BROCK UNTYERSITY
Department of Economics
Mid-terrn Exam, Spring 2011
Economics 3P2l
Course:
Date:
Time:
student
Wednesday, June g, 2011
l:30 ro 3:30 p.m.
name:
Number of
Number of
pages:
II
students:
85
Duration:
Instructor:
Ln hon*,
Student ID
please pnn
Economics 2P30
Foundations of Economic Analysis
Lester M.K. Kwong
Department of Economics
Brock University
Winter 2010
Final Examination
Time: 3 Hours
Section A: Denitions
Dene 6 of the following 7 terms in two sentences or less.
1. (2%) Convex function
ECON 3P21
Problem Set 1- Solution, 2014-15 Winter
Brock University
Department of Economics
Problem Set 1: Market Equilibrium - Solution
1.
0
if P 4
0
if P 6
Qd =
Amy
10 2.5P if P < 4
9 1.5P if P < 6
0
if P 6
d
QM arket =
9 1.5P if 4 P < 6
19 4P if P < 4
BROCK UNTYERSITY
Department of Economics
Mid-terrn Exam, Spring 2011
Economics 3P2l
Course:
Date:
Time:
student
Wednesday, June g, 2011
l:30 ro 3:30 p.m.
name:
Number of
Number of
pages:
II
students:
85
Duration:
Instructor:
Ln hon*,
Student ID
please pnn
1. Consider competitive product and factor markets. Answer the following questions:
a) Explain why the short-run labour demand of a firm is given by the VMP (value of
marginal product) curve. State the underlying assumption for VMP to be the firm's
labour
1. Consider competitive product and factor markets. Answer the following questions:
a) Explain why the short-run labour demand of a firm is given by the VMP (value of
marginal product) curve. State the underlying assumption for VMP to be the firm's
labour
ECON 3P21
Problem Set 5- Solution, 2014-15 Winter
Brock University
Department of Economics
Problem Set 5: Game Theory I - Solution
1. (a) NE: (M,L) and (B,R)
(b) NE: (T,L)
2. We can use the following table to represent the game:
1
2
Paul 3
4
5
1
(1, 1)
(0
ECON 3P21
Problem Set 7, 2014-15 Winter
Brock University
Department of Economics
Problem Set 7: Game Theory III
Due day: Monday March 23, 2015, in class.
1. (Dominant Firm Model.) Apples iPod has been the portal MP3-player of choice
among many gadget enth
Eciency of Perfectly Competitive Markets
L. Sun
January 12, 2015
1/8
Learning Objectives
Understand and identify the following economic concepts:
1. Aggregate Surplus (AS)
2. Consumer Surplus (CS)
3. Producer Surplus (PS)
4. Dead Weight Loss (DWL)
2/8
Agg
ECON 3P21
Problem Set 8- Solution, 2014 Fall
Brock University
Department of Economics
Problem Set 8: Competitive General Equilibrium - Solution
1. (a) The box is 12 units wide and 12 units high. Each unit of width represents
a kilogram of food and each un
ECON 3P21
Problem Set 6, 2014-15 Winter
Brock University
Department of Economics
Problem Set 6: Game Theory II
Due day: Monday March 16, 2015, in class.
1. (Price Competition with Dierentiated Products.) Suppose the demand for Coke
and Pepsi in a small ci
ECON 3P21
Problem Set 3 - Solution, 2014-15 Winter
Brock University
Department of Economics
Problem Set 3: Market Interventions & Monopoly and Pricing StrategiesSolution
1. (a) Given the market demand and supply function, the equilibrium price and quantit
ECON 3P21
Problem Set 2- Solution, 2014-15 Winter
Brock University
Department of Economics
Problem Set 2: Eciency and Market Interventions - Solution
%P%
%
%
5.25%
%
S%
CS%
%
3%
%
PS%
D%
%
1.2%
%
%
9%
21% Q%
Figure%Q1(a)%
%
%
%
1. (a) The rst step is to s
Monopoly and Price Discrimination
L. Sun
January 26, 2015
Learning Objectives
1. Perfect price discrimination.
2. Ordinary price discrimination.
3. Multipart pricing or block pricing.
Price Discrimination and Market Segmentation
All price discrimination s
Competitive Equilibrium
L. Sun
January 5, 2015
1 / 11
Learning Objectives
1. Identify the factors that make a market perfectly competitive
2. Derive market demand/market supply function from individual
demand/supply functions
3. SR and LR competitive equi
ECON 3P21
Problem Set 9- Solution, 2014-15 Winter
Brock University
Department of Economics
Problem Set 9: Competitive General Equilibrium - Solution
1. (a) The box is 12 units wide and 12 units high. Each unit of width represents
a kilogram of food and ea
ECON 3P21
Problem Set 8 - Solution, 2014-15 Winter
Brock University
Department of Economics
Problem 8: Game Theory (part IV) - Solution
1. (a) A table can be shown as:
Tiany
1
Alice 1 (-1, 1)
2 (1, -1)
2
(1, -1)
(-2, 2)
(b) There is no strategy which is d
ECON 3P21
Problem Set 6- Solution, 2014 -15 Winter
Brock University
Department of Economics
Problem Set 6: Game Theory (part II) - Solution
1. (a) The demand functions can be rewritten as:
QCoke = (45 + 50PP epsi ) 100PCoke
QP epsi = (45 + 50PCoke ) 100PP
ECON 3P21
Problem Set 2, 2014-15 Winter
Brock University
Department of Economics
Problem Set 2: Eciency and Market Interventions
Due day: Monday January 17, 2015, in class.
