Problems Set 1
Sketch of Answers
Due Tuesday, September 15, 2015
Chapter 1 Preliminaries
1. Dene the following terms.
(a) Microeconomics: studies individual decision making and its collective eect on
the allocation of a societys scarce resources.
(b) Macr
EC301 Problem Set 1
Professor Hanzhe Zhang (hanzhe@msu.edu)
Due on Tuesday, January 24, 2017
Please turn in your homework at the beginning of the class!
NO late homework is accepted!
Please write your names and PIDs clearly!
Please write your answers on n
Economics 301 - Homework 8
Fall 2013
Dickert-Conlin
Answer Key
1. Suppose the restaurant industry is perfectly competitive. All producers have identical costs curves and the
industry is currently in long run equilibrium with each producer producing at its
EC 301 Spring 2011: Solutions to problem set 3
Assignment date: Feb 28, 2011
Due date: Mar 16, 2011
Total Points: 15 points
1.
Answer to 7.4
To use information about APL to find out about MPL, we must first use the APL
information to find out about total
EC 301 Spring 2014: Solutions to problem set 2
Assignment date: Feb 3, 2014
Due date: Feb 12, 2014
Total Points: 15 points
1.
To determine how Bert ranks the five bundles, we should calculate the utility that Bert
receives from each bundle. Even before we
EC 301-1 Spring 2015: Midterm 1 with solutions
Feb 17, 2015
Total Points: 100
Time: 1 hour 10 minutes
Version: B
1.
(5 + 10 + 10 = 25 points) Bob spends all his income on two goods, X and Y. The
following diagram shows Bobs optimal consumption bundle A (o
EC 301 Spring 2014: Solutions to problem set 6
Assignment date: Apr 16, 2014
Due date: Apr 23, 2014
Total Points: 15 points
1.
From Worked-Out problem 19.1, we know that the marginal revenue functions are:
MRJ = 100 0.01QR 0.02QJ
MRR = 100 0.01QJ 0.02QR
S
Problems Set 3
Due Tuesday, October 20, 2015
Most of the questions are derived from (but not the same as) the in-text exercises in the
book. Usually a worked-out problem showing all steps of the problem is presented before the
in-text exercise. Before you
Problems Set 2 Suggested Answers
Due Tuesday, September 29, 2015
Chapter 4. Consumer Preferences
1. B&W Page 105, In-Text Exercise 4.4
Question: Bert enjoys both Coke andp
Mountain Dew. His preferences correspond to
the utility function U (C, M ) = C + 3
Problems Set 1
Sketch of Answers
Due Tuesday, September 15, 2015
Chapter 1 Preliminaries
1. Define the following terms.
(a) Microeconomics: studies individual decision making and its collective eect on
the allocation of a societys scarce resources.
(b) Ma
EC 301 Spring 2014: Problem set 3
Assignment date: Feb 24, 2014
Due date: Mar 12, 2014
Total Points: 15 points
Note: Your score will be based on your overall performance in answering all questions in
this problem set. Answers to specific questions will no
EC 301 Spring 2016: Solutions to problem set 4
Assignment date: Mar 15, 2016
Due date: Mar 22, 2016
Total Points: 15 points
1.
If Dan produces, he will choose a quantity that satisfies the quantity rule:
P = MC
P = 4 + (Q/20)
P 4 = Q/20
20P 80 = Q
Dan wil
Problems Set 1
Due Tuesday, September 15, 2015
Chapter 1 Preliminaries
1. Dene the following terms.
(a) Microeconomics.
(b) Macroeconomics.
(c) Markets.
(d) Property right.
(e) Model.
2. Which of the following, if any, is an example of a market, and which
Economics 301
Fall 2013
Stacy Dickert-Conlin
Homework 1
Name
Section enrolled in (circle one): 8:30 10:20
Due: Thursday, September 12 at the start of class
Two randomly selected questions (chosen by Professor Dickert-Conlin) will be graded for credit. All
Economics 301 Fall 2013
Dickert-Conlin
Answer key of Homework 6
Two randomly selected questions will be graded for credit, each worth 10 points. Always show all your work, so that you can receive partial credit.
