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One Input and One Output: A
Short-Run Producer Model
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4
Tastes and Indifference Curves
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6
Doing the Best We Can
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Lecture 6: (Ch. 4; 124-127)
Quiz:
1. U = 2X + 3Y, I=10, Px=1, Py=2, Find X* and Y*.
2. Indirect Utility is a function of what?
*[I clicker] version of the quiz:
1. U = 2X + 3Y, I=10, Px=1, Py=2, Find X* and Y*.
A. X*=10, Y*=0
B. X*=0, Y*=10
C. X*=5, Y*=10
S O L U T I O N S
11
One Input and One Output: A
Short-Run Producer Model
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Profits Problem Set 10 Econ. 380
R. Pope Due: April 8 W2011 Less Technical 1. TFU For a competitive firm, a doubling of inputs with fixed input prices must lead to a doubling of profit. 2. A city imposes a fixed fee on firms to operate. TFU. The fee will
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Different Types of Tastes
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Tastes and Indifference Curves
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The Slutsky-Equation and Various Elasticity Calculations R. Pope In Figure 5.3 of the text, a price change is decomposed into income and substitution effects. This turns out to be a very important exercise so stay with it. In the Figure the price of x fal
Consumer Choice: Demand Functions, Budget Shares, and Indirect Utility Functions Problem Set 5 Econ. 380 R. Pope Winter 2011 Non-Calculus Problems There is a style of economics problems (questions) called, true, false, uncertain (TFU). That is, one argues
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16
General Equilibrium
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Production with Multiple Inputs
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Demand for Goods and Supply of Labor
and Capital
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Prices and Distortions across Markets
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Consumer Surplus and Dead Weight
Loss
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Choice and Markets in the Presence of
Risk
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Choice Sets in Labor and Financial
Markets
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Wealth and Substitution Effects in Labor
and Capital Markets
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Income and Substitution Effects in
Consumer Goods Markest
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Public Goods
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Product Differentiation and Innovation in
Markets
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Asymmetric Information in Competitive
Markets
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Production Decisions in the Short and
Long Run
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Competitive Market Equilibrium
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The Invisible Hand and the First
Welfare Theorem
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Distortionary Taxes and Subsidies
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Game Theory and Strategic Thinking
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Elasticities, Price Distorting Policies and
Non-Price Rationing
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