Probability of an event is its long-run relative frequency; Must be legitimate 0 P 1 & sum of set of P's = 1 Event combination of outcomes For any random phenomenon, each attempt (or trial) generates an outcome (Discrete distinct values / Continu
Prof. Sarah Hamersma
Calculus/Production Theory Review
First Derivatives:
The derivative of y = f(x) measures the rate of change of y with respect to x for small
changes in x. The first derivative gives the slope of a line or curve.
The derivative of a fu
Name _
Section _
ECO 3101
Final Exam, Spring 2008
Professor Sarah Hamersma
Instructions: You have 120 minutes to complete this exam, which is worth 100 points (20%
of your grade). The first questions are multiple choice - please choose the best answer and
Name kN
5
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Section
ECO 3101
Final Exam, Fall20l2
Professor Sarah Hamersma
Instructions: You have 120 minutes to complete this exam, which is worth 100 points (30%
of your grade). The first questions are multiple choice - please choose the best a
Name _
Section _
ECO 3101
Midterm Exam 1, Spring 2008
Professor Sarah Hamersma
Instructions: You have 120 minutes to complete this exam, which is worth 100 points (20% of your
grade). The first questions are multiple choice - please choose the best answer
ECO 3101
FALL 2005
Dr. Slutsky
Exam 1
There are 3 questions on the exam. Answer all 3 for equal credit. If you have trouble getting a
specific answer to any question but know the general principles behind the answer, you will get
significant partial credi
ECO 3101
FALL 2007
Dr. Slutsky
Exam 1
Answer all three questions which have equal weight. If you have trouble with the specific
answer to any question but know the general principles, put those down for significant partial
credit. Explain the reasoning be
ECO 3101
Spring 2000
Dr. Steven Slutsky
Exam 1
There are 3 questions on the exam. Questions 1 and 3 are 30 points each and question 2
is 40 points.
If you have trouble with the specific answer to any question but know the general
principles, put those dow
Naveed Jazayeri
ECO 3103 Professor Hamersma
Public Goods Project
Public Economics: Waste inefficiencies
In this article by CNN, they describe the current issue of Americans throwing out too
much trash. Specifically, it looks at the Puente Hills Landfill i
Pset 3
Intermediate Micro Economics.
1. Suppose the production function is F (K, L) = K + L. Suppose the price of labor is 1,
and the price of capital is 2.
(a) Calculate the optimal bundle of the input.
(b) Calculate the cost function.
(c) Does the firm
Pset 2
Intermediate Microeconomics
1. Suppose there are two products A and B. Assume that the utility function is U (A, B) =
A B.
(a) What is the marginal utility with respect to hatA at bundle (A, B), i.e., M UA ? What
is the marginal utility with repect
Homework #4 Answer Key
ECO 3101
1.
(a) MC = 0.2q + 2
MC is increasing with q, so this is decreasing returns to scale.
(b) MC = MR
0.2q + 2 = 6
q = 4/.2 = 40/2 = 20
=
=
=
=
$6(20) - [0.1(202) + 2(20) + 100]
$120 - (40+40+100)
$120 - $180
-$60
If you are bo
ECO 3101: Intermediate Microeconomics
University of Florida
Department of Economics
Fall 2012
Professor Sarah Hamersma
304 Matherly Hall
846-1988
[email protected]
http:/bear.warrington.ufl.edu/hamersma/Teaching/ECO3101/
Class Time: Monday
Homework 1 Review of Demand and Supply
ECO 3101
Fan Li
Due Tuesday, Jan 22 in class
1. Assume the demand for ice cream is downward sloping. Explain whether the following
events would result in a move along an individuals demand curve or would cause a shif
Fan Li
ECO 3101
Homework 2 Consumer Behavior (Indifferent Curve and Budge Constraint)
Due Thursday, Jan 30 in class
1. Draw graph to explain why indifferent curves are convex assuming diminishing marginal
rate of substitution.
2. Suppose you currently con
ECO 3101
Practice Exam, Spring 2013
Instructions: You have 100 minutes to complete this exam, which is worth 100 points.
Multiple Choices (5 question @ 4 points each). Please write down your answer in ( ).
1. When you move up along a convex indifference c
Econ 73-250A-F
Spring 2001
Prof. Daniele Coen-Pirani
Practice Exercises for Exam #2
As indicated on the course syllabus, this practice exam will be discussed during your recitation
section on Friday, April 6. In the second midterm exam of Monday, April 9
Econ 73-250A-F
Spring 2001
Prof. Daniele Coen-Pirani
Practice Exam #1
As indicated on the course syllabus, this practice exam will be discussed during your recitation
section on Friday, February 16. In the rst midterm exam of Monday, February 19 you shoul
Name _
Section _
ECO 3101
Final Exam, Spring 2008
Professor Sarah Hamersma
Instructions: You have 120 minutes to complete this exam, which is worth 100 points (20%
of your grade). The first questions are multiple choice - please choose the best answer and
Name _
Section _
ECO 3101
Midterm Exam 1, Spring 2008
Professor Sarah Hamersma
Instructions: You have 120 minutes to complete this exam, which is worth 100 points (20% of your
grade). The first questions are multiple choice - please choose the best answer
Homework #1 Answer Key
ECO 3101
1. The persons optimal choice is at x=0 (where x is the quantity of hot dogs
purchased), which means there is no point on the highest-attainable
indifference curve that has a slope equal to the price of hot dogs.
$
U-max ch
Homework #2 Answer Key
ECO 3101
1.
(a) An increase in income will cause D to shift right (as long as popcorn is a
normal good).
P
D
D
Q
(b) The direction of the shift depends on how much butter you like. If you
are disappointed with the reduction (as I wo
Pset 1
Intermediate Microeconomics
1. Suppose the market demand of oil is QD (p) = 10 5p. Suppose the market supply of oil
is QS (p) = 2 + p.
(a) Solve the market equilibrium.
(b) Calculate the elasticity of demand at the market equilibrium.
(c) Is the de