QUIZ 1
ECON 303
Regina Trevino
Exercise 1 If the supply and demand functions are given by Qd = 30 2p and Qs = 4p. Which of
the following statements regarding the demand and supply elasticities at equi
Answer Key, QUIZ 1
ECON 303
Regina Trevino
1. (b) First we get the equilibrium by setting demand and supply equal:
302p = 4p,
Then, we solve for equilibrium price and find that p*=5. Now, we substitut
Quiz 2
ECON303
Prof. Regina Trevino
Answer Key
1. (d) If the supply is perfectly inelastic ( s 0 ), then the producers pays all the tax. Note that the other case in
which the producers pay all the tax
Chapter 2 Demand Shifters: 1) Income demand increases (for a normal good) when Income increases 2) Price of Substitutes demand increases when substitutes price increases 3) Price of Complements demand
1: Intro to Economic Decision Making; Describing a Consumers Budget Constraint (Chapter 2)
Understanding Budgets
Optimal Choice Theory: The intersection of 2 things (constraints)(1) Preferences (2) Bu
Quiz 2
Regina Trevino
ECON303
Multiple Choice
Question 1 In which case would producers pay most of the tax?
(a) d 0 and S 2
(b) d 0.025 and S 3.5
(c) d 1 S 1
(d) d 1 and S 0
(e) There is not enough in
Subsidy price floor or price ceiling?
Factors that shift D curve: income, prices of related goods, advertising and consumer tastes,
population, consumer expectations
Factors that shift S curve: input
ECON 303 Exam #2 Review Guide
How do I measure economic cost: implicit (risk taking) and explicit (resources) costs
What happens to the budget constraint when theres a change in income? The slope of t
Chapter 6
- Demand function give the optimal amount each of the goods as a function of the price
and income faced by the consumer
o X1= x1(p1,p2,m)
X1 = quantity demanded
- Normal and inferior goods
A profit-maximizing firm produces one output, y, and uses one input, x, to produce it. The price per unit of the factor is denoted by w and the price of the output is denoted by p. You observe
the fir
Chapter 8: Slutsky Equation
o Concerned with how a consumers behavior change in response to changes in
the economic environment
o Giffen good where the optimal demand for a good decrease when its pric
LECTURE NOTES FOR INTERMEDIATE MICROECONOMICS
PROF. REGINA TREVINO
Lecture Zero:
Mathematical Preliminaries
The following is a very terse review of elementary algebra and calculus. We will use
these c
LECTURE NOTES FOR INTERMEDIATE MICROECONOMICS
PROF. REGINA TREVINO
Chance favors only the prepared mind.
Louis Pasteur
Lecture Three:
Decision-making under Risk and Uncertainty
We have demonstrated al
LECTURE NOTES FOR INTERMEDIATE MICROECONOMICS
PROF. REGINA TREVINO
Lecture Five
Perfect Competition
5.1 THE MARKET CONDITIONS OF PERFECT COMPETITION
In this lecture we consider the decisions of price-
Practice Problems Module 2
ECON 303
Regina Trevino
2. Consumers Choice
Exercise 1 A consumer has income of $200. Good x costs $4 per unit and good y costs
$10 per unit.
a). Graph the consumers budget
Chapter 14: Consumer surplus
- Demand for a Discrete Good
o Utility function takes the form of v(x)+y and that the x-good is only available in
integer amounts
o Ex
Consumer chooses to consume 6 units
Econ 202 Midterm:
Chapter 8
Investment in capital contributes to economic growth
Bond market allows large borrowers to borrow directly from the public
Owners of stock share in profit or losses, own
ISOM 241
Business Statistics
Section 7
A. Probability Concepts
- