Karl Marx & Revolutionary
Socialism/Communism
Lecture 15
Lecture 16 Revolutionary Socialism
I. Karl Marx Background
II. Communist Manifesto (1848)
III. Marxs Critique of Capitalism
A. Marxs Favorite Classical Economist
B. The Labor theory of value
C. Marx
Lecture 14: The Rise and Fall of Utopian
Socialism/Communism
Different Kinds of Socialism
Utopian Socialism (1820s to 1860s)
Religious based Utopian Socialism
Revolutionary Socialism (Communism)
Market-based European Socialism (These
are actually mixe
Classical Economics:
Optimists & Pessimists
Lecture 12
Four supplemental readings are
on blackboard. All required.
Lecture 12: Classical Economists
Optimists and Pessimists
I. Adam Smiths Growth Theory
II. Says Law vs. Technological Unemployment
Argumen
Lecture 14 Supplement
Jean-Jacques Rousseau
All Utopian Socialists
(Romantics) had a Common
Source:
Jean-Jacques Rousseau
(1712-1778)
(wrote before Adam Smith)
John Locke
Pursuit of happiness
Rights life liberty &
Property
Govt. = convenience
Contrac
Name _April 24, 2017
Economics 110
Reading Quiz 11 Rousseau
True-False: on Jean-Jacques Rousseau
_ 1.
Rousseau was the first professional intellectual.
_2.
Rousseau believed that modern society and material progress did not improve
public morals.
_3.
To R
Name _
April 26, 2017
Economics 110
Utopian Socialism Quiz
True and False
_F_ 1. Utopia actually refers to an actual place where Thomas More visited.
_F_2. Most utopian socialists wanted strong families to raise children.
_T_3. Charles Fourier believed th
4
Exercises
Problem 4.1. Kid Sam liked to eat cheese (x1 ) and crackers (x2 ) for lunch. Presume that each could be purchased
individually at the school cafeteria and that a slice of cheese costs p1 = $0.50 and a cracker costs p2 = $0.10. Sams
mom gives h
11
Exercises
Problem 11.1. Complete 11.1 from the text.
Problem 11.2. Given the production function q = lk + k 2 and initial prices cfw_p = 1, w = 20, v = 40 identify the
substitution effect and quantity effect on labor of a decline in the wage to w = 15.
13
Exercises
Problem 13.1. Here we will examine how increasing the endowment of a good can benefit someone who must trade
for that good.
Solve the following endowment economy for (x1 , y1 , x2 , y2 , ppxy )1 given that each consumer will make any Pareto
i
Spring 2014, ECO 616: Final Exam
You have 110 minutes to complete the following 3 questions. The point values should serve as a guide as to how
long to spend on each question. The exam is out of 90. Be sure to show all of your work. Any answer that does n
13
Exercises
Problem 13.1. Here we will examine how increasing the endowment of a good can benefit someone who must trade
for that good.
Solve the following endowment economy for (x1 , y1 , x2 , y2 , ppxy )1 given that each consumer will make any Pareto
i
15
Exercises
Problem 15.1. Suppose that each firm in a given market has costs of c(q) = c q and inverse market demand is
P = a bQ such that a, b, c > 0.
(a) Interpret each parameter a, b, and c. What does the parameter represent economically ? What does i
10
Exercises
Problem 10.1. Complete 10.3 from the text.
Solution 10.1. See Book Solutions.
Problem 10.2. For each of the following production functions,
Does the production function exhibit decreasing, increasing, or constant returns to scale?
Find labo
Fall 2011, ECO 616: Exam 2
You have 75 minutes to complete the following 2 questions. The point values should serve as a guide as to how
long to spend on each question. The exam is out of 75.
Problem 1. (40 points) In this problem you will be asked to der
5
Exercises
Problem 5.1. Lets revisit Kid Sam. He liked to eat cheese (x1 ) and crackers (x2 ) for lunch and each could be
purchased individually at the school cafeteria. A slice of cheese costs p1 = $0.50 and a cracker costs p2 = $0.10.
Sams mom gives hi
3
Exercises
Problem 3.1. Graph two typical indifference curves labeling them with their utilities for the following utility functions.
Find the marginal utilities for each. Find the marginal rate of substitution for each and determine whether they exhibit
Spring 2014, ECO 616: Exam 1 Key
You have 75 minutes to complete the following 2 questions. The point values should serve as a guide as to how
long to spend on each question. The exam is out of 75.
Problem 1. 40 Points: Little Joe, Kid Sams brother, has p
14
Exercises
Problem 14.1. Given a monopolist faces market demand
Qd = 70 p
(a) If the firms costs are given by c(q) = 6q, what is the profit maximizing output level, price, and profits?
(b) If the firms costs are given by c(q) =
1 2
4q
5q + 300, what is
12
Exercises
Problem 12.1. Solve the following short run perfect competition model:
Let there be M identical consumers with utility over goods x and y. Let each consumer have the same endowed
income I. Let the price of good-x be p and the price of good-y
Solutions for Chapter 9 Problems
q = kl 0.8k 2 0.2l 2
9.2
a.
When k = 10, q = 10l 80 .2l2.
dq
= 10 .4l = 0 , maximum at l = 25
MPl =
dl
2
d q
= .4 , The total product curve is concave.
dl 2
APl = q / l = (10l 80 .2l2) / l =10-.2l-80/l
= .2 = 0 = 20
To g
2
Exercises
Problem 2.1. Find the first and second derivatives for the following functions:
1. f (x) = 14
2. f (x) = x8
3. f (x) = 6x4
4. f (x) = x2
5. f (x) = x3 + 3x1
6. f (x) = 3x2 ln x
7. f (x) =
3x2
ln x
8. f (x) = ln(3x2 )
(x,y) f (x,y)
, y ) and se
19
Exercises
Problem 19.1. In this problem we will examine a situation I had when I cohabited a house with my landlord. In his
house, the food was considered at joint expense. At the end of the month, food receipts were combined and then divided
by the nu
3
Exercises
Problem 3.1. Graph two typical indifference curves labeling them with their utilities for the following utility functions.
Find the marginal utilities for each. Find the marginal rate of substitution for each and determine whether they exhibit
12
Exercises
Problem 12.1. Solve the following short run perfect competition model:
Let there be M identical consumers with utility over goods x and y. Let each consumer have the same endowed
income I. Let the price of good-x be p and the price of good-y
2
Exercises
Problem 2.1. Find the first and second derivatives for the following functions:
1. f (x) = 14
Solution
f 0 (x) = 0
f 00 (x) = 0
2
2. f (x) = x8
Solution
f 0 (x) = 8x7
f 00 (x) = 56x6
2
3. f (x) = 6x4
Solution
f 0 (x) = 24x3
f 00 (x) = 72x2
2
4
19
Exercises
Problem 19.1. In this problem we will examine a situation I had when I cohabited a house with my landlord. In his
house, the food was considered at joint expense. At the end of the month, food receipts were combined and then divided
by the nu
11
Exercises
Problem 11.1. Complete 11.1 from the text.
Solution 11.1. See Book Solutions.
Problem 11.2. Given the production function q = lk + k 2 and initial prices cfw_p = 1, w = 20, v = 40 identify the
substitution effect and quantity effect on labor