Eco 146 HW 2 - Due September 17th in class
Adam Biener
1. 1. For each of the utility functions below, draw a set of indierence curves showing utility
levels U = 12, U = 16, and U = 24.
a. U = XY
b. U = X + Y
c. U = X Y
d. What is true about the commoditie
Eco 146 HW 1 - Due September 5th in class
Adam Biener
1. In a competitive market, the industry demand and supply curves are: P = 600 .8Qd
and P = 100 + 1.2Qs , respectively.
a. Find the markets equilibrium price and quantity.
b. Suppose the government imp
Economics 146 Online
Homework 1
1. In a competitive market, the industry demand and supply curves are: P = 600 - .8 Qd
and P = 100 + 1.2 Qs, respectively.
a. Find the markets equilibrium price and quantity.
b. Suppose the government imposes $30 per unit t
Eco 146 HW 2 - Due September 17th in class
Adam Biener
Answer Key
1. For each of the utility functions below, draw a set of indierence curves showing utility
levels U = 12, U = 16, and U = 24.
a. U = XY
b. U = X + Y
c. U = X Y
d. What is true about the co
Economics 146
Online
Homework 1 Answers
1. In a competitive market, the industry demand and supply curves are: P = 600 - .8 Qd
and P = 100 + 1.2 Qs, respectively.
a. Find the markets equilibrium price and quantity.
Setting inverse demand equal to inverse
Lehigh University
Department of Economics
ECO146
Fall 2011
Professor Shin-Yi Chou
Answer Key for Exam 1 (October 3, 2011)
Name: _
Total Points: 50 points
I.
Multiple Choice (Please mark or ci
Lehigh University
ECO 146 017 (CRN: 41846)
Applied Microeconomics
Ernest Lai
Fall 2015
Mon/Wed, 2:35pm-3:50pm
RB 041
Course Objectives
Economists use theoretical models (simplied representations of the real world which often
involve the use of mathematics
ECO 146
Applied Microeconomics
Spring 2013
Ernest Lai
Problem Set 8 Solution
Remark: This solution is meant to be a learning tool for you. It may be more comprehensive
than what you need in order to get full credit.
1. There are many potential buyers for
ECO 146
Applied Microeconomics
Spring 2013
Ernest Lai
Problem Set 4 Solution
Remark: This solution is meant to be a learning tool for you. It may be more comprehensive
than what you need in order to get full credit.
1. Consider a perfectly competitive rm
ECO 146
Applied Microeconomics
Spring 2013
Ernest Lai
Problem Set 2
Due on 2/6 (Wed) in class
1. With a high stress job and an upcoming challenge to replace his position, Barry loves
to eat pomegranate (xp ) and spinach (xs ), both rich in anti-oxidants,
Eco 146 HW 1 - Due September 5th in class
Adam Biener
Answer Key
1. In a competitive market, the industry demand and supply curves are: P = 600 .8Qd
and P = 100 + 1.2Qs , respectively.
a. Find the markets equilibrium price and quantity.
Setting inverse de
Lehigh University
Department of Economics
Eco146
Fall 2010
Ch8 (Practice Questions)
Professor Shin-Yi Chou
1. The market demand schedule for noodles is as follows:
Price (dollars per case)
Quantity Demanded (cases per week)
5.40
6.40
7.40
8.40
9.40
10.40
ECO 146
Applied Microeconomics
Spring 2013
Ernest Lai
Problem Set 2 Solution
Remark: This solution is meant to be a learning tool for you. It may be more comprehensive
than what you need in order to get full credit.
1. With a high stress job which a lot o
Essay Questions (Provide detailed answers in your blue books):
11. (25 points) Devin and Darron are planning to go skiing at Blue Mountain during their
vacation. Blue Mountain offers a daily ski pass for $40 and a weekly ski pass for $160.
a) If both Devi
Solutions to Essay Questions on Second Preliminary Exam
11. (20 points) Suppose that Adam earns a base wage of $40/hr working at Dell Corp. and has
the following utility function defined over income: U = M1/2. As long as Adam stays healthy he
will continu
ECO 146
Applied Microeconomics
Spring 2013
Ernest Lai
Problem Set 7 Solution
Remark: This solution is meant to be a learning tool for you. It may be more comprehensive
than what you need in order to get full credit.
