Econ 2200.02 - - - Assignment #1 Fall 2014 - - - Sketch
Answers
-10(3/50) = -0.6 or -0.6 = 0.6
Inelastic. A one percent change in price will lead to a
0.6 percent change in quantity demanded.
Q1.
a.
Q2. Qx,Px = 2; Remember, own-price elasticity of
demand
Econ 2200 Tutorial questions (Production function and Costs)
1. Do the following production functions have increasing, decreasing, or constant
returns to scale? Which ones fail to satisfy the law of diminishing returns
(eventually diminishing marginal pro
Econ 2200 Tutorial #1
Prof. Mutlu Yuksel
Posted September 16th 2014
Time and location: (Tuesday 11:35-12:55, Chemistry 125)
1)
A) the following data represent 5 points on the supply curve for orange juice:
Price
gallon)
($
per Quantity (Millions
of gallon
Econ 2200 Assignment 1
Prof. Mutlu Yuksel
Posted September 18th 2014
Due September 25th at the start of the class (Thursday 16:05, LSC242)
1. The demand for organic carrots is given by the following equation:
QD = 75 5PO + PC + 2I
O
where PO is the price
Econ 2200 Assignment 3
Prof. Mutlu Yuksel
Posted October 28th 2014
Due November 4th at the start of the class (Thursday 16:05, LSC242)
Q1) Soundscape Enterprises manufactures Sonoblast, a device that produces a high-pitched
reminder to telemarketers that
Econ 2200 Tutorial questions (Production function and Costs)
1. Primo Salt, Inc., manufactures salt, according to the following production function:
Q(K, L) = 2L1/2 K1/3 ,
where output Q is measured in tonnes, L in labour-days, and K in machine-days.
With
7. Hacks Berries faces a shortrun total cost of production given by T0 = Q3 ~ 12622 + 10062 + 1,000.
a.
b.
c.
d.
7. a.
What is the level of Hacks fixed cost?
What is Hacks shortrun average variable cost of producing berries? (Express AVG as a function of
Econ 2200.02
Assignment #3 Fall 2014
Due in class: Monday, October 27, 2014 at 5:35
Late assignments are not accepted.
Assignments should be stapled and neatly written in ink (pencil is not accepted) or typed.
(Show all calculations)
Q1. Consider the prod
Economics 2200.02, Fall 2014
Intermediate Microeconomics
Instructor:
Michael Rushe
E-mail: michael.rushe@.dal.ca
Office Hours: Monday 4:30 5:25 or by appointment
Office: C11, 6220 University Avenue
Teaching Assistant: To Be Announced (TBA);
Tutorial Times
Econ 2200 Midterm #2 Spring 2014 - - - Sketch Answers
Section I
a.
Both AC and MC are upward sloping, with MC above the AC curve.
b.
Technical Efficiency? SEE Text
c. False - Only the firm's average cost, shifts upward.
d. The demand for labour curve is r
Econ 2200.02 Midterm #2 Fall 2013 - - - Sketch
Answers
b.
This is learning-by-doing exercise
7.3, page 259 of your text.
c.
The marginal product per dollar
of labour exceeds the marginal
Section I
a. The slope of the isocost line, TC2 ,
becomes steeper.
b
Econ 2200 Tutorial 2 Questions
Prof. Mutlu Yuksel
Posted September 18th 2014
1) Tom, Dick, and Harry constitute the entire market for scrod.
Toms demand curve is given by: Q1 = 100 2P, for P 50. For P 50, Q1 = 0.
Dickss demand curve is given by: Q2 = 160
Econ 2200 Tutorial 3 Questions
Prof. Mutlu Yuksel
Posted September 25th 2014
Q1) Jason has preferences defined over novels (good x) and DVDs (good y) described by the
utility function U(x,y)= x2y2. He has income of $1200; novels cost $10 each, while DVDs
$700 '
"Figure, 1. Supply Cum
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A L4an VelaWQI/p COM be mmtm as: _P:a+b62g
bis m Slope of m Supp/j Com/a.
: _ 3 9,13
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Take 0mg W'bwo Worm, Like. (00, a) madam)
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Tom, Dick, and Harry constitute the entire market for scrod.
Toms demand curve is given by: Q1: 100 2P, for P S 56. Por P 2 50, Q1 = 0.
