Discussion Questions #3 1. The research department of a price searcher firm estimated (assume correctly) that the elasticity of demand for its product is -5, and -2 in markets A and B, respectively. Both are estimated at the price-quantity combination in
Discussion questions for March 23: 1. Discuss the paradox of voting using the following: Individual 1: cPb, bPa Individual 2: bPa, aPc Individual 3: aPc, cPb 2. Explain what a "Social Welfare Function" is. 3. An acceptable Social Welfare Function must sat
Lyon 1.
Discussion Questions 1.A In a competitive industry, some firms might be more efficient than others on average, but all firms are equally efficient at the margin. T, F, U. Explain.
2.
Average cost is rather more popular in economics, and deserves f
Lyon, January, 2000 1.
Econ 701
Will a shift from a wage system which pays only for hours worked in a mine lead to a different earning that one based upon portal-to-portal pay? A company cannot have a monopoly if its shareholders receive only the normal r
Lyon
Wheat Storage Home-Work Problem This is a wheat storage problem. Even though, it is incomplete, it is complicated enough for a home-work problem. We are working with a closes economy with perfect forsight. We start the problem at t = 0 with the harve
640
ORDINARY DIFFERENTIAL EQUATIONS: SCALAR EQUATIONS
[24]
=
To find (10) as the solution, write the differential equation as y - a(t)y b(t) and multiply every term by exp(- J"' 0 ) a(s) 5 :
Since the left-hand side of (11) is precisely the derivative of
Homework Assignment 2
Econ 7130
Instructions: Please provide your answers to the following questions in the spaces beneath each question. Make sure to clearly show your work and explain your answers for full credit. There are a total of 50 points possible
Homework Assignment 1
Econ 7130
Instructions: Please provide your answers to the following questions in the spaces beneath each question. Make sure to clearly show your work and explain your answers for full credit. There are a total of 50 points possible
Discussion questions: 1. It has been observed that the best grades of products (oranges, apples and the like) are sent to large cities and are not readily available to consumers in the areas in which they are produced. Explain why. Friedman calls the hori
LYON Answer True, False, or Uncertain and briefly explain why. 1. The invention of a synthetic substitute for wool will raise the price of mutton. 2. In the United States, real income per capita has risen over time, whereas the number of domestic servants
Lyon
Econ 7140 Final Exam
April 29, 2008
1. Let there be 2 private goods, 2 inputs, 2 strictly concave production functions, fixed endowments of the inputs, no "externalities," and price-taker individuals and firms. Show (prove) that the market equilibriu
Lyon
Econ 7140 Third Exam
April 3, 2008
1. For the utility functions U(x ) = ln x and V (x ) = x a. Show they are CRRA utility functions. Explain. b. TFU, At any level of x , U exhibits more risk aversion than does V . Remember that the explanation is the
Lyon
Econ 7140 Third Exam
April 4, 2006
1. Individual A has the utility function U ( x ) = ln x for income (the scale of x is $10, 000). The individual has a job offer that pays $40,000 with a bonus. The bonus will be 0 or $50,000 with equal probability.
Lyon
Econ 7140 Second Exam
March 2, 2006
1. The individuals utility function U ( x1 , x2 , x3 , x4 ) is strictly quasi-concave, where commodities 1 and 2 are food items and 3 and 4 are clothing items. Show how you would go about proving that we can combin
Lyon
Econ 7140 Second Exam
February 27, 2004
1.
We analyze the welfare loss of placing sales taxes on the commodities x1, and x2. The representative consumer has utility function and transformation function: u(x1, x2) G(x1, x2) = 0 u , C2, u strictly quas
Lyon
Econ 7140 First Exam
February 18, 2010
1.
Let the primal problem be to maximize profits for a price-taker firm. Use the primal-dual problem to show that the solution profit function is convex in w and p. What does this imply about the resource demand
Lyon 1.
Econ 7140
January 31, 2008
Using the profit maximization problem for a price-taker firm, where there are n inputs, show (prove) that a.
My* Mx* 1 ) = ! ) Mw1 Mp
b. Can
My* Mx* 1 ) = ! ) $ 0 ? Mw1 Mp
Prove yea or nay (yes or no). Explain. c. An inp
Lyon
Econ 7140 First Exam
February 2, 2006
1.
a. Show that if y1/L = y0 then the change in income is equal to Slutskys compensating variation of price, where yi is an individuals income in year i, and L is the individuals Laspeyres price index. b. Show th
Economics 7130
Microeconomic Theory I
Autumn Semester, 2009 Course Description: This course covers the same areas in microeconomics as in your introductory principles and intermediate theory courses, but at a more rigorous graduate level. We begin by exam
Lecture 2 Technology Shocks and the Business Cycle
Business Cycle Regularities
Real GDP fluctuates irregularly. But other economic variables have similar fluctuationsthey comove with GDP. With respect to qualitative behavior of comovements among series,
Lecture 1 Introduction to Modern Macroeconomics
Per Capita GNP
ECN/APEC 7240
I-2
Income-Expenditure Identity
Y = C + I + G = zF(K, N) C = C(K, Y) K = I + (1 )K = zF ( K , N ) C ( K , zF ( K , N ) G + (1 ) K Key question: What are F and C?
F is determine
ECN/APEC 7240
Spring 2010
Homework 9
Due 4/28/10 1) Consider an economy with a single consumer. There is one good in the economy, which arrives in the form of an exogenous endowment obeying y t +1 = t +1 y t , where yt is the endowment at time t and and t
ECN/APEC 7240
Spring 2010
Homework 7
Due 4/7/10 1) Consider the corresponding planners problem associated with the production model, in which, given Y0, the planner maximizes
t =0
t
S (Yt , Yt +1 ) ,
where S (Y , Y ' ) = A0Y 1 d A1Y 2 (Y Y ' ) 2 . 2 2
a)
ECN/APEC 7240
Spring 2010
Homework 6
Due 3/31/10 1) Let f : R R be a continuously differentiable function with a fixed point x*. Suppose that |f (x*)| < < 1. a) Use Taylors Theorem to show there exists a neighborhood U of x* such that if we restrict f to