Chapter 6 Consumer behaviour Consumer surplus and the law of demand Exercise 6.1: Maximizing consumer surplus Exercise 6.2: Measuring consumer surplus for all buyers Exercise 6.3: Measuring consumer surplus for all buyers Consumer surplus and the law of d
Economics 120 Test 1 Friday, October 9, 2009, 3 4.30 pm.
1. On the FRONT of your computer card use a dark lead pencil to PRINT the following
instructors name, sec/on le1er (next to class), /me/day of your sec>on W
EC 120
Aplia in your course
Getting Started
What is Aplia?
Aplia is an online homework system that you will use in this class and it will provide the following:
You will work on Problem Sets with assignments that have specific due dates. Immediate feedbac
Chapter 7 Producers in the short-run Economic Profits Production o Exercise 7.1 : Production Table Short-run costs o Exercise 7.2 : Cost Table Productivity and cost curves o Exercise 7.3 : Productivity and Cost curves
Economic Profits Accounting profit =
Chapter 3 Demand, Supply and Price OUTLINE Quantity demanded Quantity supplied Terminology Equilibrium Exercise 1 The Laws of Supply and Demand Exercise 2 Exercise 3 Quantity demanded Quantity demanded . is amount of goods that buyers are willing and able
Chapter 4 Elasticity OUTLINE Price elasticity of demand () Determinants of Elasticity and consumer spending o Exercises Cross price elasticity of demand Price elasticity of supply Tax incidence analysis Price elasticity of demand () Def'n:
% change in Q
Mutual Funds
Definition An investment vehicle that pools money from many different investors and reinvests that money in a portfolio of securities (for example: bonds, stocks, real estate, mortgages) One of the most popular forms of investment among smal
MATH 135, Fall 2010
Assignment #3
Due at 4:00pm on Tuesday, October 5 For the online MapleTA assignment, please go to http:/mapleta.uwaterloo.ca/. Problem 1. Prove that
n i=1 (2i
1)2 =
n(2n1)(2n+1) 3
for all n 1.
Problem 2. Let a0 = 1 and a1 = 1 and for
MATH 135, Fall 2010
Solution of Assignment #3
Problem 1. Prove that
n i=1 (2i
1)2 =
n(2n1)(2n+1) 3
for all n 1.
Solution. When n = 1 we have n (2i 1)2 = 12 = 1 and n(2n1)(2n+1) = 113 = 1, so the i=1 3 3 claim is true when n = 1. Let k 1 and suppose the c
MATH 135, Fall 2010
Assignment #4
Due at 4:00pm on Tuesday, October 12 For the online MapleTA assignment, please go to http:/mapleta.uwaterloo.ca/. Problem 1. Let a, b, c Z. Prove that if ac | bc and c = 0, then a | b. Problem 2. (a) Let m, n P. Prove tha
MATH 135, Fall 2010
Solution of Assignment #4
Problem 1. Let a, b, c Z. Prove that if ac | bc and c = 0, then a | b. Solution. Since ac | bc, then bc = qac for some integer q . Regrouping, bc qac = 0 or c(b qa) = 0. Since c = 0, then b qa = 0 or b = qa. T
MATH 135, Fall 2010
Assignment #5
Due at 4:00pm on Thursday, October 28 For the online MapleTA assignment, please go to http:/mapleta.uwaterloo.ca/. Problem 1. Find the prime factorization of each of the following integers. (a) 20!. (b) 20 . 5 Problem 2.
MATH 135, Fall 2010
Assignment #6
Due at 4:00pm on Tuesday, November 2 Problem 1. Most recent books are identied by their International Standard Book Number, or ISBN, which is a 10-digit number, separated into four blocks. The ISBN for our course text boo
Assignment Format for MATH 135
Mathematics is a language of precision a no loop-holes form of communication. An essential part of your mathematics education here at UW thus involves learning how to write mathematics in a clear and concise manner, which bo
Chapter 5 Markets in Action Price Floor Price Ceiling Exercises Price Floor (Fig 5-2) A price floor is a minimum permissible price. e.g. : Minimum wage, Agricultural price support Rationale : .Sellers of essential goods should earn more. .Avoid exploitati
Chapter 7 Producers in the short-run Economic Profits Production o Exercise 7.1 : Production Table Short-run costs o Exercise 7.2 : Cost Table Productivity and cost curves o Exercise 7.3 : Productivity and Cost curves
Economic Profits Accounting profit =
Economics 120 Test 2 Friday, November 2, 2007, 3 4:30 pm. Name:_ _
(first name) (last name)
ID number:_ Section: _ Instructor:_ 1. On the FRONT of your computer card use a dark lead pencil to PRINT the following instructor's name, section letter (next to
Economics 120 Test 2 Friday, November 3, 2006, 3 4:30 pm. Name:_ _
(first name) (last name)
ID number:_ Section: _ Instructor:_ 1. On the FRONT of your computer card use a dark lead pencil to PRINT the following instructor's name, section letter (next to
Economics 120 Test 1 Friday, October 6, 2006, 3:00 4:30 pm. 1. On the FRONT of your computer card use a dark lead pencil to PRINT the following instructor's name, section letter (next to class), time/day of your section 9 digit WLU ID number starting at f
Chapter 34 Trade Policy Outline Methods of protection o Exercises Legitimate arguments for protection Fallacious arguments for protection Methods of protection Import tariffs or duties. are taxes applied to an imported good can be applied in response to u
Chapter 33 The gains from trade Outline The gains from trade Law of one price o Exports o Imports Excercises The gains from trade Law of one price: Goods that are easy to transport will sell at the same price world-wide because. .if a good is cheaper in A
Chapter 33 The gains from trade OUTLINE Gains from trade Absolute and comparative advantage Comparative advantage and gains from trade Production & consumption possibility boundaries Gains from trade arise if. Opportunity costs differ between countries. (
ADDITIONAL NOTES ON Absolute and comparative advantage and Terms of Trade Chapter 33a Example 3a : determine absolute and comparative advantage Output per worker Opportunity cost Wheat Cloth 1 kg of Wheat 1m Cloth Canada 12 kg 3 metres m (see 2A) 4kg W (s
Chapter 18 Taxation and public expenditure Taxation and allocative efficiency Taxing goods that are competitively provided and do not create externalities causes. .total surplus to fall from its maximum level (deadweight loss of taxation). .producer & con
Chapter 17 Economics of Environmental Protection Pollution control policies
Pollution control policies
Efficient pollution reduction requires that the MC of abatement is equalized across firms.
Direct controls require equal pollution reduction per firm is