ECON 2101/2210
William Chan
Problem Set 5
(October 28, 2013)
1. Explain whether the following statements are True or False:
a. A consumer spends his income on 2 commodities, X and Y. When X costs $3 e
ECON 2101/2210
William Chan
Problem Set 3
(Due September 30, 2013)
1.
No. 3 in Problem Set 2.
2.
Explain whether the following statements are True or False:
a.
In a world with two commodities, x and y
ECON 2101/2210
William Chan
Problem Set 8
(Due November 18, 2013)
1. Explain whether the following statement is True or False: At a bank on campus, the queue for
services can get quite long during pea
ECON 2101/2210
William Chan
Problem Set 7
(Due November 11, 2013)
1.
Evaluate and explain whether the following statements are True or False.
a.
A monopolist with constant marginal costs faces a deman
Microeconomic theory
Econ2101/Econ2210
Midterm Examination Fall 2013
You are NOT allowed to use class notes, textbooks or any reference related
with the course materials. The use of calculator is OK.
CHAPTER 7
Uncertainty and Information
Most of the problems in this chapter focus on illustrating the concept of risk aversion.
That is, they assume that individuals have concave utility of wealth func
CHAPTER 4
UTILITY MAXIMIZATION AND CHOICE
The problems in this chapter focus mainly on the utility maximization assumption. Relatively simple computational problems (mainly based on CobbDouglas and C
CHAPTER 3
PREFERENCES AND UTILITY
These problems provide some practice in examining utility functions by looking at indifference curve maps and at a few functional forms. The primary focus is on illus
CHAPTER 5
INCOME AND SUBSTITUTION EFFECTS
Problems in this chapter focus on comparative statics analyses of income and ownprice changes. Many of the problems are fairly easy so that students can appr
CHAPTER 2
MATHEMATICS FOR MICROECONOMICS
The problems in this chapter are primarily mathematical. They are intended to give students
some practice with the concepts introduced in Chapter 2, but the pr
CHAPTER 6
DEMAND RELATIONSHIPS AMONG GOODS
Two types of demand relationships are stressed in the problems to Chapter 6: crossprice
effects and composite commodity results. The general goal of these p
Microeconomic Theory
ECON2101/ECON2210
Bei Qin
1 / 49
The theory of the rm: production and cost
2 / 49
The goal of rms?
3 / 49
The goal of rms?
Prot Maximizing
Prot=market value of products  cost :
Microeconomic theory
Econ2101/Econ2210
Solution for Midterm Examination Fall 2013
Part 1. Multiple choice (There can be more than one choice.)
1.1 D
1.2 A
1.3 A
1.4 CF
1.5 E
1.6 E
1.7 A
1.8 B
1.9 A
1.
CHAPTER 10
COST FUNCTIONS
The problems in this chapter focus mainly on the relationship between production and cost functions. Most of the examples developed are based on the CobbDouglas function (or
CHAPTER 8
STRATEGY AND GAME THEORY
These problems cover a variety of different concepts introduced in the chapter. They range in difficulty from the simplest exercise of finding the Nash equilibrium i
Macroeconomic Analysis
Econ 6022
Lecture 8
Fall, 2015
1 / 22
Overview
Last week, we studied the governments optimal fiscal
policy, or how government interacts with households in
private sector.
This
CHAPTER 17
CAPITAL AND TIME
The problems in this chapter are of two general types: (1) those that focus on
intertemporal maximization and (2) those that ask students to make fairly simple present
disc
CHAPTER 19
EXTERNALITIES AND PUBLIC GOODS
The problems in this chapter illustrate how externalities in consumption or production
can affect the optimal allocation of resources and, in some cases, desc
CHAPTER 18
Asymmetric Information
Most of the problems in this chapter focus on different applications of the principalagent
model. Additional problems are provided on auctions and the lemons problem
CHAPTER 14
MONOPOLY
The problems in this chapter deal primarily with marginal revenuemarginal cost calculations in different contexts. For such problems, students' primary difficulty is to remember t
CHAPTER 16
LABOR MARKETS
Because the subject of labor demand was extensively treated in Chapter 11, the problems
in this chapter focus primarily on labor supply and on equilibrium in the labor market.
CHAPTER 13
GENERAL EQUILIBRIUM AND WELFARE
The problems in this chapter focus primarily on the simple twogood general equilibrium
model in which supply is represented by the production possibility fr
CHAPTER 12
THE PARTIAL EQUILIBRIUM COMPETITIVE MODEL
The problems in this chapter focus on competitive supply behavior in both the short and long runs. For shortrun analysis, students are usually ask
CHAPTER 15
Imperfect Competition
The problems in this chapter provide the student with some practice with many of the different models of imperfect competition introduced in the text. Space considerat
CHAPTER 11
PROFIT MAXIMIZATION
Problems in this chapter consist mainly of applications of the P = MC rule for profit maximization by a pricetaking firm and some examination of the firms derived deman
CHAPTER 9
PRODUCTION FUNCTIONS
Because the problems in this chapter do not involve optimization (cost minimization principles are not presented until Chapter 9) they tend to have a rather uninterestin
Macroeconomic Analysis
Econ 6022
Lecture 4
Fall, 2015
1 / 63
Overview
What is a Business Cycle?
Business Cycle Facts
A framework for analysis of business cycles
2 / 63
Cycles and Growth in the U.S.

Income elasticity of demand
M/X * dX/dM
Price elasticity of demand
dX/dPx * Px/X
 If we are required to find the demand function use MU1/MU2=P1/P2 to
represent the function
 To know if the MRTS is