Lecture 3: Consumer Theory II
Yeonjei Jung
UNIST
September 21, 2015
Yeonjei Jung
Consumer Theory II
September 21, 2015
1 / 29
1. Consumer Choice
The maximizing market basket must satisfy two conditions:
1
It must be on the budget line.
2
It must give the

MGT 21101
Microeconomics
Quiz #3
DIRECTIONS
This quiz contains 15 multiple choice questions, each worth 3 points.
Circle the correct response for each question. Make sure that your answer is clearly
marked. You will not receive partial credits for any w

MGT21101
Sample Final I
DIRECTIONS
This exam contains 15 multiple choice questions, each worth 4 points.
Circle the correct response for each question. Make sure that your answer is clearly
marked. You will not receive partial credits for any work done.

Solutions to Problem Set 2
Chapter 2
The Basics of Supply and Demand
6. The rent control agency of New York City has found that aggregate demand is QD 160 8P.
Quantity is measured in tens of thousands of apartments. Price, the average monthly rental rate,

MGT21101
Sample Final I
DIRECTIONS
This exam contains 15 multiple choice questions, each worth 4 points.
Circle the correct response for each question. Make sure that your answer is clearly
marked. You will not receive partial credits for any work done.

MGT 21101
Microeconomics
Quiz #2
DIRECTIONS
This quiz contains 12 multiple choice questions, each worth 3 points.
Circle the correct response for each question. Make sure that your answer is clearly
marked. You will not receive partial credits for any w

MGT 21101
Microeconomics
Quiz #1-A
DIRECTIONS
This quiz contains 15 multiple choice questions, each worth 3 points.
Circle the correct response for each question. Make sure that your answer is clearly
marked. You will not receive partial credits for any

Lecture 7: Monopoly
Yeonjei Jung
UNIST
November 16, 2015
Yeonjei Jung
Monopoly
November 16, 2015
1 / 33
1. Monopoly Profit Maximization
A monopoly is the only supplier of a good for which there is no close
substitute.
Monopolies are not price takers like

Lecture 6: Perfect Competition
Yeonjei Jung
UNIST
November 9, 2015
Yeonjei Jung
Perfect Competition
November 9, 2015
1 / 34
1. Perfect Competition
Market structure provides information about how firms operating in
the market will behave; it is a function

Lecture 8: Price Discrimination
Yeonjei Jung
UNIST
November 23, 2015
Yeonjei Jung
Price Discrimination
November 23, 2015
1 / 19
1. Price Discrimination
Up to this point, we have considered only the case of a single-price
monopolist.
Many monopolists can i

MGT21101: Microeconomics
Problem Set # 3
Yeonjei Jung
Due: October 5, 2015
1
A consumers preferences are representable by the following utility function:
u( x, y) = x1/2 + y.
y ), where x > 0 and y > 0.
(a) Obtain the MRS of the consumer at an arbitrary

MGT21101
Sample Final II
DIRECTIONS
You have 2 hours to complete this exam.
You need to provide all of your work to receive partial credits.
You need to explain your logic clearly.
This exam is total of 200 points.
Name (in Korean):
MGT21101
Sample Fi

Microeconomics
Problem Set # 1 Solutions
Demand and Supply
1 Consider the market for apple juice. In this market, the supply curve is given by Qs =
10PJ 5PA and the demand curve is given by Q D = 100 15PJ + 10PT , where J denotes
apple juice, A denotes ap

Microeconomics
Problem Set # 3 Solutions
1
A consumers preferences are representable by the following utility function:
u( x, y) = x1/2 + y.
y ), where x > 0 and y > 0.
(a) Obtain the MRS of the consumer at an arbitrary point ( x,
1 1/2
x
MRS = 2
1
1
= x

Lecture 5: Firm Theory
Yeonjei Jung
UNIST
October 26, 2015
Yeonjei Jung
Firm Theory
October 26, 2015
1 / 49
So far, we focused on the demand side of the marketthe preferences
and behavior of consumers. Now we turn to the supply side and examine
the behavi

Lecture 1: Demand and Supply
Yeonjei Jung
UNIST
September 7, 2015
Microeconomics
Lecture 1
September 7, 2015
1/1
Why are Some Goods Cheap and Others Expensive?
In most parts of the country, a decent pizza is still less than $10.
Where does the market pric

MGT 21101 : Microeconomics
Solutions to Midterm
DIRECTIONS: Please read carefully.
The exam has a total of 150 points.
Points will be given based on your work, but answers should be as concise as possible.
This is a closed book exam. You are not allowe

MGT 211
Microeconomics
2nd 2015
Jinhyuk Lee
SBA 706-8
[email protected]
Required Texts:
Snyder, C. and W. Nicholson, 2012. Microeconomic Theory: Basic Principles and
Extensions. 11th ed. South-Western. (You can buy it in the bookstore at UNIST.)
Opti

MGT21101 : Microeconomics
Sample Midterm # 1
Problem 1 In UNIST, the market for coffee is perfectly competitive. Currently, the price
for coffee is $5, and at this price, 4 thousand cups of coffee are sold. The own-price elasticities of demand and supply

MGT21101
Sample Final II
DIRECTIONS
You have 2 hours to complete this exam.
You need to provide all of your work to receive partial credits.
You need to explain your logic clearly.
This exam is total of 200 points.
Name (in Korean):
MGT21101
Sample Fi

Lecture 9: Oligopoly
Yeonjei Jung
UNIST
November 30, 2015
Yeonjei Jung
Oligopoly
November 30, 2015
1 / 12
Cournot Equilibrium with Two or More Firms
Linear demand p = a b(q1 + + qn ) and marginal cost c
The equilibrium output q = q1 = q2 = = qn is
q=
ac
(