ECON201/301
NAME:
Fall 2013
STUDENT ID NUMBER:
Final Exam
TA NAME & TUTORIAL TIME/DATE:
The final exam is worth 40 points. You have 3 hours to complete the exam. Be sure to show your work. Partial
credit will be awarded.
1. Suppose that the production of
Preferences
Dr. Andrew McGee
Simon Fraser University
Consumer Choice or Rational
Choice Problem
Basics
Axioms of Rational Choice
Axioms of Rational Choice
Axioms of Rational Choice
5. Convexity: People prefer balanced or
mixed consumption bundles
-E.g., p
Additional Demand Stuff from
Chapter 6
Dr. Andrew McGee
Simon Fraser University
Substitutes & Complements
To this point, we studied how a change in
the price of X affects the demand for X.
What happens to the demand for X when
the price of Y changes?
Supp
Lecture 4
Dr. Andrew McGee
Simon Fraser University
Illustration of lump-sum principle
Evaluating the effects of a lump-sum
income tax versus a tax on goods from a
welfare (utility) perspective
Y
Y
Lump-sum income tax
BC
Per-unit tax on good X only
BC
X
BC
Monopoly
Dr. Andrew McGee
Simon Fraser University
Monopoly Assumptions &
Implications
1.
Single seller of a single good (many
buyers)
2.
Something prevents entry into this market,
resulting in a single seller
Monopolist chooses an output level
Monopolist
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Production
Dr. Andrew McGee
Simon Fraser University
Productions functions
Production functions: a recipe. For given
levels of inputs, how much output you get.
P.f. characterize the production technology
used by the firm
The technology describes what a fir
General Equilibrium
Dr. Andrew McGee
Simon Fraser University
Knucklehead
Talk about the Walrasian auctioneer and
tatonnement
Interconnectedness of markets
Suppose new research is released
showing that wine consumption is good for
ones overall health.
Dema
Cost Functions
Dr. Andrew McGee
Simon Fraser University
Where we stand
What we know
Production function: (K,L) Q
Suppose we know
w = wage rate of L
R = rental rate of K
Then we can determine how much it costs
for a firm to produce an amount Q=f(K,L)
assum
Profit Maximization
Dr. Andrew McGee
Simon Fraser University
Firm Behavior
We know what a firm can produce in terms
of output with any amount of input
(production function)
We know how much producing any
amount of output will cost a firm given our
knowled
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Final exam
NAME:
ECON 201/301 Fall 2012
Student ID#:
TA Name:
Tutorial (Number, day, time):
The final exam is worth 40 points. Show ALL of your work. Partial credit will be awarded.
1. Robinson Crusoe and Mr. Friday find themselves on an uninhabited plane
Final exam
NAME:
ECON 201/301 Spring 2013
Student ID#:
TA Name:
Tutorial (Number, day, time):
The final exam is worth 40 points. Show ALL of your work. Partial credit will be awarded.
1. Suppose the year is 1920 and your firm controls the only mine in the
ECON 201/301 D200
Name:
Fall 2013
Student ID Number:
Midterm exam
TA name & tutorial time:
You have 1 hour and 50 minutes to complete the exam. Be sure to show your work. Partial
credit will be awarded. If you transform a utility function (which you shoul
ECON 201/301
Name:
Spring 2013
Student ID #:
Midterm
TAs name and tutorial time:
You have 1 hour and 45 minutes to complete the following exam. Clearly label all of your graphs.
1.(a) Suppose that a consumer is indifferent between two bundles C and D. Eac
Midterm
NAME:
ECON 201/301 Fall 2012
Student ID#:
TA Name:
Tutorial (Number, day, time):
The midterm exam is worth 40 points. Show ALL of your work. Partial credit will be awarded.
1. Each week Bull receives $30 to spend any way he pleases. Because he onl
ECON 201/301
Intermediate Microeconomic
Theory
Dr. Andrew McGee
Simon Fraser University
Basic concepts from
introductory microeconomics
Economics: study of efficient allocation of
scarce resources
Markets: mechanism for allocation
Alternatives: auctions,
Revealed Preference & the
Substitution Effect
Dr. Andrew McGee
Simon Fraser University
Revealed preference
The theory of demand to this point
required that we assume the existence of
utility functions and then solve the
consumer choice problem to derive
d