Department of Economics, HKUST
ECON 198 MICROECONOMIC THEORY I
Semester: Spring 2009 Lecture time: Mon & Wed 10:30am - 11:50am Teaching assistant: Peter TSUI (E-mail: ecpeter@ust.hk, Office: 2393) Tutorial hour: Fri 5:00pm-5:50pm Prof. S. F. Leung E-mail:
Department of Economics, HKUST
ECON 198 Microeconomic Theory I
Semester: Spring 2008/09
Tutor: Peter K. Tsui Email: ecpeter@ust.hk Office number: Room 2393 (ext.7597) Office hours: Wed 3:00p.m. 5:00p.m.
Homework #4 (Answer Key)
Note: This answer key serve
Department of Economics, HKUST
ECON 198 MICROECONOMIC THEORY I
Semester: Spring 2007 Prof. S. F. Leung
Final Examination May 22, 2007 8:30 am 11:30 am
This is a closed book examination. You have 180 minutes to complete the test. Write coherently, lucidly,
Department of Economics, HKUST
ECON 198 Microeconomic Theory I
Semester: Spring 2006/07
Tutor: Peter K. Tsui Email: ecpeter@ust.hk Office number: Room 2393 (ext.7597) Office hours: Thur 3:00p.m. 5:00p.m.
Note: This set of solutions serves only as guidelin
Department of Economics, HKUST
ECON 198 MICROECONOMIC THEORY I
Semester: Spring 2007 Prof. S. F. Leung
Midterm Examination March 27, 2007 10:30 am 11:50 am
This is a closed book examination. You have 80 minutes to complete the test. Write coherently, luci
Department of Economics, HKUST
ECON 198 Microeconomic Theory I
Semester: Spring 2006/07
Tutor: Peter K. Tsui Email: ecpeter@ust.hk Office number: Room 2393 (ext.7597) Office hours: Thur 3:00p.m. 5:00p.m.
Note: This set of solutions serves only as guidelin
Department of Economics, HKUST
ECON 198 MICROECONOMIC THEORY I
Semester: Spring 2008 Professor S. F. Leung
Final Examination May 29, 2008 4:30 pm 7:30 pm
This is a closed book examination. You have 180 minutes to complete the test. Write coherently, lucid
Department of Economics, HKUST
ECON 198 Microeconomic Theory I
Semester: Spring 2007/08
Tutor: Peter K. Tsui Email: ecpeter@ust.hk Office number: Room 2393 (ext.7597) Office hours: Mon 3:00p.m. 5:00p.m.
Note: This set of solutions serves only as guideline
Department of Economics, HKUST
ECON 198 MICROECONOMIC THEORY I
Semester: Spring 2008 Prof. S. F. Leung
Midterm Examination April 1, 2008 3 pm 4:20 pm
This is a closed book examination. You have 80 minutes to complete the test. Write coherently, lucidly, a
Department of Economics, HKUST
ECON 198 Microeconomic Theory I
Semester: Spring 2007/08
Tutor: Peter K. Tsui Email: ecpeter@ust.hk Office number: Room 2393 (ext.7597) Office hours: Mon 3:00p.m. 5:00p.m.
Note: This set of solutions serves only as guideline
Department of Economics, HKUST
ECON 198 Microeconomic Theory I
Semester: Spring 2008/09
Tutor: Peter K. Tsui Email: ecpeter@ust.hk Office number: Room 2393 (ext.7597) Office hours: Wed 3:00p.m. 5:00p.m.
Homework #3 (Answer Key)
Note: This answer key serve
Department of Economics, HKUST
ECON 198 MICROECONOMIC THEORY I
Semester: Spring 2009 Lecture time: Mon & Wed 10:30am - 11:50am Teaching assistant: Peter TSUI (E-mail: ecpeter@ust.hk, Office: 2393) Tutorial hour: Fri 5:00pm-5:50pm Prof. S. F. Leung E-mail:
Department of Economics, HKUST
ECON 198 Microeconomic Theory I
Semester: Spring 2008/09
Tutor: Peter K. Tsui Email: ecpeter@ust.hk Office number: Room 2393 (ext.7597) Office hours: Wed 3:00p.m. 5:00p.m.
Homework #2 (Answer Key)
Note: This answer key serve
1. Every point on the map sits on an indierence curve
2. Utility increases in the northeast direction
3. Indierence curves do not cross
4. Indierence curves are not bands
5. Indierence curves are continuous
6. Indierence curves are downward sloping
7. Ind
Cardinal Utility versus Ordinal Utility
Cardinal numbers versus ordinal numbers Cardinal numbers are quantities, e.g., one, two , three, etc. Ordinal numbers are rankings, e.g., rst, second, third, etc. Are the following cardinal or ordinal? page number t
Utility Maximization
Budget Constraint
Let px = price of good x; py = price of good y; and I = income. The budget constraint is given by px x + py y = I: What is the shape of the budget constraint? What is the slope of the budget constraint? What will be
Applications of Indierence Curve Analysis
1. Labor Supply
A consumer has the utility function U (x; `), where x = quantity of good x; and ` = amount of leisure (measured in hours). Suppose T = h + `; where T is the total number of hours available and h is
Demand Curves
x = d(px ; py ; I ) y = d(px ; py ; I ) From commodity space (x and y ) to price-quantity space (px and x). The determinants of the demand of x are px ; py ; and I: Demand curves have the following properties.
1. Homogeneity
d(tpx ; tpy ; tI
Figure 7 x is a substitute for y does not imply that y is a substitute for x
original budget line = MN original optimum = A When py ", the budget line pivots from MN to M the optimum moves from A N, to C hence y # and x ", thus x and y are substitutes (x
Department of Economics, HKUST
ECON 198 MICROECONOMIC THEORY I
Semester: Spring 2009 Lecture time: Mon & Wed 10:30am - 11:50am Teaching assistant: Peter TSUI (E-mail: ecpeter@ust.hk, Office: 2393) Tutorial hour: Fri 5:00pm-5:50pm Prof. S. F. Leung E-mail:
Department of Economics, HKUST
ECON 198 Microeconomic Theory I
Semester: Spring 2008/09
Tutor: Peter K. Tsui Email: ecpeter@ust.hk Office number: Room 2393 (ext.7597) Office hours: Wed 3:00p.m. 5:00p.m.
Homework #1 (Answer Key)
Note: This answer key serve
Department of Economics, HKUST
ECON 198 MICROECONOMIC THEORY I
Semester: Spring 2009 Lecture time: Mon & Wed 10:30am - 11:50am Teaching assistant: Peter TSUI (E-mail: ecpeter@ust.hk, Office: 2393) Tutorial hour: Fri 5:00pm-5:50pm Prof. S. F. Leung E-mail:
ECON 198 Microeconomic Theory I Prof. S. F. Leung Spring 2009
Introduction
Fields in economics: 1. Microeconomics 2. Macroeconomics To some scholars, there is no distinction between microeconomics and macroeconomics; there is only good economics. At the U