1. Insurance
Kelly is exposed to the following gamble: earn 81 with probability
2
3
and earn 4 with probability
1
3.
a. If Kelly is risk-neutral, compute the maximum price she would be willing to pay
1
Assignment 2
EC370: Microeconomic Theory II, Winter 2016
(Sections A and B)
Professor Bradley Ruffle
You may submit your assignment in pairs.
Due Date: No assignments will be accepted after 4:00pm o
EC370 QUIZ 1
1. Cheticamp Distillery has a monopoly on its unique, Cape Breton single malt whisky. The demand for
Cheticamp Single Malt has been estimated as Q(P) = 75 - P, where Q is bottles/day. Che
Practice Questions in preparation for the Final Exam
EC370: Microeconomic Theory II
Winter Term 2015
Sections A and B
1. The Nash equilibrium of the Cournot game in which two identical firms face mark
Practice Questions in preparation for the Final Exam
EC370: Microeconomic Theory II
Winter Term 2016
Sections A and B
1. The Nash equilibrium of the Cournot game in which two identical firms face mark
EC370, Midterm I, Practice Questions
1.
If she spends all of her income on uglifruits and breadfruits, Maria can just afford 11 uglifruits and 4
breadfruits per day. She could also use her entire budg
Review_MC_Final
Multiple Choice
Identify the choice that best completes the statement or answers the question.
_
1. Edmund must pay $6 each for punk rock video cassettes, V. If Edmund is paid $24 per
EC370 Midterm I Practice Questions
1.
If the inverse demand curve a monopoly faces is p = 100 - 2Q, and MC is constant at 16,
then profit maximization
a.
b.
c.
d.
2.
is achieved when 21 units are prod
EC370 Exercises Set 5 Ch. 18: Asymmetric Information
Numerical Exercises
1. Moral Hazard
Suppose there is a 50-50 chance that an individual with logarithmic utility from wealth
and with a current wea
Name:_
WLU I.D. #_
Economics 370
Mid Term Examination 1 Monday, June 8, 2015
Instructions:
1. On the FRONT of your computer card use a dark lead pencil to PRINT the following
Course (EC370)
9 digit WL
Name:_
WLU I.D. #_
Economics 370
Mid Term Examination 1 Monday, June 8, 2015
Instructions:
1. On the FRONT of your computer card use a dark lead pencil to PRINT the following
Course (EC370)
9 digit WL
Name:_
WLU I.D. #_
Economics 370
Mid Term Examination 1 Monday, June 8, 2015
Instructions:
1. On the FRONT of your computer card use a dark lead pencil to PRINT the following
Course (EC370)
9 digit WL
EC370 MT II Practice Qs
Answer Key
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
E
A
D
E
C
D
A
C
D
A
D
D
E
C
A
A
B
C
B
B
D
B
D
C
B
E
D
C
C
B
Multiple Constraint Lagrangian
General Equilibrium and Welfare Maximization
Page 1 of 10
An example of a multiple-constraint Lagrangian, illustrating the use of Lagrange multiplier
variables.
General
EC370 Lecture Notes,
Welfare, Equity
Chapter Thirty-Two
Welfare
Social Choice
Different economic states will be preferred by
different individuals.
How can individual preferences be
aggregated into a
EC370 Lecture Notes,
NS Chapter 14 (II), Monopoly Pricing
14 (Part II)
Monopoly Behavior
Pricing
How Should a Monopoly Set Price?
So far a monopoly has been thought of as a
firm which has to sell its
EC370, Lecture Notes,
Chapter 19, Profit-Maximization
Putting Activity Decisions Together
Chapter Nineteen
Profit-Maximization
In first-year and second-year microeconomics
courses, it is customary to
2
Production Possibilities
General Equilibrium,
Production II
The set of all feasible output bundles is the
economys production possibility set.
Two Inputs,
Two Goods,
Two Consumers
Resource and techn
EC370, Lecture Notes,
Chapter 18, Technology (Review)
Production and Profit Maximization:
Review and Extension
Chapter Eighteen
Technology
Technologies
A technology is a process by which inputs are
co
EC370 Lecture Notes,
Chapter 31, (Part I) Equilibrium with
Single-input, Single-output Production
Exchange Economies (revisited)
General Equilibrium With
Production, Part I
No production, only endowme
Name:_
WLU I.D. #_
Economics 370
Mid Term Examination 2 Monday, July 8, 2015
Instructions:
1. On the FRONT of your computer card use a dark lead pencil to PRINT the
following
Course (EC370)
9 digit WL
EC370 Lecture Notes,
NS Chapter 8 , Games I
8
Game Theory
Game Theory
Game theory helps to model strategic
behavior by agents who understand that
their actions affect the actions of other
agents.
2
1
EC370 Lecture Notes,
Input-Output Profit Maximization
Chapter Nineteen
Profit-Maximization
Putting Activity Decisions Together
In first-year microeconomics courses, it is customary
to separate optimal
EC370 (Micro II)
Instructor: Jean Eid
Review #2
Question-1 Suppose demand is linear and is given by
P = a bQ
Suppose firms have different costs and total costs for each firm is given by T Ci = f + ci
EC370 ( Microeconomics II)
Instructor: Jean Eid
Assignment # 1
These problems are from the workout book. To obtain full credit, you need to be as clear as possible in all your
answers. No mark will be
EC370 ( Microeconomics II)
Instructor: Jean Eid
Assignment # 1
These problems are from the workout book. To obtain full credit, you need to be as clear as possible in all your
answers. No mark will be
Lesson 1: Foundations of Criminal Justice
An Overview of the Canadian Criminal Justice System
A. The Basic Structure of the Justice System
Numerous individuals and agencies play a role in preventing a