Use extra pages if necessary, but make sure
Problems Set 3 Solutions
Due Tuesday, October 20, 2015
Most of the questions are derived from (but not the same as) the in-text exercises in the
book. Usually a worked-out problem showing all steps of the problem is presented before the
in-text exercise.
Economics 301
Fall 2013
Stacy Dickert-Conlin
Homework 2
Name
Section enrolled in (circle one): 8:30 10:20
Due: Thursday, September 19 at the start of class
Two randomly selected questions (chosen by Professor Dickert-Conlin) will be graded for credit. All
Economics 301
Homework 3
Name
Fall 2013
PID _
Stacy Dickert-Conlin
Section enrolled in (circle one): 8:30 10:20
Due: Thursday, September 26 at the start of class
Two randomly selected questions (chosen by Professor Dickert-Conlin) will be graded for credi
EC 301 Spring 2015: Solutions to problem set 3
Assignment date: Feb 26, 2015
Due date: Mar 5, 2015
Total Points: 15 points
1.
To use information about APL to find out about MPL, we must first use the APL
information to find out about total output. Since A
EC 301 Spring 2014: Problem set 6
Assignment date: Apr 16, 2014
Due date: Apr 23, 2014
Total Points: 15 points
Note: Your score will be based on your overall performance in answering all questions in this
problem set. Answers to specific questions will no
EC301
Midterm Exam 2
1) Joes utility from consuming wine and beer is U (qb ,q w ) = 3qb + 2q w , where q b is the
amount of beer he consumes and q w is the amount of wine he consumes. (30 points)
a) Suppose the price of beer is $8 per gallon, the price of
Homework 2
1) Professor Goodheart always gives two midterms in his mathematics class. He
only uses the higher of the two scores that a student gets on the midterms
when he calculates the course grade.
a) Nancy wants to maximize her grade in this course. L
EC 301 Spring 2014: Problem set 4
Assignment date: Mar 12, 2014
Due date: Mar 19, 2014
Total Points: 15 points
Note: Your score will be based on your overall performance in answering all questions in this
problem set. Answers to specific questions will no
Economics 301
Fall 2013
Stacy Dickert-Conlin
Answer Key for Homework 1
1. The state of Texas has alcohol policy that varies
by county. In particular, some counties do not
allow the sale of any alcohol (dry); some allow
only the sale of beer and wine (beer
1) Which of the following conditions must be true so that a firm can price discriminate?
A) There are no other firms in the market.
B) The good is a non-durable.
C) The good cannot be easily resold.
D) All of the above.
Answer: C
2) Theatres charge lower
EC 301
Intermediate Microeconomics
Fall 2012
Tuesday and Thursday 10:20-11:40 am
128 Natural Science Building
Thomas D. Jeitschko
210E MAH
Office Hrs: W 9:00-noon
Tel: 355-8302
E-mail: jeitschk@msu.edu
Economics 301
Intermediate Microeconomics
First Midte
Chapter 13
Question 6:
Why does differentiating its product allow an oligopoly to charge a higher price?
Solution:
By differentiating its product, a firm makes the residual demand curve it faces less elastic
everywhere. For example, no consumer will buy f
Review session for Midterm 2
EC 301, Spring 2017
Arijit Mukherjee
Logistic details
When?
March 23rd, 2:40 4:00 PM
Where?
Wilson Hall C102
No need to bring blue books
Open book!
Can consult your text book/classnotes
But
Cannot use any communication device
Long Run Production and Costs
III. Long run
a. Production Function
i. General Production Function and isoquant
ii. Cobb Douglas Production Function
iii. Marginal Rate of Technical Substitution
iv. Input substitutability
v. Returns to Scale
b. Cost Functio
The Spectrum of Market Structures
Number of Firms?
Many Firms
One
Firm
Type of Product?
Few
Firms
Differentiated
Monopoly
Tap water
Cable TV
Oligopoly
Pop/Soda
Tennis balls
Crude oil
Monopolistic
Competition
Novels
Movies
Identical
Perfect
Competiti
Deriving Market Demand
What is the economic theory of where an individuals demand for a good comes from?
Where does the market demand come from?
Example 1: Flower market
I. Model
2 people in the market, Kims inverse demand P = 12-2qK , Loris inverse deman