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 (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
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
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
ECON 301
QUIZ 3
1. Walt considers x and y to be perfect substitutes. They originally cost $10 and $9 respectively. His
income is $720. One day the price of x drops to $8.
a. The income effect increases the quantity of y by 90.
b. The substitution effect i
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 (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 (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
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 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 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 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.
CHAPTER 11-Asset Markets
TRUE/FALSE
1. If the interest rate is 10%, then an asset that returns $1 a year forever is worth
ANS: F
.
DIF: 1
2. The interest rate is 10% and there is no inflation. A bond is available that can be redeemed either after
one year
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
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
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)
CHAPTER 25-Monopoly Behavior
TRUE/FALSE
1. Third-degree price discrimination occurs when a monopolist sells output to different people at different
prices but every unit that an individual buys costs the same amount.
ANS: T
DIF: 2
2. A monopolist who is a
CHAPTER 27-Oligopoly
TRUE/FALSE
1. In Cournot equilibrium each firm chooses the quantity that maximizes its own profits assuming that
the firms rival will continue to sell at the same price as before.
ANS: F
DIF: 1
2. In Bertrand competition between two f
1. Assume for simplicity that a monopolist has no costs of production and faces
a demand curve given by Q = 150 P .
(a) Calculate the prot-maximizing price-quantity combination for this monopolist. Also calculate the monopolists prot.
(b) Suppose instead
CHAPTER 23-Industry Supply
MULTIPLE CHOICE
1. In Problem 1, if the cost of plaster and labor were $11 per gnome and everything else is as in the
problem (gnome molds cost $1,000, interest rate is 10%), what is the lowest price of gnomes at which
there wou
CHAPTER 24-Monopoly
TRUE/FALSE
1. Since a monopoly charges a price higher than marginal cost, it will produce an inefficient amount of
output.
ANS: T
DIF: 1
2. If the interest rate is 10%, a monopolist will choose a markup of price over marginal cost of a
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
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
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.
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
CHAPTER 4-Utility
TRUE/FALSE
1. With quasilinear preferences, the slope of indifference curves is constant along all rays through the
origin.
ANS: F
DIF: 2
2. Wanda Lott has the utility function U(x, y) = maxcfw_x, y. Wandas preferences are convex.
ANS: F
CHAPTER 8-Slutsky Equation
TRUE/FALSE
1. A Giffen good must be an inferior good.
ANS: T
DIF: 1
2. If a good is an inferior good, then an increase in its price will increase the demand for it.
ANS: F
DIF: 1
3. The compensated demand function refers to the
CHAPTER 5-Choice
TRUE/FALSE
1. At a boundary optimum, a consumers indifference curve must be tangent to her budget line.
ANS: F
DIF: 1
2. Max Gross has the utility function U(x, y) = maxcfw_x, y. If the price of x is the same as the price of y,
Max will b
Answer Key to Problem Set 1. Sergei Severinov Exercise 1, Ch 1. Decide whether each of the following statements is true or false and explain why: a. Fast-food chains like McDonalds, Burger King, and Wendys operate all over the United States. Therefore the
ECON 301
Due: Oct 6/7
Submit answers to PART B and PART C (Problems 1-6).
Due at the beginning of class.
Answers must be typed or clearly hand-written (pdf).
No late problem sets will be accepted.
The problem set can be submitted in groups of up to 4 stud
Tools for Teaching with
Lifetime Inflation Activity
Author
Mark Bayles, Senior Economic Education Specialist
Introduction
This online activity shows how to use FRED, the Federal Reserves free economic data
website, to measure changes in the cost of living
ECON 301
Due: Oct 6/7
Submit answers to PART B and PART C (Problems 1-6).
Due at the beginning of class.
Answers must be typed or clearly hand-written (pdf).
No late problem sets will be accepted.
The problem set can be submitted in groups of up to 4 stud
University of British Columbia
Economics 301- Intermediate Microeconomic Analysis I
Sections 001 and 003
Instructor: Juliana Rogo
Email: jukozak@mail.ubc.ca
Office: Iona, 114
Office Hours: Fri. 13:30-14:30 and by
appointment
Course Website: Connect-UBC
Te
As price goes up, so does demand
Jul 18th 2007, 13:53 by The Economist | London
Not many economic papers start with a quote that suggests the authors will be assured
immortality, professionally speaking, and rapid promotion while still alive. Here, it may