Econ 2200 Midterm #1 Fall 2014 - - - Sketch Answers
Section I
a. This statement is true when you are on the
inelastic portion of a demand curve or if
elasticity of demand is perfectly inelastic. The
statement is false if you are on the elastic portion
of
Econ 2200.02 - - - Midterm #2 Fall 2014 - - - Sketch Answers
K/L = w/r
Section I
K = (w/r)L
a.
b.
In the short run, capital (K) is fixed,
whereas labour is a variable input. As such,
the MPL will change as more or less labour
is employed.
The curvature of
In-class Problem Set #1 - - - Questions for Chapter 2. The answers to the in-class questions will
not be posted on Bblearn
Q1. Suppose demand function is estimated to be QDX = 1.5 - 3PX + 2PY - 0.6PS + 0.8I +1.2A
QDX = sales of coffee brand X in Canada, i
In-Class Problem Set # 2 - - - Questions for Chapter 4 - - - The answers to these questions will
not be posted on Bblearn
Q1. Annika has $120 to spend on walnuts (W) and dark chocolate (DC). Walnuts cost $6 per kilo, and dark
chocolate is $4 per kilo.
a.
In-Class Problem Set # 3 - - - Questions for Chapter 5 - - - The answers to these questions will
not be posted on Bblearn
1. Suppose U(x,y) = xayb
If income is I, PX and PY are the prices of x and y, respectively, derive the demand curve for x and for y.
In-Class Problem Set #5 - - - Chapters 9 & 10
Q1. Yizhe owns a company which specializes in boxed wine. The market price for a box of wine is $8, and
Yixhe is a price taker. His daily cost of producing boxed wine is C(Q) = 4Q +[Q 2/32]
How many boxes of w
In-Class Problem Set #4 - - - Questions for Chapters 6 & 7
Q1. Consider the production function
Q LK
. Suppose the price of labour equals w and the price of
capital equals r. Derive expressions for the input (factor) demand curves.
Q2. The production func
Econ 2200.02 - - - Assignment #2 Fall 2014 - - - Sketch
Answers
Q1. Given the individuals preferences are Cobb Douglas,
utility is maximized when:
= 2x2/3x1
Yun Haos optimal choice will be an interior solution (a
tangency point) on the Budget Line where
M
Econ 2200.02 - - - Assignment #5 Fall 2014
Due in class: Monday, December 1, 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. Given the f
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
product per dollar of capital (2
Section I
a. The slope of the isoco