: / L 20/0 2 L’ (.e oesixWS W QCR‘W
LCZ‘QZ) FALL ‘0 Cb OVCUA or ‘wéWH’ numms.
Multiple choice questions. (7 questions, 3 points each). There is only 1 correct answer to ea h question. On your
answer sheet/blue book, write the letter corresponding to the c
EC201, Fall 2007, Prof. Jordi Jaumandreu Solutions to Problem set #2 Consumer Theory 1. Let's have Canadian gasoline in the x-axis and suppose for simplicity that this is just the price that changes. The budget line has an inclination of 45o if price
EC201, Fall 2007, Prof. Jordi Jaumandreu Problem set #2 Consumer Theory 1. Suppose a Canadian who lives equally close to gas stations in the US and Canada. Gasoline can be more expensive over time in one country than in the other due to taxes and, so
Chapter Fourteen
Consumers Surplus
EC201
Lucia Luzi - Boston University
1
Monetary Measures of Gains-to-Trade
You can buy as much gasoline as you wish at $1 per
gallon once you enter the gasoline market.
Q: What is the most you would pay to enter the
ma
Chapter Eight
Slutsky Equation
EC201
Lucia Luzi - Boston University
1
Effects of a Price Change
What happens when a commoditys price decreases?
Substitution effect: the commodity becomes relatively
cheaper, so consumers substitute it for now relatively
EC201, Fall 2007, Prof. Jordi Jaumandreu Solutions to Problem set #1 Demand and Supply, Applications 1. Replacing pb , pc and Y by its values demand turns out to be Q = 286-20p. The increse in pb induces an increment of 20(5.2-4) in the intercept and
EC201, Fall 2007, Prof. Jordi Jaumandreu Problem set #5 Competitive Markets 1. Many marginal cost curves are U-shaped. As a result, it is possible that the MC curve hits the demand or price line at two output levels. Which is the profit maximizing ou
EC201, Fall 2007, Prof. Jordi Jaumandreu Problem set #6 Welfare analysis 1. If the inverse demand for toasters is p = 60 - Q, what is the consumer surplus if price is 30? 2. If the inverse demand for radios is p = a - bQ, what is the consumer surplus
Comparative Statics
The Three Questions
Changes in Demand
Examples
Changes in Supply
Examples
Equilibrium
Point at which QS = QD
P
At equilibrium E = (Q*,P*),
S
Quantity Demanded = Quantity Supplied
E
P*
D
0
Q*
Q
Comparative Statics
Start at equilib
Questions for Review
What is the Difference Between Change in
Demand (Supply) and Change in Quantity
Demanded (Supplied)?
Increase in Quantity Demanded
P
P QD
A
$2.0
0
A movement along the
demand curve
B
$1.00
D
0
4
8
Q
Increase in Demand
One of the non-
Behind the Supply Curve: Producer Theory
Firms Costs
Total, Average and Marginal Costs
Fixed and Variable Costs
Practice Problem on Calculating Costs
Total Cost
Total Cost = TC = the total cost of producing q
units of output
Example: TC = 10q
q
TC
Consumer Theory:
Review and Sample Problems
Consumer Optimum
Changes in Prices
Income and Substitution Effects
Why Does the Demand Curve Slope Down?
Practice Questions
JoAnnes Books vs. Movies
Question
Practice Questions
JoAnnes Books vs. Movies
Quest
Consumer Theory (cont.)
Consumer Optimum (cont.)
Changes in the Budget
Effect on the Budget Constraint
Effect on Consumer Optimum
Normal Good
Inferior Good
Changes in Prices
Effect on the Budget Constraint
Consumer Optimum
Y
Y*
O
IC
BC
0
X*
X
Cons
This Course is Full
I cannot add additional students
to this course
You can continue to check on
Student Link in case any spots open
up
Any problems with scheduling:
Email Daryl Graves
[email protected]
(617) 353-5218
Be sure to bring your schedule
Introd
Welcome to Intermediate Microeconomics!
Ec 201 D1 & E1
professor Giacomo Calzolari
[email protected]
Administrative introduction to the course
CAREFULLY READ THE SYLLABUS!
The rules of the game and
you will find the answers to your questions almost for sure.
