Econ 100M: Intermediate Microeconomics
Problem Set 5
Due in class Thursday March 15
1. Benjamin is fortunate enough to be the only producer in the market. He faces a
demand curve:
P = 20 3Q
and his costs are given by
C = 2Q.
a. Suppose Benjamin behaves co
Economics 100M
Dan Friedman
Winter 2013
UCSC
Answer Key for Midterm Exam
Part I. True, False, or Uncertain? Explain briefly. 50 word maximum for each
question. 5 points each.
1. New England is experiencing a very cold winter. The price of home heating oil
Economics 100M
Dan Friedman
Winter 2013
UCSC
Problem Set #1
Due in class Tuesday January 22.
Part 1: Look over all the questions and problems in Perloff Chapters 2-3. Write out and
turn in your solutions to:
Problems 8, 18, 25, 26, 27, 32, 38 of Chapter 2
Corrected Answer Key for Practice Midterm Exam
Part I. True, False, or Uncertain? Explain briefly. 50 word maximum for each
question. 5 points each.
1) After tickets for a major sporting event are purchased at the official box office
price, a market often
Problem Set 1
Econ 100M
Fall 2012
Part 1 Math review questions: NS 2.1, 2.2, 2.3, 2.4
Part 2 Utility and constrained maximization: NS 3.1, 3.4, 4.1, 4.2
Part 3 Bunching Suppose that consumers spend income, m, on electricity to heat their homes,
E, and on
Problem set 2
Econ 100M
Professor Justin Marion
Due Tuesday February 14
1. Let utility be given by u(x1,x2)=mincfw_2x1,4x2.
a. If p1=5, p2=1, and income =50, what bundle maximizes utility?
b. Suppose the price of good 1 falls to p1=2. What is the new bund
Econ 100M: Intermediate Microeconomics
Problem Set 3
Due in class Thursday February 23
1. NS 9.2, 9.5
2. A firms production function for hand-squeezed orange juice uses two inputs,
oranges and labor. Let x1 denote the kilograms of oranges used and let x2
Econ 100M: Intermediate Microeconomics
Problem Set 4
Due in class Thursday March 8
1. NS 11.2, 12.1
2. The demand curve for ski lessons is given by
D(PD) = 100 2PD.
The industry supply curve is given by
S(PS) = 3PS.
a. Find the equilibrium price and quant
Economics 100M
Dan Friedman
Winter 2013
UCSC
Answer Key to Final Exam
Instructions. In class, no communications devices, closed book, three hours, only the
official double-sided page of notes allowed. Points (pts) are marked and total 100.
Part I. Short a