1
Intro to Microeconomics Test 3 Fall 2015 Due Date Tuesday
November 24 in class. Essay Test in class same day. Type Essay
Questions 10 points penalty for hand written answers.
Name_Shaulia Todman _Section_
True/False 30%
_T_ 1. Most American firms are co
Online VS Classroom Education
At first glance, online education might seem like an easy and undervalued way of obtaining your
education. However, after years of testing and constant studies, online learning is gaining acceptance by
the education industry
Key terms
Probability density function- a function used to compute probabilities for
a continuous random variable. The area under the graph of a probability
density function over an interval represents probability.
Uniform probability distribution- a cont
Key terms
Sampled population- the population from which the sample is taken.
Frame- a listing of the elements the sample will be selected from.
Parameter- a numerical characteristics of a population, such as a
population mean , a population standard devia
Key terms
Random variable- a numerical description of the outcome of an
experiment.
Discrete random variable- a random variable that may assume either a
finite number of values or an infinite sequence of values.
Continuous random variable- a random variab
Key terms
Categorical data- labels and names used to identify categories of like
items.
Quantitative data- numerical values that indicate how much or how many.
Frequency distribution- a tabular summary of data showing the number
(frequency) of several obs
Key terms
Probability- a numerical measure of the likelihood that an event will occur.
Experiment- a process that generates well-defined outcomes.
Sample space- the set of all experimental outcomes.
Sample point- an element of the sample space. A sample p
Key terms
Sample statistic- a numerical value used as a summary measure for a
sample (e.g., the sample mean, ( ), the sample variance, ( ), and the
sample standard deviation, S.
Population parameter- a numerical value used as a summary measure for
a popul
Medina Simon
Out-of-Class exercise
Dr. Harkin Pierre
Humanities 115
03/30/2015.
The Art of Being Human Chp.6 pg.191: Take a Closer Look
1. Describe Claude Debussys Clair de Lune analytically using the terms introduced in the
Basic Elements of music (page
1
Intro to Microeconomics Test 3 Fall 2015 Due Date Tuesday
November 24 in class. Essay Test in class same day. Type Essay
Questions 10 points penalty for hand written answers.
Name;_Medina Simon_Section_
True/False 30%
_T_
1.
Most American firms are corp
1.
Draw a graph illustrating the relationship between the demand curve of the perfectly
competitive firm and the perfectly competitive industry. Label all curves and axes
correctly. ?
The firms demand curve should be horizontal at the industry equilibrium
Intro to Macroeconomics Test 2 Fall 2015 Due Date Thursday
October 29 in class. The same day Essay exam in class.
Name_Section_
True or False 25%
_
1. The key characteristic of macroeconomics is the process of aggregation.
_
2. Macroeconomists pay little
ECON 500
Fall 2010
Answer Key Midterm 2
1. Suppose that a consumer has rational, continuous, nonsatiated and strictly
convex preferences over two goods, x1 and x2 :
(a) (5 points) Find the own substitution eect for good 1 if the Marshallian demand for goo
ECON 500
Fall 2013
Answer Key to Midterm Exam
1. (30 points)Suppose a person0 s Cobb-Douglas utility function is given by
1
u (q1 ; q2 ) = q1 q2
where 0 <
< 1:
(a) (10 points) Is the utility function homothetic?
Yes, it is. For homotheticity, we must nd t
Answer Key to Midterm 2
1.) a) In order to nd the cost function of the rm, there are two
ways to do it. The most intuitive way is to set up the cost minimization
problem and solve for the cost function.
We do this by
min wL + rK +
y
L;K;
LK
FOCs are neces
Practice Midterm Exam
Answer Key
1. (10 points) Suppose a person preferences can be represented by
s
the following utility function
q
1= 2
u (q1 ; q2 ) = q1 + q2 :
Can you write down another utility function that represents the
same preferences as the uti
ECON 500
Fall 2013
Midterm Exam
1. (30 points) Suppose a person Cobb-Douglas utility function is given by
s
1
u (q1 ; q2 ) = q1 q2
wihere 0 <
< 1:
(a) (10 points) Is the utility function homothetic? Proof your answer.
(b) (10 points) Find the Marshallian
ECON 500
Practice Midterm Exam 2
Answer Key
1. The income elasticity of demand is given by
"xi =
@gi (x; p)
x
:
@x
gi (x; p)
(a) (10 points) Show that if two goods have the same income elasticities
then
@gj (x; p)
@gi (x; p)
=
:
@pj
@pi
In order to answer
ECON 500
Fall 2012
Practice Midterm
1. The income elasticity of demand is given by
"xi =
x
@gi (x; p)
:
@x
gi (x; p)
(a) (10 points) Show that if two goods have the same income elasticities
then
@gi (x; p)
@gj (x; p)
=
:
@pj
@pi
(b) (10 points) Show that,
Practice Midterm Exam
1. (10 points) Suppose a person preferences can be represented by
s
the following utility function
q
1= 2
u (q1 ; q2 ) = q1 + q2 :
Can you write down another utility function that represents the
same preferences as the utility functi
Problem Set 5
Answer Key
1. A rich man is facing the risk of being ruined. He is an expected utility
maximizer. His initial wealth is $10 million. He has the option to fully
insure himself against the risk of ruin. It is known that when the risk
of ruin i
Answer Key
Problem Set 7
1. A rich man is facing the risk of being ruined. He is an expected utility
maximizer. His initial wealth is $10 million. He has the option to fully
insure himself against the risk of ruin. It is known that when the risk
of ruin i
Problem Set 5
1. A rich man is facing the risk of being ruined. He is an expected utility
maximizer. His initial wealth is $10 million. He has the option to fully
insure himself against the risk of ruin. It is known that when the risk
of ruin is 1/3, he i
only has cobb-douglas on midterm
need to find cost function
max p.y =c(w,r,y)
Problem Set 5
Answer Key
I Given is a CES production function f (z ) : <2 ! <+ with f (z1 ; z2 ) =
+
1
(z1 + z2 ) :
1. Find the MRTS. For which values of
The MRTS is given by
ar
Problem Set 7
1. A rich man is facing the risk of being ruined. He is an expected utility
maximizer. His initial wealth is $10 million. He has the option to fully
insure himself against the risk of ruin. It is known that when the risk
of ruin is 1/3, he i
Problem Set 6
Answer Key
1. In a one-producer, two consumer economy, the consumption good (good
2) is produced with labor only according to
p
f (z ) = z:
The consumers have preferences over leisure (denoted by x1 and x2 ; respectively) and over the consum
Problem Set 6
1. In a one-producer, two consumer economy, the consumption good (good
2) is produced with labor only according to
p
f (z ) = z:
The consumers have preferences over leisure (denoted by x1 and x2 ; respectively) and over the consumption good
ECON500
Problem Set 4
Answer Key
1. Suppose one person considers goods 1 and 2 as perfect substitutes i.e. u1 =
x1 + y1 ; while the other person considers them as perfect complements,
i.e. u2 = min fx2 ; y2 g. Initial endowments are
(x1 ; y 1 )
(x2 ; y 2
Problem Set 5
I Given is a CES production function f (z ) : <2 ! <+ with f (z1 ; z2 ) =
+
1
(z1 + z2 ) :
1. Find the MRTS. For which values of
are the isoquants convex?
2. Does the production set exhibit constant returns to scale? Does this
imply that the