K
Overview of the Economy: Product and Factor
Markets
Determinants of Demand for an Individual
The Demand Curve for an Individual
From Individual Demand to Market Demand
Change in demand vs. Change in quantity demanded
Overview of the Economy
Household
MyEconLab Tips and Tricks
Review of Demand
Determinants of Supply for an Individual Supplier
The Supply Curve for an Individual Supplier
From Individual Supply to Market Supply
Change in supply vs. Change in quantity supplied
About MyEconLab
Problem set
CHAPTER
13
Game Theory and
Competitive Strategy
CHAPTER OUTLINE
[A preamble on oligopoly]
13.1 Gaming and Strategic
Decisions
13.2 Dominant Strategies
13.3 The Nash Equilibrium
13.4 Repeated Games
13.5 Sequential Games
13.6 Threats, Commitments
and Credib
CHAPTER
16
General Equilibrium and
Economic Efficiency
CHAPTER OUTLINE
16.1 General Equilibrium
Analysis
16.2 Efficiency in Exchange
16.3 Equity and Efficiency
16.4 Efficiency in Production
16.5 The Gains from Free
Trade
16.6 An OverviewThe
Efficiency of
GDP of Belize
Introduction and Background
In 1981, Belize gained its independence from the UK. From that point on Belizes
economy has prospered. The services sector grew in the late 1990s making up 60% of
the GDP. The agricultural sector makes up for 10%
Equilibrium: Putting Demand and
Supply Together
The Necessity of Equilibrium
Disequilibrium and why it cannot last in an
uncontrolled market
Price Floors
Effects on price and quantity
Example: The minimum wage
Price Ceilings
Effects on price and qu
Chapter Twenty-One
Cost Curves
EC201
Lucia Luzi - Boston University
1
Types of Cost Curves
A total cost curve is the graph of a firms total cost function.
A variable cost curve is the graph of a firms variable cost
function.
EC201
Lucia Luzi - Boston Un
Elasticity
Price Elasticity of Demand
Elastic and Inelastic Curves
Calculating Elasticity: The Midpoint Formula
Elasticity and Slope
Which is more sensitive to changes
in price?
Price of DVD players
by an average of
$100 a player
Which is more sensi
Behind the Supply Curve: Producer Theory
(cont.)
Firms Revenues
Perfectly Competitive Firm
Firms Revenues
Demand Curve for the Firms Products
Profit Maximization for a Perfectly Competitive
Firm
The Shut-Down Rule
Practice Problem
Supply Curve of
Monopoly
Marginal Revenue
Profit Maximizing Quantity
Profits and Losses
Summary of Market Structure:
Perfect Competition
Perfect
Competition
Number of Firms
Very many
Output of Different Identical
Firms
View of Pricing
Price taker
Barriers to Entry/
E
Monopolistic Competition
Product Differentiation
Attributes of a monopolistically competitive market
Profit Maximizing Quantity
Long-run Equilibrium
Summary of Market Structures:
Perfect Competition and Monopoly
Perfect
Competition
Number of Firms
Monopo
Answer: Exercise I
4.2
This uses the Cobb-Douglas utility function to solve for quantity demanded at two
different prices.
Use a simpler notation for this solution: U ( f , c) f 2 / 3 c1/ 3
I 300
a. f 2 /3 c1/ 3 (300 20 f 4c )
2 / 3(c / f )1/ 3 20
f
1/
Measures of Central Tendency
Percentiles and Quartiles
Measures of Variability
Other Numerical Measures
Empirical Economic Analysis I
Describing Data
Andre Switala
March 1, 2015
Andre Switala
Empirical Economic Analysis I
Measures of Central Tendency
Perc
Midterm Exam I February 27, 2017
EC201 E1 Intermediate Microeconomic Analysis - Prof. Erbas
Name and Last Name: A N 3 W E 13 KEV Student ID#: 'W
Total . / 100
Please Read:
You have 50 minutes. Answer all of the following questions. In all questions, you c
EC201 El Intermediate Microeconomic Analysis - Erbas
Name and Last Name: 5w Student ID#: Date:
Assignment Date: February 13, 2017
Due Date (Hard Deadline): 4:30 pm, Wednesday, February 22, 2017. Late submissions are not
accepted. Submit the stapled and pr
EC201 E1 Intermediate Microeconomic Analysis Prof. Erbas
Name and Last Name: cfw_ iEMV lag Student ID#: Date:
Assignment Date: March 20, 2017
Due Date (Hard Deadline): 12:05pm, Wednesday, March 29, 2017. Late submissions are not accepted. In class
submiss
BOSTON UNIVERSITY
Department of Economics
CAS EC 201 E1 Intermediate Microeconomic Analysis
2016-2017 SPRING SEMESTER
Bahar Erbas, Ph.D.
E-mail: [email protected]
Class Hours: Mondays, Wednesdays
and Fridays 2:30 3:20 pm (Room CAS
226)
TA: Sanghoon