How do we solve these problems? (Toledo algae problem)
-Paraphrase the question or problem (How can we tell if the water is safe?)
-Analyze the question and the given information
*What information do we have, what do we need?
Chapter 15 Monetary Policy
1) Monetary policy refers to the actions the Federal Reserve takes to manage
A) the money supply and income tax rates to pursue its economic objectives.
B) the money supply and interest rates to pursue its economic objectives.
Chapter 16 Fiscal Policy
1) Fiscal policy refers to changes in
A) state and local taxes and purchases that are intended to achieve macroeconomic policy
B) federal taxes and purchases that are intended to achieve macroeconomic policy objectives
Chapter 17 Inflation, Unemployment, and Federal Reserve Policy
1) The curve showing the short-run relationship between _ and the _ is called
the Phillips curve.
A) nominal interest rate; real interest rate
B) the unemployment rate; the inflation rate
Practice EXAM 2 Fall 2016
1) The Industrial Revolution
A) marked the beginning of significant economic growth in the world.
B) started in France around the year 1750.
C) produced goods exclusively using human or animal power.
D) had no impact on standards
Practice EXAM 1
1) If the demand curve for product B shifts to the right as the price of product A declines, then:
both A and B are inferior goods.
A is a superior good and B is an inferior good.
A is an inferior good and B is a superior good.
Problem Set 4 (Answers)
1. Assume that a firm produces its output subject to the following production function:
q = 20K0.5L0.6. Provide a formal proof that this production function has the property of
increasing returns to scale. Note: adding up the expon
Problem Set 3 (Answers)
1. Assume that Phil has the following utility function: U = 4q10.5q20.5. Prices are p1 and p2.
a. Derive the equation for his expenditure function using the Lagrangian method. Show
the full derivation.
b. Derive the compensated dem
Some Answers for the First Exam (Fall 2016)
1. Set quantity demanded equal to quantity supplied and solve for price, which is 6. Substitute for
price in each equation to determine that the equilibrium quantity is 30. The elasticity of supply
Problem Set 2 (Due Thursday, September 22nd)
1. Joe and Monica allocate their consumption between two goods: apples and oranges. The
price of apples is $4 each and the price of oranges is $8 each. For Joe, the marginal utility
of the last apple consumed w
Economics 101- Section 12 - Principles of Microeconomics, Syllabus Part 1, fall 2016
12:30 1:45 p.m. in 115 Purnell Hall
Dr. Charles R. Link
Class web site: http:/www.udel.edu/sakai
Table of Contents: Syllabus Part 1:
Some general information.1
The Immigration Act of 1990:
Unfinished Business a Quarter-Century Later
By Muzaffar Chishti and Stephen Yale-Loehr
U . S .
m m i g r a t i o n
e f o r m
The Immigration Act of 1990 was a significant milestone,
Short-Run and Long-
Run Price Elasticity
of Demand Increase the price to P1
Censider a situation in which the
market price is Fe and the quantity
demanded is 0g. then there is a
erice increase to P1. in the short E
run. as evidenced by the demand 3
Write the partial fraction decomposition of
Exam le 2
W Examgle 3
Write the partial fraction decomposition of
2X3 ~ 2X2 + 6X Example 4
~X3 + 4X2 -2X + 6
Write the artial fraction decom osition of .
p p x2 (X2 + 2)
Name: _ Log date/time: _
Cell Phone Time Log
DUE: Tuesday, December 6, 2016
Use this table to keep track of the numbers of minutes that you spend using
your cell phone and for what over a 24 hour period. Indicate any multitasking. Shade rows when you were
b) cot A
c) cot f
f) sin x
1 cos y
sec 2 1 sin sec 2 tan sec
30. through 35. verifying identities
Goes on CM page 127 with the graph.
1. Starting point is shown on the graph at P1 and Q1. We are assuming that the price P1
is just covering the costs of providing apartments so there are no excess profits. We are
assuming that this is both a short run an
Market Power: The ability of a firm to maintain a price above the competitive level
The Extent of a Market: A markets boundaries- range of products that should be
included and geographical boundaries. Companies need to know competitors for
Chapter 6: Producer theory 3 steps: production technology (how can inputs be turned
into output), cost constraints (price of labor, capital), and input choice.
Average production of labor=
Factors of production: labor, capital. Pr
Ch11: *It doesnt have to be a monopoly producer if all customers have identical demand curves. *When consumers
have identical demand curves, the usage price should equal MC and the entry price should equal CS for each consumer.
Ch12: * Cournot equilibrium
Modeling International Trade: Quotas
Read Types of Quotas (Department of Homeland Security, n.d.).
What is the difference between an absolute quota and a tariff-r
Contract Theorys Ties to Asymmetric Information, and Limiting its Effects
Contract theory is the study of how people and businesses construct legal
agreements. It analyzes how decisions are made betwee
07 December 2015
What Caused the Gender Gap in Earnings, and What Caused it to Tighten Over Time?
In Understanding the Gender Gap, Claudia Goldin analyzes the gender gap in
earnings over the 19th and 20th centuries. Aft
Mechanism and Law: Necessary, but Limited
Many of the most renowned philosophers in human history believe that
people enter a social contract in which they agree to give up some of their
freedoms in exchange for an agreement to
Analysis of Irelands Balance of Payments 2014-2015
In Irelands balance of payments (see Table 1 attached) it shows that Ireland is a net
exporter of goods (merchandise) and a net importer of services. In 2014, Ireland had net exports
8 November 2015
The Black-White Wage Gap for Southern Coal Miners
From the late 1800s into the 1920s, the coal industry vastly expanded. Its
rapid growth provided new opportunities for black and European immigrant
workers, and a mass
goods that are consumed together
ex.) peanut butter and jelly
ex.) sneakers and shoe laces
As price of complement increases, demand for good decreases
Increase/ decrease (graphs)
increase in demand shifts the curve to the