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.
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.
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 j
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.
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
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. Com
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 incom
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 c
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. Tur
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 wor
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 serv
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 w
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 p
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
Product
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
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