Due April 11th , 2011 Monday before lecture in LTC
1. Mul tiple choice (5 points each, 25 points total)
1) The steeper the slope of the total product curve, the
A) larger is the marginal product of labor.
B) smaller is t
1. The opportunity cost of the extra 10 points is the movie
forgone when you stayed home to study.
3. The opportunity cost of going to school is $9,600 of
goods and services.
Econ 110 L3 & L4 (circle your lecture #)
Tutorial #: _
Instructor: Yan YU
General instruction: You have 100 minutes for this exam. You may use calculators if
necessary. There is a total of
edit Master subtitle style
tnomic Choice Choices
d and Costs
Econ 110 L2 Introductory Microeconomics
Instructor: Yan YU
Homework #1 Due on Feb. 28 (Monday) before Lecture (in LTC)
I. Multiple choices (5 points each, 40 points total)
Which of the following is a macroeconomic issue?
The Economics of
Most of our development of economics has
assumed that both consumers and firms were
endowed with perfect information. Here, we
focus on how imperfect information and
Econ 110 Introductory Microeconomics
Midterm Spring 2006
Analytical Questions: Please answer all questions
Recently there are demonstrations in France by students protesting against
a government bill. According to the bill, there will be relaxati
1. In the long run,
A) any firm can enter the industry.
B) any firm can enter the industry if there is no barrier to entry.
C) any firm can enter the industry only if existing firms earn economic profit.
D) any firm can enter the industry only if it is a
The Organization of the
Introduction What is a Firm
What is firm?
A firm is an institution that hires factors of
production and organizes them to produce and
sell goods and services for profit (maximizes)
Entrepreneur is the factor of
Game Theory: Inside
Overview of games and strategic thinking
Simultaneous-move, one-shot games
Infinitely repeated games
Finitely repeated games
Games with an uncertain final period
Games with a known final period: the end-ofpe
The Nature of Industry
How to analyze an industry, for example:
How concentrated are sales in one industry
relative to another?
How do price-cost margins vary by industry?
How do advertising and R&D expenditures vary
EFFECTIVE COMMUNICATION IN BUSINESS
Pitching an Idea
Pitching to Facilities Management Office (Team)
The Situation and Purpose
For the Global Entrepreneur Week the Facilities Management Office (FMO) has
decided to offer a shop area
Quiz 4 Discrete distributions
1. A new car salesperson knows that he sells cars to one in every twenty customers
who enter the showroom. What is the probability that he will sell a new car to exactly
two of the next three customers?
Economics 102: Introductory Microeconomics
Answers to Problem Set 6
If an early freeze in California sours the lemon crop, the supply curve for lemons shifts to
the left, as shown in Figure 5.
a. Figure 5 shows the market for beer without the tax. The equilibrium price is P1 and the
equilibrium quantity is Q1. The price paid by consumers is the same as the price received by
Problem Set 6 Solutions
Chapter 12: Problem 6
a. Calypso will produce 2 cubic feet a day and sell it for 6 cents a cubic foot.
Draw in the marginal revenue curve. It runs from 10 on the y-axis to 2.5 on the x-axis.
The profit-maximizing output is
Problem Set 4 Solutions
Chapter 9: Problem 2
a. All methods other than pocket calculator with paper and pencil are technologically
To use a pocket calculator with paper and pencil to complete the tax return is not a
Problem Set 5 Solutions
Chapter 10: Problem 8
a. If the firm is producing where it experiences economies of scale, then by increasing its
plant size the firm moves along its long-run average cost to a lower long-run average
cost. As a result, the
Problem Set 3 Solutions
Chapter 5: Problem 2
a. The minimum supply-price equals the lowest price at which a producer is willing to
produce the given quantity.
Anns minimum supply-price for 10 rides is $15.00; Arthurs minimum supply-price is