Econ 203, Fall 2006
Intermediate microeconomics
PRACTICE MATH TEST (50 minutes)
This test is two pages long. You can earn 50 marks in total, that is a mark per
minute. Use this to plan your time well.
Econ 203
Mathematical Review
An important objective of Econ 203 is to initiate students to the formal modeling and analysis of
economic decisions. As such, basic algebra and calculus are used frequent
Economics 203 (F01), December 2006
Economics 203 (F01) 2006
Intermediate Microeconomics Theory I
Ex post Course Outline
Instructor:
Dr. L. Welling
Office:
BEC 346
Telephone: 721-8546; Email: [email protected]
ECON 203, Spring 2008
Mid-Term Examination #2
You have 55 minutes to answer the questions on this examination. The Exam is out of a total of 30
points. You do not have the right to any aid or device o
ECON 203 SPRING 2011
Intermediate Microeconomics.
Midterm 2
Thursday March 24th, 2011 50 Minutes.
VERSION A
PART 2: LONG-ANSWER QUESTION (32 marks)
Choose 1 question (only the first choice will be gra
ECON 203 SPRING 2011
Intermediate Microeconomics.
Midterm 1
Wednesday Feb 16th, 2011 50 Minutes.
This midterm consists of two parts. Part 1 contains 5 multiple choice questions that is worth 2
mark ea
Chapter 13 Introduction to
Game Theory.
Goals:
+ Set Up a Game.
+ Solve a Game:
Dominant Strategy Equilibrium.
Nash Equilibrium.
Sub-game Perfect Nash Equilibrium.
Describing the Game.
Elements of
Chapter 12 - Monopoly
Goals:
1. The sources of monopoly power
2. The monopolists problem
3. Seeking more surplus
Part 1: Price Discrimination
Part 2: Bundling Goods.
Sources of Monopoly Power.
Exclusi
Chapter 11 Perfect Competition
Goal:
+ How do firms in the perfectly competitive
market choose quantity?
+ The short run and long run dynamic of the
perfect competition market equilibrium.
+ Welfare p
Chapter 10 Costs.
Goals:
+ Understand various concepts of costs.
+ Distinguish between short run and long run
cost.
General Concept.
Fixed Cost: the cost that does not vary
with the level of output in
Chapter 9: Production.
Goal:
* Production Function The relationship
between input and output.
+ Isoquant.
+ Average Product, Marginal Product.
Short run Production Function and the idea
of Diminishin
Chapter 4 Individual and
Market Demand.
Goals:
Generate an individual consumers demand curve.
* Substitution and Income Effect of a Change
in Price.
* How a change in Income affects the demand
curve.
Chapter 3 Rational Consumer
Choice.
Overview: In this chapter we will cover the following
topics:
1. The Budget Constraint.
2. The Utility Function.
3. The Optimal Bundle.
Budget Constraint.
A budget
Summer 2012 Econ 245
Week #
(1)
May 14-18
Monday
14
(2)
May 21-25
21
Victoria
Day
(3)
May 28June 1
28
(4)
June 4-8
4
(5)
11
Tuesday
15
FIRST DAY OF
CLASS
Wednesday Thursday
17
16
No Class
22
Lab #1
23
MATH MODULE
10
Solutions to
Exercises
1. (a) dy/dx = 3, and d2y/dx2 = 0. This positively sloped straight line has no nite maxima or minima, since dy/dx > 0 everywhere.
(b) dy/dx = 2x + 20, and d2y/dx2
MATH MODULE
9
Solutions to
Exercises
1. Under option (a), you would owe Louie 1000(1.02)364 = $1,350,400.29, whereas
under option (b) you would owe him only 1000(1.1)52 = $142,042.93. The weekly rate
MATH MODULE
7
Solutions to
Exercises
1. Average price = 24 = 0.4(12) + 0.6x, where x is the average price of the remaining 60%
of the goods. Hence x = (24 4.80)/0.6 = 19.2/0.6 = $32/unit.
2. Average p
MATH MODULE
6
Solutions to
Exercises
1. Both methods, the = P /(mQ) point-slope technique and the = OF/AF segmentratio technique, should of course have given you the same results. The reason for
doing
MATH MODULE
5
Solutions to
Exercises
1. The following Table contains the Total Revenue, Average Revenue, and Marginal
Revenue equations and gives the value for each of the equations when Q = 10 tonnes
MATH MODULE
4
Solutions to
Exercises
1. (a) TR = P QD = $36/kg 24 kg = $864 in each period.
(b) (i) P = 6000 100QD
(ii) P = 6000 0.1QD
(iii) P = 6 0.0001QD
(iv) P = 6 0.1QD
(v) P = 60/2.2 1/[(2.2) 2]Q
MATH MODULE
3
Solutions to
Exercises
[Except for the answers to questions 7 and 8, the solutions below are not accompanied
by graphs. As an exercise, you may want to construct graphs for some of the c
MATH MODULE
2
Solutions to
Exercises
1. Equations (a), (d), and (e) all have the form y = 12 + 3x, and horizontal intercept
(4, 0). Equations (b), (c), and (f) all have the form y = 12 3x, and horizon
MATH MODULE
1
Solutions to
Exercises
1. You may wish to insert values for x, solve for y, and graph some of the following
equations. If any posed difculties, you should denitely graph them.
(a) y = f(
MATH MODULE
10
Calculus Results
for the
Non-Calculus Speaker
1. Discussion
1.1 THE BASICS
For some, Calculus (with a capital letter) has an aura of mystery, and can contribute to
math anxiety. Yet if
MATH MODULE
9
Growth Rates,
Interest Rates,
and Inflation:
The Economics of Time
1. Discussion
Time is at the core of economics. Economic activity occurs in time, takes time, and costs
time. A product
MATH MODULE
8
Some Special
Functions
and Formulas
1. Discussion
This module contains refresher notes on several mathematical topics with important
economic applications. Section 1.1 covers:
1. the use
MATH MODULE
7
Proportions, Weights,
and Percentages
1. Discussion
This Module deals with material which you likely rst encountered in elementary
school, but which still contains enough tricky aspects
MATH MODULE
6
Elasticities
1. Discussion
Elasticity measures play a number of important roles in economics. In the text you will
nd a wide range of applications of the elasticity concept in many forms