ECON 300C: Intermediate Micro
Problem Set 3
Please hand in written (or typed if you so choose) answers to this problem set at the
beginning of class next Thursday (10/17).
1.
a. Explain what convex in
Laine Rutledge
ECON 300C: Intermediate Micro
Handout 6
Firms and Production
1. Production function
In economics we try to model firms decisions in a similar way that we looked at consumer decisions. T
Laine Rutledge
ECON 300C: Intermediate Micro
Problem Set 1
Please hand in written (or typed if you so choose) answers to this problem set at the beginning of
class next Thursday (10/4).
1. Graph th
ECON 300C: Intermediate Micro
Problem Set 4
Please hand in written (or typed if you so choose) answers to this problem set at the beginning of
class next Tuesday (10/29).
1. Suppose a consumer choos
Laine Rutledge
ECON 300C: Intermediate Micro
Handout 2
Supply and Demand
The supply and demand model is the most famous and widely used economic model. There are many good
reasons why this model is
AMATH 383
Introduction to Continuous Mathematical Modeling
Winter, 2012
AMATH 383 Homework Assignment #2
(Due in class: Jan. 19)
1. Exercise 4 of Chapter 2 of the textbook.
Please note that there is a
ECON 300: Intermediate Micro
Additional Practice Questions Part 2
Costs of Production:
1. Draw a graph showing a set of isoquants that depict capital and labor to be perfect complements
(not substitut
Discrete Mathematical Modeling
Math 381 Course Notes
University of Washington
Prof. Sara Billey
Winter Quarter, 2011
c R. J. LeVeque
2
Acknowledgments: These notes are based on many quarters of Math 3
Instructor: Chien-Hao Fu
pg. 1
Econ 300A Problem Set 2
Instructions
The problem set is due in class on Monday, May 6th. The answer key will be posted on
the class website on the same day
Q1 and Q2 are
ECON 300 / WH Hong
Firms and Production
I. Theory of the Firm
Firm:
An organization that converts inputs such as labor, materials, energy, and capital
into outputs, the goods and services that it sel
Econ 300C
Problem Set V
1. Short-Run Competition
Suppose a competitive firm has the following variable cost function:
And the firms fixed costs are = 36.
a. How low does the market price have to be fo
Econ 300 C
Problem Set IV
1. Constrained Consumer Choice
Suppose Jeremy spends all of his income on crab cakes, C and lobsters L, and his utility
function is given by:
2
U(L,C) = 2L 2 + 2C 2
If Jerem
Econ 300 C
Solutions to Problem Set I
1. Graph the following functions on one Cartesian plane:
a. y 3 4x
b. y 10 2 x
ANSWER:
2. Differentiate each of the following functions with respect to .
ANSWER:
Elasticity Practice Problems
1. Suppose that business travelers and vacationers have the following demand for airline tickets
from New York to Boston:
Price
Quantity Demanded
Quantity Demanded
(busine
Assignment 6: Elasticity of Demand and Supply
Reading: Handout
Due Date:
March 21, 2004 by 6:00 PM
General Instructions:
The homework assignment is designed to help you understand the material. Some o
Laine Rutledge
ECON 300C: Intermediate Micro
Handout 4
Consumer Choice
The supply and demand model is helpful for determining the price and quantity that will prevail for an entire
market. However, we
Laine Rutledge
ECON 300C: Intermediate Micro
Handout 3
Applying Supply & Demand
1. Elasticity
Well approach elasticity the three ways we think about most topics in microeconomics: intuition, math, and
Laine Rutledge
ECON 300C: Intermediate Micro
Handout 1
Math Review
1. Functions
A function f(), maps an element of x, in the set A, to a value of y in the range B.
y = f ( x)
The inverse of a function
ECON 300: Intermediate Micro
Problem Set 5 NOT GRADED
1. Question 2, part c from PS 4
Suppose a firms production function is:
(
q= K 2+L2
1
1
)
2
And that the wage rate is
=
$8 and the rental rate
Econ 300 C
Problem Set III
1) Utility, Indifference curves, and MRS
a) Explain what convex indifference curves mean in terms of the marginal rate of substitution.
b) Explain what convex indifference c
Econ 300 C
Problem Set III Solutions
1) Utility, Indifference curves, and MRS
a) Convex indifference curves will display a diminishing MRS. Remember that this means that the
absolute value of the MRS
Econ 300 C
Solutions to Problem Set II
1. The market for apples is perfectly competitive. There are 100 consumers and 50 producers.
The consumers are all identical and the inverse demand for individua
g) dwam
Name ECON 300E Y.Fan : QUIZ #1 Wednesday, October 8th, 2014
Problem 1
Suppose the demand for a good is given by the demand function Qd =15 -1p + 3pr + 0.01Y, where p is
the price of the good
Name ECON 300E Y.Fan : QUIZ #4 Monday, November 24th, 2014
Problem 1
Consider a duopoly in which both ﬁrms face a demand curve of Q : 200 — 2P. Each ﬁrm contributes a
quantity of ql and q2 for ﬁrm 1
Name ECON 300E Y.Fan : HW #3 DUE: Wednesday, October 15th, 2014
Problem 1
Consider the Cobb-Douglas Utility function over two goods, .7: and y: U (.77, y) = $031103 The market price
of the goods are P
Name
ECON 300E Y.Fan : HW #5 DUE: Wednesday, October 29th, 2014
Problem 1
A rms production function is of Cobb-Douglas type. The production function is given by: f (K, L) =
K 0.8 L0.3 .
The initial ma
Name
ECON 300E Y.Fan : HW #5 DUE: Wednesday, October 29th, 2014
Problem 1
<So\'-'\.-~:>
A firm 's pro<luction function is of Cobb-Dong;las type. The production function is given by:
Ko .s Lo.0.
f (K,
ECON 300E Y.Fan : HW #4 DUE: Wednesday, October 22th, 2014
Name
(c)
Draw a new graph below showing the price-consumption curve (PCC) and derive the demand curve from
your points. Your graph should loo
Name
ECON 300E Y.Fan : HW #3 DUE: Wednesday, October 15th, 2014
Problem 1
Consider the Cobb-Douglas Utility function over two goods, x and y: U (x, y) = x0.2 y 0.8 The market price
of the goods are Px
Practice Problem Solutions
1. Demand & Supply
Suppose in the competitive market for wheat there are 200 individual consumers with
identical demand functions of the following form, where QiD is measure