ECO101A TUTORIAL PROBLEM SET 3 (SEM I, 2015)
1. The demand curve for bananas is given by the equation p= 800 - 2q. At what point
on the demand curve is the price elasticity of demand for bananas equal
Question 9
How will the following changes in price, affect total revenue (expenditures):will total revenue
increase, decrease or remain unchanged if:
a) Price falls, and demand is inelastic.
b) Price
ECO 101
Problem Set 3
1. Consider the following observations from the utility function of a consumer:
Amount:
Utility (Utils):
1
2
3
4
5
6
7
5
11
16
20
23
24
20
(a) Obtain the marginal utility schedul
ECO101 A TUTORIAL PROBLEM SET 5
NOTE: YOU CAN COLLECT PRACTICE PROBLEM SET 2 FROM HALL 4 XEROX CENTER.
1. Do the following functions exhibit increasing, constant, or decreasing returns to
scale? What
TUTORIAL PROBLEM SET 4
1. Maurice has the following utility function: U(X,Y) 20X 80Y X 2 2Y 2, where
X is his consumption of CDs, with a price of $1, and Y is his consumption of movie
videos, with a r
1
ECO 101
Problem Set 4
1.
The short run production function is Y 24L 2L . Draw the MP (L) and the AP (L)
functions. Does the production function depict Law of Variable Proportion?
2.
Consider the pro
MULTIPLE CHOICE PROBLEMS
1. The distribution problems in Samuelson are often referred to as the
(a) WHAT problems.
(b) HOW problems.
(c) FOR WHOM problems.
2. In a limited liability firm, the legal ow
1
ECO 101
Problem Set 5
1. Consider a competitive firm whose short run cost function is
STC (Y) = 2Y3 24Y2 + 100Y + 1600.
(a)
(b)
(c)
(d)
(e)
(f)
Obtain the supply function of the firm.
What is the sh
1
ECO 101
Problem Set 5
1. Consider a competitive firm whose short run cost function is
STC (Y) = 2Y3 24Y2 + 100Y + 1600.
(a)
(b)
(c)
(d)
(e)
(f)
Obtain the supply function of the firm.
What is the sh
1
ECO 101
Problem Set 4
1.
The short run production function is
2
3
Y 24 L 2 L
. Draw the MP (L) and the AP (L)
functions. Does the production function depict Law of Variable Proportion?
2.
Consider t
ECO 101
Problem Set 1
1. Classify the following factors of production:
bonds, manager, raw material, office building, CEO
2. Name the factor prices of the following factors:
debt capital, proprietor,
ECO101A: TUTORIAL PROBLEM SET 10
NOTE: YOU CAN COLLECT PRACTICE PROBLEM SET 5 AND 6 ALONG WITH ANSWER KEY.
ALSO COLLECT ANSWER KEY OF PRACTICE PROBLEM SET 4 FROM HALL 4 XEROX
CENTER.
1. A monopolist f
ECO101: TUTORIAL PROBLEM SET 11
QUESTION NO 1:
Consider two firms facing the demand curve P = 50 5Q, where Q = Q1+ Q2. The firms cost
functions are C1(Q1) = 20+10Q1 and C2(Q2) = 10+12Q2.
a. Suppose bo
ECO101 PROBLEM SET -09 (SUMMER TERM)
QUESTION BASED ON Differentiated Products Duopoly
1. Firms 1 and 2 produce differentiated products. Let q1 be the quantity produced by
firm 1, and q2 be the quanti
ECO101A: Tutorial Problem Set 1 (Summer Semester, 2017)
1. From the following Data calculate the consumer price index for 2005 and 2006 taking 2000 as
base year and also determine the inflation rate i
ECO101A TUTORIAL PROBLEM SET- 07 (SUMMER TERM 2017)
1. A monopoly can sell its good in the US, where the elasticity of demand is -2, and in
South Korea, where the elasticity of demand is -4. Its margi
ECO101A TUTORIAL PROBLEM SET 02 (SUMMER TERM 2017)
1. The following table shows the average retail price of butter and the Consumer Price
Index from 1980 to 2000 , scaled so that the CPI 1 = 100 in 19
ECO101A: TUTORIAL PROBLEM SET 06 (SUMMER TERM 2017)
1. A firms long-run total cost curve is TC (Q) = 40Q 10Q2 + Q3. Over what range of
output does the production function exhibit economies of scale? O
ECO101 A: TUTORIAL PROBLEM SET 5(SUMMER TERM 2017)
1. A firm has a fixed production cost of $5000 and a constant marginal cost of production of
$500 per unit produced. What is the firms total cost fun
ECO101A TUTORIAL PROBLEM SET 03 (SUMMER TERM 2017)
1. What happens to the marginal rate of substitution as you move along a convex indifference
curve? A linear indifference curve?
2. John Snow has the
ECO101 A TUTORIAL PROBLEM SET 4(SUMMER TERM 2017)
NOTE: YOU CAN COLLECT PRACTICE PROBLEM SET 2 FROM HALL 4 XEROX CENTER
AFTER 3 PM.
NOTE: FIRST REMAINING QUESTIONS OF PREVIOUSE TUTORIAL WILL BE DISCUS
ECO101A TUTORIAL PROBLEM SET -08 (SUMMER TERM 2017)
1. The industry demand curve for a particular market is: Q = 1800 - 200P.
The industry exhibits constant long run average cost at all levels of outp
TUTORIAL PROBLEM SET 8
NOTE: YOU CAN COLLECT PRACTICE PROBLEM SET 4 FROM HALL 4 XEROX CENTER
1. There are 100 bakeries producing bread at a neighborhood with 10,000 households.
Each households demand