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 Assignment 2
Prof. Mutlu Yuksel
Posted January 19th 2016
Due January 28 at the start of the class (Thursday 16:05, DUNN 135)
Q1) Jack has a utility function U(x1, x2) = 2x1 x22.
The price of x1 is 3$ and the price of x2 is $1 and Jack has an inc
Econ 2200.02 - - - Assignment #1 Fall 2014 - - - Sketch
Answers
-10(3/50) = -0.6 or -0.6 = 0.6
Inelastic. A one percent change in price will lead to a
0.6 percent change in quantity demanded.
Q1.
a.
Q2. Qx,Px = 2; Remember, own-price elasticity of
demand
Econ 2200 Tutorial #1
Prof. Mutlu Yuksel
Posted September 16th 2014
Time and location: (Tuesday 11:35-12:55, Chemistry 125)
1)
A) the following data represent 5 points on the supply curve for orange juice:
Price
gallon)
($
per Quantity (Millions
of gallon
Econ 2200.02
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 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
Chapter 5: Solutions to Review Questions
4.
If indifference curves are bowed in toward the origin and the price of a
good drops, can the substitution effect ever lead to less consumption of the
good?
If indifference curves are bowed in toward the origin a
Chapter 3: Solutions to Review Questions
2.
What does the assumption that preferences are complete mean about the
consumers ability to rank any two baskets?
By requiring preferences to be complete, economists are ensuring that consumers will not
respond i
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 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
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 2200.02 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 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
Intermediate Microeconomic Theory - - - Econ 2200
Production and Cost Summary and Outline
What products/services should a firm sell? How much of each product/service should be
produced? What prices should a firm charge? Which technologies and inputs shoul
Intermediate Microeconomic Theory - - - Econ 2200
Monopoly Summary and Outline
In a monopoly there is, by definition, only one firm. In the absence of regulation, this means that
a monopolist need only take account of costs and market demand information i
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 2200.02
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
$700 '
"Figure, 1. Supply Cum
, b) Ya; 7M9e poirrtg Liz aim/:3 0! straight Lime.
A L4an VelaWQI/p COM be mmtm as: _P:a+b62g
bis m Slope of m Supp/j Com/a.
: _ 3 9,13
) b- Slope A98
Take 0mg W'bwo Worm, Like. (00, a) madam)
\ 8?: P L
fab: PM" _ 2»! _
ECON 2200: INTERMEDIATE MICROECONOMICS (02)
Dalhousie University
Fall 2016
Assignment 4 Solution
Due: 5:35pm Monday, Dec 5, 2016 in class. Assignment can also be submitted before due date.
Make sure to write your name, your student ID number. If you have
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 )
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
Midterm #2 Spring 2014
Section I
Answer Four of the following six questions. Each question is worth 5 points.
a. If a production function exhibits diminishing returns to scale, sketch the corresponding average and marginal
cost curves.
b. What d
Intermediate Microeconomic Theory - - - Econ 2200
Consumer Behavior Summary and Outline
Three factors influence what products and how much of each product a person consumes: the unit
cost of acquiring each of the products, how much the consumer can afford
ECON 2200: Midterm Exam
Instructor: Obed Owusu
TA: Kai Yuan Xie
October 24, 2016
INSTRUCTIONS
Please read the directions carefully. You must answer all the questions in full - in words and in graph if
asked to do so. After you are done please hand in this
ECON 2200: INTERMEDIATE MICROECONOMICS (02)
Dalhousie University
Fall 2016
Assignment 1 Solution
Due: 5:35pm Monday, Sept 26, 2016 in class. Assignment can also be submitted before due
date.
Make sure to write your name, your student ID number. If you hav
ECON 2200: INTERMEDIATE MICROECONOMICS (02)
Dalhousie University
SUMMER 2016
Assignment 2
Due: 5:35pm Monday, Oct 17, 2016 in class. Assignment can also be submitted before due date.
Make sure to write your name, your student ID number. If you have worked
ECON 2200: INTERMEDIATE MICROECONOMICS (02)
Dalhousie University
Fall 2016
Assignment 3 Solution
Due: 5:35pm Monday, Nov 21, 2016 in class. Assignment can also be submitted before due date.
Make sure to write your name, your student ID number. If you have