Intermediate Microeconomics I - ECN 504
Final Exam
December 9, 2013
Professor: Dr. Paul Missios
Allotted time: 2.5 hours
Total marks: 120 marks
Answer all of the following six questions. Marks as indicated.
Question 1 (15 marks):
Consider an individual ma
Production with Multiple Inputs
378
12.1 In our development of producer theory, we have found it convenient to assume that the production
technology is homothetic.
A: In each of the following, assume that the production technology you face is indeed homot
Choice Sets and Budget Constraints
2
2.1 Any good Southern breakfast includes grits (which my wife loves) and bacon (which I love). Suppose
we allocate $60 per week to consumption of grits and bacon, that grits cost $2 per box and bacon costs $3
per packa
Ryerson University
Department of Economics
Haomiao Yu
Fall 2016
ECN504: Intermediate Microeconomics I Review Questions
1. Elizabeths utility function is U (R, Z) = Z + 80R
R2 where R is the number of
rose plants she has in her garden and Z is the number o
ECN 504
Assignment #3
Austin Rogers
Part I:
In the debate between food stamps versus cash subsidy, it would seem that either way the
consumer can get what they want and the option is irrelevant. However, as I take a look
into this case, the line between w
Micro Lecture 2 Chapter 2 & 3
Given the circumstances people make the best choice as they can.
o Constraints current income, skills, times
Consumers are small and have no power over prices, they are called price takers
Exogenous- the income which we have
I = Income
Py = Price of (y)
Pe = Price of elect. (10)
Pe' = Price of elect. (5)
Qe = Quantity of elect.(10)
Qe' = Quantity of elect. (5)
Qy = Quantity of (y)
1
All other consumption
as composite good (y)
0
0
200
400
Electricity (kWh) (e)
Qe =
Qy =
I
Pe
I
Anand Singh
ECN504
500707800
Bolor Narankhuu
Question# 1
a) Assign numbers for Px and Py and the income for x and y. (For example, Px =$5, Py =$1,
I=100, etc.) (1 point)
U(x,y) =
xy
Px = $5, Py = $1, I = 100
Budget Line Px*x + Py*y = M
5x + y = 100
b) Fi
ECN504
Assignment #1(C)
1. Suppose a business offers a 10% discount on the good x1 that it sells.
a. Illustrate a consumers before and after-discount budget constraint by modeling x2 as a
composite good.
b. Suppose you observe only the after-discount cons
Faculty of Arts
Department of Economics
ECN 504 Intermediate Microeconomics I
Fall 2016, Section 021
Classroom: EPH204
Class Time: Thursdays at 9 am 12 pm
Professional/Professionally Related Course
Lectures are 3 hours per week
Pre-Requisites: (ECN 101 or
CHAPTER 2
Graphing Choice Sets
-Endpoints/ intercepts: determined by the fixed income/ price of the good on each axis
ie/ $200/$20 for pants and $200/$10 for shirts
-To get slope:
ie/ going from A to B you have to give up 20 shirts to get 10 pants givin
Doing the Best We Can
134
6.1 I have two 5-year old girls Ellie and Jenny at home. Suppose I begin the day by giving each
girl 10 toy cars and 10 princess toys. I then ask them to plot their indifference curves that contain these
endowment bundles on a gr
181
Income and Substitution Effects in Consumer Goods Markest
7.1 Below we consider some logical relationships between preferences and types of goods.
A: Suppose you consider all the goods that you might potentially want to consume.
(a) Is it possible for
Intermediate Microeconomics I - ECN 504 - Midterm Exam
Dr. P. Missios - October 25, 2013
120 minutes (2 hours). Maximum 100 marks. Answer each of the following 4 questions (25 marks
each). Show your work.
#1. Consider an individual making choices over two
Practice Questions 2
.l~) Identify which kind of preferences the following utiiity functions represent. For each of the
following utility functions, derive the demand functions for X and Y as Functions of prices and income.
Explain whether these goods are
ECN 504 Fall 2013
Dr. Paul Missios
Practice Math Questions
Question 1 Find the first order and second order derivatives of the following functions:
(i)
(ii)
(iii)
(iv)
(v)
(vi)
f(x) = (3x4+5x3-2x) 7 + 25 ln x
f(x) = 6x + 1
f(x) = 2 x 3 + 8x 2 + 3x + 4
f(x
Practice Questions Solutions
1. To determine the returns to scale, we compare f ( K; L) to f (K; L) with > 1.
(a)
f ( K; L) = ( K)2 ( L)2 = 4 K 2 L2 = 4 f (K; L) > f (K; L)
so IRS
f ( K; L) = ( K)1=3 ( L)2=3 =
1
+ 23
3
K 1=3 L2=3 = f (K; L)
so CRS
1
+ 14
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CHAPTER 4: TASTES & INDIFFERENCE CURVES
Economic Model Of Tastes
-I may still dream about bundles that lie outside of my choice set
-Tastes are NOT defined over bundles and goods that fall in out choice sets but also over bundles that
we may never be able
ECN504 Intermediate Microeconomics I
Assignment #2
Due: November 10, 2016
Student full name:
Student ID#:
Question #1
Suppose you spend your daily income ($100) into two goods: foods and other goods (composite
goods), and suppose your preference over thes