A-PDF MERGER DEMO
Answers Pamphlet for
MATHEMATICS FOR
ECONOMISTS
Carl P Simon
.
Lawrence Blume
W.W. Norton and Company, Inc.
Table of Contents
Chapter 2
Chapter 3
Chapter 4
Chapter 5
Chapter 6
Chapte
Microeconomic Theory
ECON 501, University of Michigan
Fall 2015
Solutions to Problem Set 7
Due date: Monday, November 23, 2015 (in class).
1. Solution:
(a) Consumer As utility maximization problem is
Economics 501:
Applied Microeconomic Theory
Fall 2017
September 11, Monday
Constrained Optimization
Overview
This lecture reviews the basic mathematics of optimization. We
will use these techniques th
Economics 501:
Applied Microeconomic Theory
Fall 2017
September 25, Monday
Time
Overview
This lecture continues our applications of the basic choice model.
We will incorporate time into the model.
The
Economics 501:
Applied Microeconomic Theory
Fall 2017
September 13, Wednesday
Demand Function
Overview
We have presented our basic model of individual choice and the
mathematical techniques for dealin
Economics 501:
Applied Microeconomic Theory
Fall 2017
September 6, Wednesday
Introduction to Microeconomics
Overview
This lecture introduces the basic model of consumer choice that
serves as the found
Microeconomic Theory
ECON 501, University of Michigan
Fall 2015
Midterm I, October 5, 2015
Instructor: Heng Liu
This is a closed book exam, use paper and pen(cil) only. Please print your name on the f
Microeconomic Theory
ECON 501, University of Michigan
Fall 2017
Solutions to Problem Set 3
Due date: Monday, October 2, 2017 (in class).
1. Solution:
(a) The utility maximization problem is
1
1
max x1
Applied Microeconomic Theory
ECON 501, University of Michigan
Fall 2017
Solutions to Problem Set 1
Due date: Monday, September 18, 2017 (in class).
1. Solution:
(a)
(b)
f 0 (x) =
2x 4,
x 1
4x 3x2 ,
x1
Applied Microeconomic Theory
ECON 501, University of Michigan
Fall 2017
Solutions to Problem Set 2
Due date: Monday, September 25, 2015 (in class).
1. Solution:
(a) Differentiating the utility functio
Name:
Economics Department
University of Michigan
These notes need to cover: Basic foundations of consumer theory i.e. preferences, utility functions, budget constraints
Econ 501
Lecture Handout #3
Fa
Price Discrimination 1 + 2
Econ 501
If we can distinguish every single
consumer and know his demand:
Perfect price discrimination
(First Degree Price Discrimination)
Efficient
But: Are we satisfied wi
Economics 501:
Applied Microeconomic Theory
Fall 2017
September 20, Wednesday
Labor Supply
Overview
We have introduced the basic model of choice and become familiar
with it by working some examples. N
Applied Microeconomic Theory
ECON 501, University of Michigan
Fall 2017
Problem Set 1
Due date: Monday, September 18, 2017 (in class).
1. Consider the real-valued function f (x) defined over the inter
ECON 501 Problem Set 6 Solutions
1
1.a The prot maximization problem for the rm is:
max (q) = pq C(q).
q
The rst-order condition is
p
dC(q)
=0
dq
which means price equals marginal cost at the prot max
Applied Microeconomic Theory
ECON 501, University of Michigan
Fall 2017
Solutions to Problem Set 8
Due date: Monday, December 4, 2017 (in class).
1. Solution:
(a) The monopolistic firm to choose a qua
Econ 501 Fall 2017
Solutions to Problem set 5
1 Let % denote
t he r elation at l east as good as".
We have t o s how t hat t he r elation % t hat i s r epresented by t his utility f unction s atises t
Applied Microeconomic Theory
ECON 501, University of Michigan
Fall 2017
Solutions to Problem Set 5
Due date: Monday, October 30, 2017 (in class).
3. Solution:
(a) The profit maximization problem for t
Applied Microeconomic Theory
ECON 501, University of Michigan
Fall 2017
Problem Set 8
Due date: Monday, November 27, 2017 (in class).
1. Consider a monopolistic firm. The firm faces a market described
Applied Microeconomic Theory
ECON 501, University of Michigan
Fall 2017
Problem Set 7
Due date: Monday, November 20, 2017 (in class).
1. We first take a look at the idea of a competitive equilibrium,
Applied Microeconomic Theory
ECON 501, University of Michigan
Fall 2017
Problem Set 9
Due date: Monday, December 11, 2017 (in class).
1. Let us consider an adverse selection problem. Suppose that you
Microeconomic Theory
ECON 501, University of Michigan
Fall 2015
Problem Set 6
Due date: Monday, November 9, 2015 (in class).
1. This problem set concerns the partial equilibrium model of competitive m
Economics 501:
Applied Microeconomic Theory
Fall 2017
September 27, Wednesday
Consumer Surplus
Overview
Today we again apply our basic model of choice to study consumer
surplus. The idea of consumer s
Economics 501:
Applied Microeconomic Theory
Fall 2017
September 18, Monday
Elasticity
Overview
This lecture introduces elasticity, a very important concept for
empirical analysis, and continues to wor
Preferences and Utility
Econ 501
Payoffs and Preferences
Can we really just attach to every choice we make
a number?
Preferences are complicated things: there are
many, many goods we may want to consu
Game Theory 2
Economics 501
Why believe in Nash Equilibrium
as a good predictor?
Common Knowledge of Rationality
Talking things over
Dramatic increase of equilibrium play in
the lab
Learning how rival
Game Theory:
Optimality and Equilibrium
Economics 401
Introduction: Making Decisions
To make decisions we need to know:
What can we do? (Strategies)
What are the consequences (Payoffs)
How do we make
Optimal Choices in a
Competitive Economy
Econ 501
Consumers Opportunities in
Competitive Markets
In competitive markets everything the
consumer might want (and exchange some
of his endowment against)