HOMEWORK 5
LABOR SUPPLY AND DISCOUNTING
PROFESSOR GUSE, ECON 210
(1) (a) What is the net present value of a project with costs equal to 25, 25 and 300 in one,
two and three years and benets equal to 100, 100 and 100 in years one, two and
three? when the i
MIDTERM EXAM ANSWERS
ECON 210
PROFESSOR GUSE
Instructions. You have 3 hours to complete the exam. There are a total of 75 points
on the exam. The exam is designed to take about 1 minute per point. You are allowed to
reference a single page of notes, 2sid
AK 4
SLUTSKY COMPENSATION
ECON 210
A. JOSEPH GUSE
(1) (a) First calculate the demand at the original price pb = 2
1000
5pb
20
b0 = b(2) = 40
b(pb , m) =
In general mc = m + (p1 p0 )b0 . If the price increases $1 per unit mc must include
b
b
$40 over All
Homework 0.
Preliminary Math Exam
Answer Key
These questions and topics represent a sample of the mathematical skills expected
for this course. However, this exam will not factor into your nal grade and there is no
minimum score required to remain in this
ECON 210  MICROECONOMIC THEORY
HOMEWORK 7 ANSERS
PROFESSOR JOSEPH GUSE
(1) Suppose that a single rm has a monopoly in crayons and that individual
demand for crayons is described by the following inverse demand curve
p1 (x1 ) = a bx1
where x1 is the quani
Econ 210, Final, Winter 2014.
Prof. Guse, W & L University
Instructions. You have 3 hours to complete the exam. You will answer questions worth a total
of 65 points. Please write all of your responses on the exam itself in the space provided. If you
need
MIDTERM EXAM ANSWERS
ECON 210
PROFESSOR GUSE
Instructions. You have 2.5 hours to complete the exam. There are a total of 60
points on the exam. The exam is designed to take about 1 minute per point. You
are allowed to have a single page of handwritten not
MIDTERM EXAM
ANSWER KEY
ECON 210
PROFESSOR GUSE
Instructions. You have (at least) 2 hours to complete the exam. There are a
total of 75 points on the exam. The exam is designed to take about 1 minute per
point. You are allowed to have a single page of han
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ANSWER KEY 1
BUDGETS
W & L INTERMEDIATE MICROECONOMICS
PROFESSOR A. JOSEPH GUSE
(1) Draw the budget set for the following parameters. m = 20, pbeer = 1, ppizza = 5. The units for the
two goods are pints and pies respectively.
Beer (pints)
20
MRT = 5 pints
HOMEWORK 2
PREFERENCES AND UTILITY
W & L INTERMEDIATE MICROECONOMICS
PROFESSOR A. JOSEPH GUSE
(1) Consider the preferences for bundles of Good 1 and Good 2 depicted below. Assume that preference
Good 2
are monotonic (more is better).
a
e
c
b
e
d
d
f
Good
Econ 210, Final, Fall 2006.
Prof. Guse, W & L University
Instructions. You have 3 hours to complete the exam. There are 65 points available. Please write
your responses on the exam itself in the space provided. If you require additional space, write on
th
MIDTERM EXAM
ANSWERS
ECON 210
PROFESSOR GUSE
Instructions. You have 3 hours to complete the exam. There are a total of 85
points on the exam. The exam is designed to take about 1 minute per point. You
are allowed to reference a single page of notes, 2sid
MIDTERM EXAM
ECON 210
PROFESSOR GUSE
Instructions. You have 2 hours to complete the exam. There are a total of 80 points available.
It is designed to take about 1 minute per point. You are allowed to reference a single page of notes,
2sided. You may not
MIDTERM EXAM
ECON 210
PROFESSOR GUSE
Instructions. You have 2 hours to complete the exam. There are a total of 75 points
available. It is designed to take about 1 minute per point. You are allowed to reference a
single page of notes, 2sided. You may not
MIDTERM EXAM
ANSWER KEY
ECON 210
PROFESSOR GUSE
(1) (2 points) What does it mean to say that, for Janet, lobster is a luxury good.
Answer: It means that Janets preferences are such that when her income
increases by say 1%, her demand for lobster would inc
MIDTERM EXAM
ECON 210
PROFESSOR GUSE
Instructions. You have 2 hours to complete the exam. There are a total of 60
points on the exam. The exam is designed to take about 1 minute per point. You
are allowed to reference a single page of notes, 2sided. You
Econ 210, Final, Winter 2007.
Prof. Guse, W & L University
Instructions. You have 3 hours to complete the exam. There are 100 points available. Please
write your responses on the exam itself in the space provided. If you require additional space, write
on
MIDTERM EXAM
ANSWERS
ECON 210
PROFESSOR GUSE
(1) (25 Points) Short Answer Questions.
(a) (7 Points) When a utility function that represents Barbaras nonmonotonic
preferences for wine and cheese is put through a monotonic tranformation, the new utility fu
MIDTERM EXAM
ANSWERS
ECON 210
PROFESSOR GUSE
Instructions. You have 3 hours to complete the exam. There are a total of 70
points on the exam. The exam is designed to take about 1 minute per point. You are
allowed to reference a single page of handwritten
ECON 210
MICROECONOMIC THEORY
FINAL EXAM, FALL 2005
PROFESSOR JOSEPH GUSE
Instructions. You have 3 hours to complete the exam. There are a total of 90
points available. It is designed to take about 1 minute per point. You are allowed to
reference a single
Econ 210, Final, Fall 2009.
Prof. Guse, W & L University
Instructions. You have 3 hours to complete the exam. You will answer questions worth a
total of 100 points. Please write your responses on the exam itself in the space provided. If you
need addition
ECON 210  MICROECONOMIC THEORY
HOMEWORK 6
PROFESSOR JOSEPH GUSE
(1) The SWS makes sweaters out of labor and capital. The following production
function represents their technology
f (xl , xk ) = 80 log mincfw_
xl
, xk + 1
2
(a) How many sweaters are made