Bushart
Who we are
Instructor Name: Office: Phone: E-mail: Office hours: Dr. Thomas Bushart Biological Laboratory, room 6 471-1074 DrBushart@gmail.com TBA and by appointment Teaching Assistant Zhehui (Jerry) Mao
Economics 420K
Microeconomic Theory
Fall 2012
Oettinger
Sample Questions for Midterm 1
1. Moe, Larry, and Curly all have preferences defined over hijinks, H, and mayhem,
M. Moes preferences can be described by the utility function U ( H , M ) 2HM .
Larrys
Economics 420K
Microeconomic Theory
Fall 2012
Oettinger
Sample Questions for Midterm 2
1. The demand curve for parking permits among faculty at Big State University is
, where is the quantity of permits demanded (so long as is not
negative) by faculty whe
Economics 420K
Microeconomic Theory
Fall 2012
Oettinger
Sample Questions for Midterm 3
1. Consider the market for hotel rooms in Austin. The nightly demand curve is
, where
is the quantity of rooms demanded and
is the
price paid by demanders. The nightly
Procurator/Perfect
Flavius Josephus The Jewish Historian born 37 CE [Joseph ben Mattathias, a Hasmonean
descendant] died ca. 105 CE
Pax Romana- The Roman Peace; an ideology of empire
2. Public religion: a sense of civic duty to the state gods
a. pietas du
Experiment 10: Ksp of Calcium Hydroxide
The objective on experiment ten was to determine the solubility product constant and
solubility of a prepared calcium hydroxide. This was determined by titration of the calcium
hydroxide with a diluted hydrochloric
Economics 420K Problem Set 3 More Demand Theory Bronars 1. Crusoe lives on an island alone. He owns 10 coconuts and 2 bananas. He knows that at the neighboring island he can trade coconuts one-for-one for bananas. a. Illustrate Crusoe's constraint now, an
Economics 420K Problem Set 3 More Demand Theory Bronars 1. Crusoe lives on an island alone. He owns 10 coconuts and 2 bananas. He knows that at the neighboring island he can trade coconuts one-for-one for bananas. a. Illustrate Crusoe's constraint now, an
Economics 420K Problem Set 2 Demand Theory Bronars 1. For the utility function U= X1X23 a. Find the Marginal Rate of Substitution b. Derive the demand functions for X1, and X2, assuming the consumer buys some of both goods c. For I=40, P1=1 and P2=2, find
Review of Supply and Demand A consumer's demand for a good is the amount of the good that they she is willing and able to buy. Let X1d equal the number of units of good 1 demanded by the consumer X1d depends on a number of factors: The price of good 1, P1
Budget Constraints Consider a consumer who lives for one period and enjoys consuming two goods. Suppose the consumer has I dollars of income to spend in this period. Let P1 denote the price of good 1, let P2 denote the price of good 2, let X1 denote the n
Preferences We assume that consumers can provide a rank ordering of any two consumption bundles (preferences are complete). This means that households can rank order consumption options that are currently not affordable. We assume that more is preferred t
Utility maximization In general, a consumer will reach the highest level of satisfaction at a point where the slope of the budget line equals the slope of the indifference curve.
X2
E U2 U1 X1
All bundles on the budget line are on a lower indifference cur
Demand Functions Examples of Problems Cobb-Douglas Utility Function U=X1aX2b or alnX1 + blnX2 1. Suppose a consumer has the utility function U(X1,X2) = lnX1 + 2lnX2 a. Find the MRS b. Find the demand functions for X1 and X2 c. Find the optimal choices and
Compensating and Equivalent Variation For any change in a consumer's budget constraint, we can determine a dollar measure of the value of this change. We call Compensating Variation the change in income necessary to just compensate a consumer for a change
Labor Supply The budget line indifference curve analysis is somewhat different if the individual is a seller of one of the goods. Consider the choices of someone who is free to choose their hours of work each period. Illustrate the budget line of an indiv
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Theory of the Firm Firms hire inputs to produce output that they sell to consumers. We first consider the case of small firms who take all prices as given. The firm faces prices for its input (denoted by W's) and for its output (denoted by P). For now,
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Once the firm's optimal input choices and expansion paths are determined, we can find the firm's cost functions. Each optimal input combination on the firm's expansion path can also be viewed as a point on the firm's total cost curve. Long Run Expansio
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Present Value In a number of circumstances, a consumer or firm must make decisions that involve costs and benefits that accrue in different years. It is important in those circumstances to compare dollar values in the same year's dollars. Economists g
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Perfect Competition Competitive Firms are Price Takers
$/q
P = MR Demand Curve and Marginal Revenue Curve for Competitive Firm
q
Firms maximize profits by Maximizing Revenues-Costs Max Pq - C(q) First order condition : P = C'(q) or P=MC Second order c