Question1
1/1point
Data on the prices, quantities sold, and average incomes of buyers of Jolt Cola and
Coke, over several years, are shown below.
Year Price of Jolt
2010 $1.00 / can
2011 $1.00 / can
2012 $1.00 / can
2013 $1.40 / can
Average Income
Price o
June 2011
In this course, you will need to use basic calculus to take basic derivatives and partial
derivatives. Partial derivatives are not complicated; they are just like regular derivativesonly
you treat all unrelated/uninvolved variables as you would
ECON 2GG3 Winter 2013
Answers to Test 4 Thur. Mar. 27
1. An exchange economy has two consumers, A and B, who enjoy and are endowed
with two goods, X and Y. They have preferences represented by the utility functions
1
1
1
1
2
2
U A = X A + YA2 and U B = X
Multiple Constraint Lagrangian
General Equilibrium and Welfare Maximization
An example of a multiple-constraint Lagrangian, illustrating the use of Lagrange
multiplier variables.
General Equilibrium and Constrained Welfare Maximization
There are two peopl
Behavioral Postulate: A decision-maker always chooses its most preferred alternative
from its set of available alternatives.
So to model choice we must model decision-makers preferences.
Preference Relations
Comparing two different consumption bundles,
x(
Name:_
McMaster I.D. #_
McMaster University
Economics 2GG3
Dr. Robert Jefferson
Mid Term Examination 1
Friday, February 6, 2014
Instructions:
1.
2.
3.
On the FRONT of your Scantron (SIDE 1), fill out the items in the box at the top
(your McMaster i.d. num
Name:_
McMaster I.D. #_
McMaster University
Economics 2GG3
Dr. Robert Jefferson
Mid Term Examination 1
Wednesday, October 7, 2015
Instructions:
1.
2.
3.
On the FRONT of your Scantron (SIDE 1), fill out the items in the box at the top
(your McMaster i.d. n
Economics 2GG3
Some practice problems
Instructor: Dr. Fred Aswani
Solutions to be availed later
1. Sketch an indifference map for each of the following and show
preference direction of the indifference map.
a. Education and toxic waste
b. Chocolate chip c
Attempt 1
Written: Sep 22, 2014 8:07 PM - Sep 22, 2014 9:46 PM
Submission View
Released: Sep 23, 2014 8:30 PM
1
1 / 1 point
A firm has short run total cost
Its short run AVERAGE cost is minimized when it produces how much output?
Q =0.75
Q=3
Q=4
Q = 16
Th
Question 1
1 / 1 point
Data on the prices, quantities sold, and average incomes of buyers of Jolt Cola and
Coke, over several years, are shown below.
Year Price of Jolt
2010 $1.00 / can
2011 $1.00 / can
2012 $1.00 / can
2013 $1.40 / can
Average Income
Pri
Name:_
McMaster I.D. #_
McMaster University
Economics 2GG3
Dr. Robert Jefferson
Mid Term Examination 2
Friday, March 13, 2015
Instructions:
1.
2.
3.
On the FRONT of your Scantron (SIDE 1), fill out the items in the box at the top
(your McMaster i.d. numbe
Economic 2GG3(Quiz#2)_solution
1
1. Wanda Littlemores utility function is U(x,y) = x + 47y 3y 2. Her income is $107. If the
price of x is $1 and the price of y is $23, how many units of good x will Wanda
demand?
A.
B.
C.
D.
E.
x*(px,py,m) = 23
0 < x*(px,p
Name:_
McMaster I.D. #_
McMaster University
Economics 2GG3
Dr. Robert Jefferson
Mid Term Examination 1
Wednesday, October 7, 2015
Instructions:
1.
2.
3.
On the FRONT of your Scantron (SIDE 1), fill out the items in the box at the top
(your McMaster i.d. n
Econ 2GG3
Fred Aswani
Chapter 5
Section 5.4
Edited July 11 2011
INTERTEMPORAL CHOICE MODEL (aka Life cycle model)
In previous analysis we considered the case where individuals allocate income
in a single period across different goods. We now consider the
Name:_
McMaster I.D. #_ _. _ _
l. Santino consumes peppers and tomatoes, and he always consumes these in the ratio
of l bushel of peppers per l bushel of tomatoes.