Dickss demand curve is given by: Q2 = 160 4P, for P S 40. For P 2 40, Q2 = O.
Harrys demand curve is given by: Q3 = 150
Jason has preferences defined over novels (good x) and DVDs (good y) described by
the utility function U(X,y)= xzyz. He has income of $1200; novels cost $10 each, while
DVDS are priced at $15.
A. Sketch his budget constraint.
B. What two conditions are sa
Econ 2200 Tutorial questions (Production )
1. Crunchy-Wunchy Flakes (Absolutely no food value, but we have great prizes!)
are produced using fixed inputs of 20 machine-days/period, with wage rate w at
$20/labour-day and rental rate r at $10/machine-day. I
Econ 2200 Tutorial questions (Production function and Costs)
1. Primo Salt, Inc., manufactures salt, according to the following production function:
Q(K, L) = 2L1/2K1/3,
where output Q is measured in tonnes, L in labour-days, and K in machinedays.
With bo
Econ 2200 Tutorial questions (Production )
l.
CrunchyWunchy Flakes (Absolutely no food value, but we have great prizes!)
are produced using xed inputs of 20 machine-days/period, with wage rate w at
$20/labour-day and rental rate r at $lO/machine-day. Its
Econ 2200.02 Midterm #2 Fall 2013
Section I
Answer Four of the following six questions. Each question is worth 5 points.
a. Assume that capital is measured along the vertical axis, and labour is measured along the horizontal
axis. The firm has an initial
Math Review
For our purposes, the relationship between two variables can often be described by a
function, which is simply a mapping of members of one set to the members of another.
For example, consider the function y = f(x) where f(x) = 2x + 1. The func
Intermediate Microeconomic Theory - - - Econ 2200
Perfect Competition Summary and Outline
Perfectly competitive markets are markets in which firms have no market power and thus can
only react to changes in market conditions. These are markets with four ch
Econ 2200
Midterm #1 Spring 2014
Section I
Answer Four of the following six questions. Each question is worth 5 points.
Q1. Shi Yao still loves to watch Chinas Got Talent, even though her favorite judge Yang Wei left the
show in January 2013. She really d
Econ 2200.02
Midterm #1 Fall 2013
Good Luck and Happy Thanksgiving
Section I
Answer Four of the following six questions. Each question is worth 5 points.
a.
Does the following statement violate any of the assumptions regarding consumer preferences? If so,
Econ 2200.02 Midterm #1 Fall 2013 - - - Sketch
Answers
SF/P = 30/20 = 1.5
Section I
SF= 1.5P
a. My preferences violate the transitivity
assumption.
b. Q , P
30P + 20SF = 360
%Q 8
0.80
%P 10
30P + 20(1.5P) = 360
60P = 360
c.
P* = 6
SF* = 9
c.
d. The sta
Econ 2200.02_Assignment #1_Sketch
Answers
=
-5 or -5 = 5 [2 marks]
Demand is Elastic and a one percent change
in price will lead to a 5 percent change in
quantity demanded. [2 marks]
Q1.
a. [ 4 marks]
b. Cross-price elasticity of demand
Qi, Pj
=
Qi/Pj(Pj*
Econ 2200.02
Assignment #1 Fall 2015
Due in class: Monday, September 28, 2015 at 5:35
Late assignments are not accepted.
Assignments should be stapled and neatly written in ink (pencil is not accepted) or typed.
(Show all calculations)
Q1. Given the follo
Econ 2200.02
Assignment #3 Fall 2015
Due in class: Monday, November 9th, 2015 at 5:35
Late assignments are not accepted. Assignments must be stapled.
Q1. Suppose a firms production function is initially in the form Q = 500(L + 3K), as a result of
innovati
Production Functions and Cost Functions
v
v
v
v
v
The firms objective
Time frame in economics
The production function
Measures of cost in the short run
Cost in the short run and in the long run
v The firms objective
Economists normally as
EXAMINATION QOK
"DALHOUSTE
UNIVERSITY
Inspiring Minds .
PLEASE PRINT CLEARLY
T) .E lg “in {.3 A 9»
w/I é/ A My \
STUDENT'S NAME _ ; _ STUDENT # _
(surname given names
CLASS and SECTION #
BOOK # _ OF