Introduction
Chapter 8 examined profit-maximizing behavior in perfectly
competitive, monopoly, and monopolistically competitive markets.
One distinguishing feature is the absence of strategic interaction
among the firms
In perfectly competitive and mono
Chapter 1: Answers to Questions and Problems
1.
Consumer-consumer rivalry best illustrates this situation. Here, Levi Strauss & Co. is
a buyer competing against other bidders for the right to obtain the antique blue jeans.
2.
The maximum you would be will
Economics 101
Dan Friedman
Fall 2012
UCSC
Problem Set #4
Part 1: Look over all the questions and problems in Baye Chapter 11. Write out and turn
in your solutions to Problems 13, 15 and 18.
Part 2: Answer the following questions. When information is insuf
Economics 101
Dan Friedman
Fall 2012
UCSC
Problem Set #3
Due in class Tuesday October 30.
Part 1:
Look over all the questions and problems in Baye Chapters 7-8. Write out and turn in
your solutions to:
Problems 2, 3, 4, 17 of Chapter 7; and
Problems 4, 7,
Economics 101
Dan Friedman
Fall 2012
UCSC
Problem Set #5
Part I. Look over all the problems at the end of Chapters 12 and 13 of Baye. Write up
and turn in your solutions to the following problems.
Chapter 12: problems 12, 18.
Chapter 13: problems 3, 7.
Pa
Economics 101
Dan Friedman
Fall 2012
UCSC
Problem Set #4
Part 1: Look over all the questions and problems in Baye Chapter 11. Write out and turn
in your solutions to Problems 13, 15 and 18.
Part 2: Answer the following questions. When information is insuf
Economics 101
Dan Friedman
Fall 2012
UCSC
Problem Set #2
Due in class Tuesday October 16.
Part 1:
Look over all the questions and problems in Baye Chapters 5-6. Write out and turn in
your solutions to:
Problems 12, 18, 19 of Chapter 5; and
Problems 11, 15
Economics 101
Dan Friedman
Fall 2012
UCSC
Problem Set #3
Due in class Tuesday October 30.
Part 1:
Look over all the questions and problems in Baye Chapters 7-8. Write out and turn in
your solutions to:
Problems 2, 3, 4, 17 of Chapter 7; and
Problems 4, 7,
HW1 Solutions
Chapter 1
9)
a. B(Q)= 25(2)-(2)^2 and B(Q)= 25(10)-(10)^2
b. MB(Q)= 25-2(2) and MB(Q)=25-2(10)
c. Total benet is maximized when MB=0. Set MB=0 and solve for Q to get Q=25/2
d. plug into cost function.
e. plug into MC function.
f. Obv
Economics 101
Dan Friedman
Fall 2012
UCSC
Problem Set #5
Part I. Look over all the problems at the end of Chapters 12 and 13 of Baye. Write up
and turn in your solutions to the following problems.
Chapter 12: problems 12, 18.
Chapter 13: problems 3, 7.
Pa
Economics 101
Dan Friedman
Fall 2012
UCSC
Problem Set #2
Due in class Tuesday October 16.
Part 1:
Look over all the questions and problems in Baye Chapters 5-6. Write out and turn in
your solutions to:
Problems 12, 18, 19 of Chapter 5; and
Problems 11, 15
Economics 101
Dan Friedman
Fall 2012
UCSC
Problem Set #5
Part I. Look over all the problems at the end of Chapters 12 and 13 of Baye. Write up
and turn in your solutions to the following problems.
Chapter 12: problems 12, 18.
Chapter 13: problems 3, 7.
Pa
1" _-_. III ,-. .\. T l:- . . . .
Relation between Productivity Measures in Action
Total product
Increasing Decreasing Negative
Average product . . .
. marginal E marginal 5 marginal
Marglnal product returns to labor 5 returns to labor returns to
5/27/2014
Microeconomics in Modules
and
Economics in Modules
Third Edition
Krugman/Wells
Module 32
Game Theory
to study how firm in oligopoly
What You Will Learn
1
how our understanding of oligopoly can be enhanced by using game theory
2
they concept of t
Economics 101
Dan Friedman
Fall 2012
UCSC
Problem Set #3
Due in class Tuesday October 30.
Part 1:
Look over all the questions and problems in Baye Chapters 7-8. Write out and turn in
your solutions to:
Problems 2, 3, 4, 17 of Chapter 7; and
Problems 4, 7,
Economics 101
Dan Friedman
Fall 2012
UCSC
Problem Set #4
Part 1: Look over all the questions and problems in Baye Chapter 11. Write out and turn
in your solutions to Problems 13, 15 and 18.
Part 2: Answer the following questions. When information is insuf
Introduction
CHAPTER 8
Chapter 7 examined the nature of industries,
and saw that industries differ with respect to
their structure, conduct and performance.
This chapter focuses on how managers
determine the optimal price, quantity and
advertising decis
Introduction
Chapter 9 examined market environments
when only a few firms compete in a market,
and determined that the actions of one firm
will impact its rivals. As a consequence, a
manager must consider the impact of her
behavior on her rivals.
This c
Chapter Outline
Market failure
Market power
Externalities
Public goods
Incomplete information
A Managers Guide to Government in the
Marketplace
Rent seeking
Government policy and international markets
Quotas
Tariffs
14-2
Welfare and Deadweight
Lo
Assignment: Chapter 2 Homework
1.
Multiple Choice 2-1
The form of business in which one individual bears all risk is a:
a. partnership.
b. sole proprietorship.
c. corporation.
d. None of these choices are correct.
2.
Multiple Choice 2-2
Which form of busi
BADM 701 Tentative Class Schedule
The following schedule simply provides an overview of the chapters that will be covered during the
course. Each week a list of the assigned readings, course materials, and assignments will be posted on
Moodle. The list wi
Term
Future Value
Present Value
Interest Rate
Number of Years
Excel Function
FV
PV
RATE
NPER
Formula
($8,187.29)
Tips
4.14%
15.75
PV= -Value
PV= -Value
Annutites
Future Value of
Ordinary Annuity
FV
($162.89)
Future Value of
Annuity Due
FV
$331.01
Type = 1