McMaSter University E v: .4. [23” Li His garden yields 5 bushels of peppers and IS bushels
Econ 2GG3
Answers to the Practice Final Exam
Winter 2006
1. Below are preference maps for four people.
Person A
Person B
Person C
Person D
Which people's preferences exhibit diminishing marginal rate of substitution?
a) persons A, B, and C only
b) persons
Economics 2GG3
Midterm I, Practice Questions
1.
If she spends all of her income on uglifruits and breadfruits, Maria can just afford 11 uglifruits and 4
breadfruits per day.
She could also use her entire budget to buy 3 uglifruits and 8 breadfruits per da
Economics 2GG3
Midterm I, Practice Questions
1.
If she spends all of her income on uglifruits and breadfruits, Maria can just afford 11 uglifruits and 4
breadfruits per day.
She could also use her entire budget to buy 3 uglifruits and 8 breadfruits per da
2GG3 Miderm I Answer Key
Version 1
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D
D
E
C
B
D
A
B
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C
A
B
D
A
D
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C
C
B
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A
B
B
C
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A
Version 2
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COMPETITIVE GENERAL EQUILIBRIUM
( Exchange economy)
Chapter 13
Fred Aswani
Econ 2GG3
JJuly 13, 2011une 8th 09
We examine the efficiency of the whole economic system.
We start by noting that perfect competition promotes pareto optimality/efficiencyIn compa
Question1:
Amanufacturingfirm,ChaudNeufEnterprises,manufacturesagoodusingaheatintensive
process.Inordertokeepitsmachinerycoolenoughtouse,itdivertswaterfromtheCrimea
River,usesittocoolitsequipment,anddischargesthewater,significantlywarmer,backintothe
river
Name:_
McMaster I.D. #_
McMaster University
Economics 2GG3
Dr. Robert Jefferson
Mid Term Examination 1
Wednesday, October 8, 2014
Instructions:
1.
2.
3.
On the FRONT of your Scantron (SIDE 1), fill out the items in the box at the top
(your McMaster i.d. n
QUESTION 1:
Bill and Ted both like goods X and Y, but their preferences for these goods are not the
same.
Bill's preferences can be represented by the utility function
Ted's preferences, by contrast, are represented by the utility function
Consider the in
CHAPTER 28: Oligopoly
MULTIPLE CHOICE
1. Suppose that the duopolists Carl and Simon in Problem 1 face a demand function for pumpkins of Q
16,400 400P, where Q is the total number of pumpkins that reach the market and P is the price of
pumpkins. Suppose f
Econ 2GG3 (Quiz3)
1. Data on the prices, quantities sold, and average income of buyers of Jolt and Coke,
over several years are shown below.
Year
Average Income
Price of Jolt Price of Coke of Cola Buyers Quantity of Jolt Sold
2010
$1.00 / can
$1.00 / can
Econ2GG3, Lecture Notes,
Buying and Selling, Labour Leisure
Buying and Selling
Trade involves exchange - when
something is bought something else must
be sold.
What will be bought?
What will be sold?
Trading from Endowment
Buying and Selling,
Labour Supply
Econ 2GG3 Lecture Notes,
Input-Output Profit Maximization
Putting Activity Decisions Together
Chapter Nineteen
Profit-Maximization
In first-year microeconomics courses, it is customary
to separate optimal output decisions from optimal
input decisions
Deri
Econ 2GG3 Lecture Notes,
Intertemporal Optimization
Intertemporal Choice
Intertemporal Choice
Optimization Over Time,
Borrowing & Lending
Persons often receive income in lumps; e.g.
monthly salary.
How is a lump of income spread over the
following month (
Additional Note on Chapter 7
Read carefully and supplement this note with required graphs (drawn by you as
exercises).
This note relates to Cobb-Douglass production function (convex isoquant) and cost
functions.
Cost-minimization technique to solve inputs