Economics 101
Spring 2001
Section 4 - Hallam
Problem Set 9
Due date:
1.
April 27,2001
Consider a monopolist with the following demand, cost, and marginal cost functions:
q
C(q)
MC(q)
D(p)
900
q
120
0.5 q
p
2
a.
What is the inverse demand function (What is
The table below shows the answers given by interviewees to the Labour Force Survey:
Person A
Now that kids are in school full-time, this person is looking for work and has been interviewed
for three jobs over the past 2 weeks.
Person B
This person has bee
1) In calculating GDP, economists use the value of final goods and services because
A) by using final goods and services, they avoid double counting.
B) final goods can be exported to other countries.
C) intermediate goods are imported from other countrie
Economics 101 Spring 2001 Section 4 - Hallam Problem Set #1 Due date: 1. January 22, 2001
Give 2 examples of each of the following types of inputs for a producer who is making computer tables, monitor stands, and chairs for use in home offices. a. b. c. c
Economics 101
Spring 2001
Section 4 - Hallam
Problem Set #5
Due date:
1.
March 2, 2001
Consider the following data on quantities of q1 and q2 and utility. In the table q2 is held fixed at 3 units. Compute
marginal utility for each change in q1. Rather tha
Economics 101 Spring 2001 Problem Set #6 Due date: 1. March 9, 2001
On the graphs on the attached pages, there is an increase in the price of good 1. The initial situation is p1 = 4, p2 = 4, and income = 76. Then the price of p1 rises to 9. The consumer b
Economics 101 Spring 2001 Section 4 - Hallam Problem Set #2 Due date: 1. February 2, 2001
Consider the market for portable CD players. In a supply and demand diagram show a demand curve and a supply curve. Label them D1 and S1 respectively. For each of th
Economics 101 Spring 2001 Section 4 - Hallam Problem Set #4 Due date: 1. February 19, 2000
Gilligan and the Skipper live on an island. The following table represents their output in a day of work. Turtles 30 60 Coconuts 6 10 (Show work) (Show work) (Show
Economics 101 Spring 2001 Section 4 - Hallam Problem Set #3 Due date: 1. February 12, 2001
Robinson Crusoe and Man Friday live on an island. The following table represents their output in a day of work. Robinson Crusoe Man Friday a. b. c. d. Fish 10 12 Ca
Economics 101 Spring 2000 Section 4 - Hallam Quiz 1 1. Which of the following is a correct statement about making a table? a. Varnish is an expendable and a saw is capital. b. Nails are a capital service. c. The time supplied by skilled labor is a capital
Economics 101 Spring 2001 Problem Set #7 Due date: 1. March 30, 2000
Consider the following production function y 40 x1 20 x2 2 x1
2
x2
2
The price of x1 is given by w1 = $600 and the price of x2 is w2 = $100. You are trying to find which of the following
Economics 101 Spring 2000 Section 4 - Hallam Quiz 4 1. Which of the following is a reasonable method to construct the production possibility set, which is the set of all output combinations that are producible for a given set of inputs. a. pick a level of
The Firm, Production and Cost
1. Revenue R (p , y) pj yj
m
j 1 n
2.
Cost
c(x, w)
m
C
n
i 1
wi xi
C (y , w) where x is chosen optimally
3. 4.
Profit
j 1
pj yj
i 1
wi xi
py
f (x)
w 1 x1
w2 x2
Production function
max [y : ( x, y ) is an element of the pro
Economics 101 Spring 2000 Section 4 - Hallam Quiz 2 1. Which of the following is a reasonable method to construct the production possibility frontier which is the efficient boundary of the production possibility set? a. pick a level of the two outputs and
Economics 101
Spring 2001
Section 4 - Hallam
Problem Set #8
Due date:
1.
Choose 3 of the 11 markets listed below. To what extent do they satisfy the 7 conditions for perfect
competition? In each case give reasons for your conclusion.
1.
2.
3.
4.
5.
6.
7.
Refer to the table below to answer question 1 to 3.
Table 27.2.1
Y
(trillions of
dollars)
1.0
2.0
3.0
4.0
5.0
6.0
C
(trillions of
dollars)
1.00
1.65
2.30
2.95
3.60
4.25
I
(trillions of
dollars)
0.5
0.5
0.5
0.5
0.5
0.5
G
(trillions of
dollars)
0.7
0.7
0.7