ECO4101 Homework Set #1
Please be sure to provide complete answers to each part of every question. For any graphical work, be
sure to label all important points. Be sure graphs are carefully drawn, and make your

ECO3101 Homework Set #3
Please be sure to provide complete answers to each part of every question. For any graphical work, be
sure to label all important points. Be sure graphs are carefully drawn, and make your

ECO4101 Homework Set #2
Please be sure to provide complete answers to each part of every question. For any graphical work, be
sure to label all important points. Be sure graphs are legibly and carefully drawn, and

Math Tutorial
Eco 3101 Summer 2015
John Hamman
1
Functions
Relationship between an independent
variable and a dependent variable.
Mathematically x and y usually represent
the independent variable and the
dependent variable, respectively; but in
economics

5/11/15
(Ra(onal) Consumer Choice
M&B ch3
Consumer Choice
Imagine you won $20,000 in the loCery, and decide to go buy
a new Kia Rio for $8,000.
Scenario 1, you are held up on your way to the dealership, an

6/2/15
Perfect Compe11on
M&B ch11
Perfect Compe11on
Short Run
Prot Maximiza2on
Assume that maximizing prots is the only goal of each rm
Economic Prot vs Accoun1ng Prot
Economic prot: Total revenues total costs

5/20/15
Economics of Informa2on
M&B ch6
Informa2on
So far, weve been assuming perfect and complete
informa2on.
How oGen does that happen?
OGen, we must choose based on incomplete informa2on
Informa2on is valu

6/1/15
Input Costs
M&B ch10
Costs (short run)
Total, Fixed, and Variable
Fixed costs cannot change in the short run too short to buy
or sell machinery, buildings
FC =
r represents the per unit cos

6/14/15
Market Failure
M&B ch16 & 17
Market Failure
Externality
Adverse Selec?on
Moral Hazard
Public Goods
Common Pool Resources
1
6/14/15
Externality
Ac?ons taken by market par?cipants directly aect those
out

5/11/15
ECO3101:
Intermediate Microeconomics
Syllabus (on blackboard)
Course Overview
Math
1
5/11/15
PosiEve vs. NormaEve
PosiEve quesEons: based on facts and cause-and-
eect relaEonships
e.g. What causes inaEo