Econ 301 (921)
Summer Session, Term I, June 2015
M. Vaney
Problem Set 5 - Solutions
1. Given B 0 s utility function
1
UB (xB ; xB ) = ln(x1 + ) + x2
2
1
3
indierence curves for B will have slope
M RSB =
B
M U1
=
B
M U2
1
x1 +
1
3
To nd where the slope of
ECON 301
Due: Nov 29/30, 2016
Due at the beginning of class.
No late problem sets will be accepted.
The problem set can be submitted in groups of up to 4 students.
Answers must be typed or clearly hand-written.
Attention: justify your answers by showing t
Econ 301 (921)
Summer Session, Term I, 2015
M. Vaney
Problem Set 5 - Extra Problems
Not Due for marks
1. Draw an Edgeworth Box for two consumers A and B and two goods x1 and x2 . Show
an endowment point in this economy where both A and B have strictly pos
Professor S. Severinov Economics 301, UBC Winter 2010
Problem Set 3 Due in class on March 9, by 1:40. Late Problem Sets will not be accepted
1. Question for Review 4, Chapter 7 (p.261) 2. Exercise 8, Chapter 7 (p.262) 3. Exercise 11, Chapter 7 (p. 262) 4.
Econ 301
Problem Set 3. Due on January 27, 2015
1 of 4
Name:
Student ID:
Section Number:
Instructions:
The problem set is due at the beginning of class on the due date. No exceptions.
You may work together, but everyone must write up the answers individ
Econ 301
Problem Set 2. Due on January 20, 2015
1 of 4
Name:
Student ID:
Section Number:
Instructions:
The problem set is due at the beginning of class on the due date. No exceptions.
You may work together, but everyone must write up the answers individ
Econ 301 (921)
Summer Session, Term I, June 2015
M. Vaney
Problem Set 4 - Solutions
1. Given
n
X
y = f (x1 ; : : : ; xn ) =
i xi
i=1
!
If the production function is homothetic the Technical Rate of Substitution (Marginal
Rate of Technical Substituion) bet
Econ 301
Problem Set 1. Due on January 13, 2015
1 of 2
Name:
Student ID:
Section Number:
Instructions:
The problem set is due at the beginning of class on the due date. No exceptions.
You may work together, but everyone must write up the answers individ
Econ 301
Problem Set 9. Due on March 17, 2015
Page 1 of 5
Name:
Student ID:
Section Number:
Instructions:
The problem set is due at the beginning of class on the due date. No exceptions.
You may work together, but everyone must write up the answers indi
1. Bellas budget line for x and y depends on all of the
following except
a.
b.
c.
d.
e.
the amount of money she has to spend on x and y.
the price of x.
her preferences between x and y.
the price of y.
None of the above.
3. While traveling abroad, Tammy s
Econ 301 (921)
Summer Session, Term I, 2015
M. Vaney
Problem Set 4
Due: June 18 at the beginning of lecture. At least one question will be graded.
1. For the production function
y = f (x1 ; : : : ; xn ) =
n
X
i xi
i=1
!
with
0
i
0 6=
<1
Determine whether
Econ 301
Problem Set 12. Due on Thursday, April 9, 2015
Page 1 of 8
Name:
Student ID:
Section Number:
Instructions:
The problem set is due at the beginning of class on the due date. No exceptions.
Note that you have two days more than normal for this pr
Problem Set 2 Solutions
Econ 355 - Introduction to International Trade
2014-2015 Winter Term 1
1
True/False/Uncertain
1. False. If both Manufacturing and Agriculture goods prices decrease by 5%, the relative price does not
change (i.e. the new relative pr
Econ 301
Solutions Problem Set 7. Due on March 03, 2015
Page 1 of 4
Name:
Student ID:
Section Number:
Instructions:
The problem set is due at the beginning of class on the due date. No exceptions.
You may work together, but everyone must write up the an
Lecture 12 Econ 301 Professor S. Severinov
Economics of the Firm Costs of Production, Supply
Supply of a competitive firm
Optimal output maximizes profits Let P me the price of output. Profits are: Pq C(q) Take the derivative with respect to q and set to
1/7/2013
Organisation of the course:
Lectures
Discussion sessions
ECON 301
Course page:
http:/faculty.arts.ubc.ca/sseverinov/econ301.htm
Check for new material before and after each lecture
Professor Sergei Severinov
Lecture 1
Introduction: Concepts a
ECON 301 FINAL - SUMMER 2009 - Solutions
PART A:
1. taxation of inelastic goods allows revenue to be raised without generating much deadweight loss.
2. q = 25
3. notes
4. RC consumes only leisure. lazy.
5. contract curve runs diagonally from OA to OB .
6.
