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. B
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
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 c
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
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
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
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 f
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 f
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
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 r
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 individ
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 aver
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.
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.
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 fu
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
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 ?
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
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,
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 respec
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 +
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
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 ) ,
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 exist