PARKIN
MICROECONOMICS
Solutions to
Odd-numbered
Problems
CHAPTER 1
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.
The opportuni
Econ110 L2
Spring 2011
Homework #4
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
Econ 110 L3 & L4 (circle your lecture #)
Name:
Spring, 2008
Student ID:
Midterm Exam
Tutorial #: _
Instructor: Yan YU
Total Score:
VERSION A
General instruction: You have 100 minutes for this exam. You may use calculators if
necessary. There is a total of
EconomicInequality
Chapter to
Click 19
6/16/11
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11
CourseOutline
tnomic Choice Choices
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utEconomics?
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roduction Markets
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d and Costs
olds Pro
Econ 110 L2 Introductory Microeconomics
Spring, 2011
Instructor: Yan YU
Homework #1 Due on Feb. 28 (Monday) before Lecture (in LTC)
I. Multiple choices (5 points each, 40 points total)
1)
A)
B)
C)
D)
Which of the following is a macroeconomic issue?
How a
Econ 110L2
Spring, 2011
Homework Assignment #5
Due on April 28 Thursday 11:50am in Room 2394
Q(newspaper20 day)
P(cents per newspaper
500 100
per
I. Multiple Choices (5 points each, 20 points total)
1.The marginal revenue curve for a single-price monopoly
Econ110 L2
Spring 2011
Homework #3
Due March 24th , 2011 Thursday before 11:50am in room 2394
1. Mul tiple choice (5 points each, 25 points total)
1) In the figure above, at point A the consumer is willing to give up _ pounds
of pickles to get one additio
Econ 110 L2
Spring, 2011
Homework Assignment #2
Due on March 17 in room 2394 before 11:50am
1)
1. Multiple choices ( 5 points each, 20 points total)
Producers total revenue will increase if
A)
income increases and the good is inferior.
B)
the price rises
Econ 110 L2
Name:_
Spring, 2011
Student ID #:_
Homework Assignment #6
Due on May 12 Thursday before 11:50am in room 2394
I. Multiple choices (5 points each, 20 points total)
1. The kinked demand curve model is based on the assumption that each firm believ
ECON 110
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
ECON 110
Problem Set 4 Solutions
Chapter 9: Problem 2
a. All methods other than pocket calculator with paper and pencil are technologically
efficient.
To use a pocket calculator with paper and pencil to complete the tax return is not a
technologically eff
ECON 110
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
ECON 110
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
$17.5
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
Econ 110 Introductory Microeconomics
Midterm Spring 2006
Analytical Questions: Please answer all questions
1. (15%)
Recently there are demonstrations in France by students protesting against
a government bill. According to the bill, there will be relaxati
Econ 110 L3 & L4
Spring, 2008
Instructor: Yan Yu
Final Exam
Name: _
I.D.#:_
Seat Number:_
General Instructions:
You have 180 minutes for this final exam. You may use calculators. Please check
first if you have a total of 9 pages including this cover page.
Slide 33 solution
Firm A: taking qB as given, maximize profit by choosing qA.
Similarly, we can find Firm Bs best reply function: qB=1/4 -1/2 qA
Solve for equilibrium qA and qB from the two best reply functions.
qA=qB=1/6.
P=2/3.
Slide 43 Solution
Firm A
Econ 110 L3 & L4
Spring, 2008
Instructor: Yan Yu
Final Exam
Name: _
I.D.#:_
Seat Number:_
General Instructions:
You have 180 minutes for this final exam. You may use calculators. Please check
first if you have a total of 9 pages including this cover page.
Chapter 5: Efficiency & Equity Objectives
Describe the alternative methods of allocating scarce
resources
Explain the connection between demand and marginal
benefit and define consumer surplus
Explain the connection between supply and marginal
cost and
Chapter 4: Elasticity Objectives
Define, calculate, and explain the factors that influence
the price elasticity of demand
Define, calculate, and explain the factors that influence
the cross price elasticity of demand and the income
elasticity of demand