EC201, Fall 2015, Prof. Jordi Jaumandreu
Practice Midterm 1
There are three exercises. The exercises have a dierent number of questions
each and the number of points that each question is worth is det
EC201, Fall 2015, Prof. Jordi Jaumandreu
Problem set #4
Consumer Theory: Demand, price and Income changes
1. Derive and plot the demand curve for Coke of a consumer that views
Coke and Pepsi as perfec
8/30/2016
EC 201, F1
Chapter 2: Supply and Demand (Review)
Under this chapter we will discuss:
1) Demand and Supply curves
2) Factors that shift demand and supply curves
3) Determining market equilibr
8/30/2016
EC 201; F1
Chapter 4: Consumer Behavior
Under this chapter we will discuss:
1) Cost of buying what consumers want (4.3)
Budget constraint/line
2) Consumers preferences and the concept of uti
10/9/2016
EC 201, F1
Chapter 5: Individual and Market Demand
Under this chapter we will discuss:
1) Income Expansion Path and Engel Curve (5.1)
2) Price Consumption Curve and Demand Curve (5.2)
3) Dec
10/25/2016
EC 201, F1
Chapter 6: Producer Behavior
Under this chapter we will discuss:
1) The basics of production (6.1)
a) Definitions, Assumptions and Production Function
2) Production in the Short
11/6/2016
EC 201, F1
Chapter 7: Costs
Under this chapter we will discuss:
1) Definition of different Costs Sunk costs, Opportunity
Costs, Economic Costs, Accounting Costs, Accounting
Profit, Economic
11/30/2016
EC 201, F1
Chapter 8: Supply in a Competitive Market
Under this chapter we will discuss:
1) Characteristics of Perfect Competition (8.1)
2) Profit Maximization for a perfectly competitive f
12/8/2016
EC 201, F1
Chapters 9: Market Power and Monopoly
Under this chapter we will discuss:
1) Sources of Market Power (9.1)
Details
you should read on your own
2) Profit Maximization for a firm wi
8/30/2016
EC 201, F1
Chapter 3: Using Supply and Demand to Analyze
Markets (3.1, 3.2)
Under this chapter we will discuss:
1) Consumer and Producer Surplus
2) Application of Consumer and Producer Surpl
12/12/2016
EC201-F1, FINAL EXAM ON WEDNESDAY, 12/21
FROM 12:30 2:30 PM IN THE CLASSROOM
SYLLABUS: CUMULATIVE
Review Information: For material done after
Exam#2. For material related to Exam#1 and
Exam
Chapter 4
Extensions of Consumer
Theory
In the theory of consumer behavior, our starting point has been the consumers
income or budget constraint, which she then must choose how to spend in order
to m
Chapter 6 - Firms and
Production
Returns to Scale.
Long-Run Production: Two Variable Inputs.
Short-Run Production: One Variable and One
Fixed Input.
Production.
The Ownership and Management of Fi
COST FUNCTION, SHORT RUN/LONG
RUN COSTS
Chapter 7
Cost of Producing Multiple Goods
Lower Costs in the Long Run.
Relationships between Short Run and Long Run Costs
Cost minimization
Changes in inp
Deriving Labor Supply Curves (choice between Labor
and Leisure) .
Cost-of-Living Adjustments (deal with inflation).
Effects of a Price Change (substitution and income
effect).
How Changes in Incom
EC 201 F1, Fall 2016, Professor: Ishita Dey, Boston University
Name: _
Problem Set#1 based on Chapters 2, 3 and 4, 100 points
Due in-class on Wednesday, 09/21/2016
Instructions:
i)
You may discuss wit
EC201, Fall 2015, Prof. Jordi Jaumandreu
Solutions to Problem set #2
Demand and Supply, Applications
1. Replacing , and by its values demand turns out to be = 29020
The increse in induces an increment
EC201 D Intermediate Microeconomic Analysis
Fall 2015
Prof. Jordi Jaumandreu
E-mail: [email protected]
Department of Economics, 270 Bay State Road
Room 416
Phone: 617 358 5925
Office hours: T 2:00 pm-3:30
EC201, Fall 2015, Prof. Jordi Jaumandreu
Problem set #3
Consumer Theory: Preferences, Utility, Equilibrium
1. What happens to the budget line if the government applies a specific tax
of $1 per gallon
EC201, Fall 2015, Prof. Jordi Jaumandreu
Problem set #2
Demand and Supply, Applications
1. Suppose the demand for processed pork in Canada is = 180 20 +
20 + 3 + 2 where is the price of beef, the pric
EC201, Fall 2015, Prof. Jordi Jaumandreu
Solutions Problem set #1
Some mathematical concepts and definitions
1. Demand as a function of price, = (); supply as a function of price,
= (); utility as a
Some mathematical concepts
and definitions
Outline
Functions
Properties of functions
Changes, rates of change, slopes
Derivatives
Optimization
Functions
A function is a rule that describes a relation
EC201, Fall 2015, Prof. Jordi Jaumandreu
Solutions to Problem set #3
Consumer Theory: Preferences, Utility, Equilibrium.
1. Construct a plane gasoline-other goods with gasoline on the x-axis A
specifi
EC201, Fall 2015, Prof. Jordi Jaumandreu
Problem set #5
Production Function
1. Each extra worker produces an extra unit of output up to six workers.
After six, no additional output is produced. Draw t
Chapter Twenty-Five
Monopoly Behavior
Spring 2013 - EC201
Lucia Luzi - Boston University
1
How Should a Monopoly Price?
So far a monopoly has been thought of as a firm
which has to sell its product a
Chapter Twenty-One
Cost Curves
Spring 2013 - 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
Chapter Eighteen
Technology
Spring 2013 - EC201
Lucia Luzi - Boston University
1
Technologies
Firm behavior. When a firm makes choices it faces
many constraints, imposed by:
its customers,
its comp
Chapter Four
Utility
Spring 2013 - EC201
Lucia Luzi - Boston University
1
Preferences - A Reminder
p
x y: x is preferred strictly to y.
x ~ y: x and y are equally preferred.
x f y: x is preferred w