1. Lancy is selling Chinese noodle. She
Eco 146 HW 5 - Due November 5th in class
Adam Biener
Answer Key
1. The following rms are attempting to engage in price discrimination. Identify whether
they are trying to engage in perfect price discrimination, (rst-degree price discrimination )
Non-linea
Eco 146 HW 5 - Due April 10th in class
Adam Biener
It is advisable to read through chapters 13 and 14 before attempting this
assignment.
1. Consider the simultaneous game detailed in the payo matrix below.
Firm 2
L
C
R
T 3, 2 4, 0 1, 1
Firm 1 M 2 , 0 3 ,
ECO 146
Applied Microeconomics
Spring 2013
Ernest Lai
Problem Set 3 Solution
Remark: This solution is meant to be a learning tool for you. It may be more comprehensive
than what you need in order to get full credit.
30
C
22.5
E
F
30
35 43 75
90
120
Figure
Eco 146 HW 3 - Due October 8th in class
Adam Biener
Answer Key
1. Consider the production function,
q = K 2/3 L1/2
a. Does this rm have constant, increasing, or decreasing returns to scale?
Some factor t > 1 times the inputs is,
(tK )2/3 (tL)1/2 = t(2/3+1
Lehigh University
Department of Economics
ECO146
Fall 2011
Exam 1 (October 3, 2011)
Professor Shin-Yi Chou
Name: _
Total Points: 50 points
I.
Multiple Choice (Please mark or circle your answer.)
(1.5 points for each question)
1. The above figure shows Lar
Eco 146 Quiz 1
Adam Biener
Answer Key
1. Krishnas utility function for coee (C ) and tea (T ) is,
U = CT 2 .
the price of a cup of coee is PC = $1, the price of a cup of tea is PT = $0.50, and Krishna
has an income of $15.
a. What is Krishnas marginal rat
Eco 146 HW 1 - Due January 23rd in class
Adam Biener
1. In a competitive market, the industry demand and supply curves are: P = 600 .8Qd
and P = 100 + 1.2Qs , respectively.
a. Find the markets equilibrium price and quantity.
b. Suppose the government impo
Eco 146 HW 4 - Due March 20th in class
Adam Biener
1. The following rms are attempting to engage in price discrimination. Identify whether
they are trying to engage in perfect price discrimination, (rst-degree price discrimination)
Non-linear pricing, (se
Economics 146
Summer 2005
Homework 3
1. Discuss: There are certain fixed costs when you own a plane, Agassi explained last week
during a break in the action at the Volvo/San Francisco tennis tournament, so the more you fly
it, the more economic sense it m
Economics 146
Homework 2 Answers
Online
1. A student spends eight hours per day listening to music. M hours are devoted to Mozart and B
hours to Beethoven. The students utility function is
U ( M , B) = M 1 / 4 B 3 / 4 .
a. Sketch an indifference curve cor
Eco 146 HW 2 - Due February 4th in class
Adam Biener
1. For each of the utility functions below, draw a set of indierence curves showing utility
levels U = 12, U = 16, and U = 24.
a.
b.
c.
d.
e.
U = XY
U =X +Y
U =X Y
What is true about the commodities in
Economics 146
Online
Homework 3
1. Discuss: There are certain fixed costs when you own a plane, Agassi explained last
week during a break in the action at the Volvo/San Francisco tennis tournament, so the
more you fly it, the more economic sense it makes.
Eco 146: Applied Microeconomic Analysis
Lehigh University
Professor Deily
Spring 2013
Problem Set #2 Key
1a. The price of portable generators wants to increase because of demand has shifted out due to
the hurricane. Requiring that the generators be sold a
Applied Microeconomic Analysis
Economics 146
Professor Deily
Spring 2013
Key to Problem Set #11
1. The competitive price and output will occur, so market price will be 5 (price equals marginal
cost), and market output will be 50, with each firm producing
Applied Microeconomic Analysis
Economics 146
Professor Deily
Spring 2013
Problem Set #4 Key
1a. See figure 1a,b. The x-intercept is 1050: if Sam spends all his income as well as his food
stamps on food he can buy 1050 pounds. However, the y-intercept of t
Applied Microeconomic Analysis
Economics 146
Professor Deily
Spring 2013
Problem Set #12 KEY
1a. If buyers expect that 50% of the used laptops available are of high quality (meaning that the
other 50% are of low quality), then the expected value of a lapt
Applied Microeconomic Analysis
Economics 146
Professor Deily
Fall 2012
Problem Set #6 KEY
1a. Since labor is the only cost, the total cost equals the amount spent on labor, wL. However,
to find TC(Q), we need to find L from the production function: since