1. The market demand function for corn is Qd = 21 4P , and the market supply
funct
ECON 3P21
Problem Set 1, 2014-15 Winter
Brock University
Department of Economics
Problem Set 1: Market Equilibrium
Due day: Monday, Jan 12, 2015, in class.
1. Jennifers demand function for ice cream cones is Qd
Jenn = 10 2.5P at prices below
$4 and zero a
ECON 3P21
Problem Set 2, 2014-15 Winter
Brock University
Department of Economics
Problem Set 3: Market Interventions & Monopoly and Pricing Strategies
Due day: Monday Jan 26, 2015, in class.
1. Consider a close economy. The domestic market demand function
ECON 3P21
Problem Set 7- Solution, 2014-15 Winter
Brock University
Department of Economics
Problem Set 7: Game Theory (part III) - Solution
1. (a) The inverse demand function is
P = 100 0.5Q
The marginal revenue function is
M R = 100 Q
To maximize the pro
ECON 3P21
Problem Set 5, 2014-15 Winter
Brock University
Department of Economics
Problem Set 5: Game Theory I
Due day: Monday March 9, 2015, in class.
1. (Nash Equilibrium) What is the Nash Equilibrium of the game described by the
following payo matrices?
ECON 3P21
Problem Set 4- Solution, 2014-15 Winter
Brock University
Department of Economics
Problem Set 4:
Monopoly and Pricing Strategies - Solution
1. A prot-maximizing monopolist will choose an aggregate output where aggregate
marginal revenue is equal
ECON 3P21
Problem Set 4, 2014 Fall
Brock University
Department of Economics
Problem Set 4: Monopoly and Pricing Strategies & Game Theory I
Due day: Monday October 20, 2014, in class.
1. A monopolist operates with the following data on cost and demand. It
ECON 3P21
Problem Set 5- Solution, 2014 Fall
Brock University
Department of Economics
Problem Set 5: Game Theory II - Solution
1. (a) Let q1 be the quantity produced by Joe and q2 be the quantity produced by
Rebecca. So market supply Q = q1 + q2 .
Step 1:
ECON 3P21
Problem Set 2, 2014 Fall
Brock University
Department of Economics
Problem Set 3: Market Interventions (II)
Due day: Monday September 29, 2014, in class.
1. Consider a close economy. The domestic market demand function for corn is Qd =
10 0.5P an
ECON 3P21
Problem Set 1- Solution, 2014 Fall
Brock University
Department of Economics
Problem Set 1: Market Equilibrium - Solution
1.
0
if P 4
0
if P 6
Qd =
Amy
10 2.5P if P < 4
9 1.5P if P < 6
0
if P 6
d
QM arket =
9 1.5P if 4 P < 6
19 4P if P < 4
Qd
Je
ECON 3P21
Problem Set 2, 2014 Fall
Brock University
Department of Economics
Problem Set 2: Eciency and Market Interventions
Due day: Monday September 22, 2014, in class.
1. The market demand function for corn is Qd = 21 4P , and the market supply
function
ECON 3P21
Problem Set 1, 2014 Fall
Brock University
Department of Economics
Problem Set 1: Market Equilibrium
Due day: Monday, September 15, 2014, in class.
1. Jennifers demand function for ice cream cones is Qd
Jenn = 10 2.5P at prices below
$4 and zero
ECON 3P21
Problem Set 1- Solution, Fall 2016-17
Brock University
Department of Economics
Problem Set 1: Market Equilibrium - Solution
1.
(
d
qJenn
=
%
(
0
if P > 4 d
0
if P > 6
qAmy =
10 2.5P if P 4
9 1.5P if P 6
if P > 6
0
d
QM arket =
9 1.5P if 4 < P 6
ECON 3P21
Problem Set 1, Fall 2016-17
Brock University
Department of Economics
Problem Set 1: Market Equilibrium
Due day: Monday, September 19, 2016, in class.
d
1. Jennifers demand function for ice cream cones is qJenn
= 10 2.5P at prices below
d
$4 and
ECON 3P21
Problem Set 2- Solution, Fall 2016-17
Brock University
Department of Economics
Problem Set 2: Efficiency and Market Interventions - Solution
%P%
%
%
5.25%
%
S%
CS%
%
3%
%
PS%
D%
%
1.2%
%
%
9%
21% Q%
Figure%Q1(a)%
%
%
%
1. (a) The first step is t
ECON 3P21
Problem Set 3, Fall 2016-17
Brock University
Department of Economics
Problem Set 3: Market Interventions
Due day: October 3, 2016, in class.
1. Consider a close economy. The domestic market demand function for corn is Qd =
10 0.5P and the domest
ECON 3P21
Problem Set 2, Fall 2016-17
Brock University
Department of Economics
Problem Set 2: Efficiency and Market Interventions
Due day: Monday, September 26, 2016, in class.
1. The market demand function for corn is Qd = 21 4P , and the market supply
f