Econ 308: Intermediate Microeconomic Assignment Analysis 3
1. (10 marks) Maslow has certain needs for food and clothing. Last month the price of food
was $20 per kg and the price of clothing was $12 per garment. Last month Maslow
consumed 6 kgs of food an
University of British Columbia
Vancouver School of Economics
Economics 301 (921)
Summer Session, Term 1, 2014
M. Vaney
Midterm Examination
Number
Part Points Available
A.1
5
A.2
5
A.3
5
A.4
5
B.1
20
B.2
20
Total
60
Points Earned
Time Allowed: 75 Minutes
A
ECON 301 Professor S. Severinov PROBLEM SET 1 Due: January 21 in class (by 1:45pm) (Late Problem Sets will not be accepted) 1. 2. 3. 4. 5.
7.
Exercise 1, Ch.1 (p18.) Review Question 9, Ch2. (p. 62) Review Question 11, Ch2. (p. 62) Exercise 1, Ch 2. (p.62)
ECON 301
Professor S. Severinov
Winter 2013-2014
UBC
PROBLEM SET 1
Due: January 28 in class (by 12:15pm)
(Late Problem Sets will not be accepted!)
1.
2.
3.
4.
5.
6.
Exercise 1, Ch.1 (p19.)
Review Question 9, Ch2. (p. 61)
Review Question 11, Ch2. (p. 61)
E
University of British Columbia
Department of Economics
Economics 301 (921)
June 2011
M. Vaney
Final Examination
Part Points Available
A
20
B.1
20
B.2
20
B.3
20
B.4
20
Total
100
Points Earned
Instructions
1. Check that your name and student number are on t
Econ 301
Professor Severinov
Answer Key
Problem Set 3
1. The demand function for x is given by x(px, py, I)= 5px-1/2 py1/4I1/4. Find own-price,
cross-price and income elasticities of demand.
X ( p X , pY , I ) 5 p X1 2 p1y/ 4 I 1 / 4
Own-price elasticity
Economics301: Quiz 1 (Fall 2010)
You have35 minutesto completethis quiz. Pleasedo not turn to pagetwo until askedto.
GOOD LUCK!
1
Section I: True or False This sectionis worth a total of 6 marks. There are 6 questionsworth 1 marks each;answerall of them.
Intermediate Microeconomics
Econ 301
UBC
Professor Sergei Severinov
Answer Key to Problem Set 2
1.
X ( p X , pY , I ) 5 p X1 2 p 1 / 4 I 1 / 4
y
Own-price elasticity of the demand for X:
pX
dX p X
1
1
1
( )5 p X3 / 2 pY / 4 I 1 / 4
1 / 2 1 / 4 1 / 4
dp X
Chapter 21
Cost Curves
An economist is a person who, when invited to give a talk at a banquet, tells the audience that
theres no such thing as a free lunch
Cost
In this Chapter, we focus on cost since the
cost function is important for the firms
optimal d
Econ 301
Problem Set 3 Solutions. Due on January 27, 2015
1 of 7
Name:
Student ID:
Section Number:
Question 1
For each of the utility functions listed below, calculate (1) the marginal utility of x1 , (2)
the marginal utility of x2 , and (3) the marginal
Econ 301
Problem Set 7. Due on March 03, 2015
Page 1 of 3
Name:
Student ID:
Section Number:
Instructions:
The problem set is due at the beginning of class on the due date. No exceptions.
You may work together, but everyone must write up the answers indi
CHAPTER 17-Auctions
MULTIPLE CHOICE
1. First Fiddlers Bank has foreclosed on a home mortgage and is selling the house at auction. There are
three bidders for the house, Jesse, Shelia, and Elsie. First Fiddlers does not know the willingness to
pay of any o
CHAPTER 13-Risky Assets
MULTIPLE CHOICE
1. Suppose that Ms. Lynch in Problem 1 can make up her portfolio using a risk-free asset that offers a
surefire rate of return of 10% and a risky asset with an expected rate of return of 20%, with standard
deviation
3/6/2017
Lecture 14
Econ 301
Professor S. Severinov
Production
Isoquants: Special Cases
Two extreme cases show the possible
range of input substitution in production
Example1: Perfect substitutes
Production Function is F(K,L)=aK+bL
Where a and b are posi
3/9/2017
Lecture 16
Econ 301
Professor S. Severinov
Costs of Production
Marginal and Average Costs
U-shaped
Cost
($ per
unit)
MC
ATC
B
C
A
Increasing
Returns
AVC
AFC
Decreasing
Returns
Output
(units/yr.)
Shape of Average Variable Cost
As output increases,
2/13/2017
Lecture 13
Econ 301
Professor S. Severinov
Production
Topics
The Technology of Production, Production
Function
Production with One, Two and more inputs
Marginal and Average Products
Isoquants, MRTS
Returns to Scale
Production Function
The firms
1/24/2017
Econ 301
Intermediate Microeconomics
Lecture Notes 7
Individual and Market Demand
Professor S. Severinov
Individual Demand
Shows much of a particular good an
individual consumer (household) should
optimally purchase
Depends on consumer prefere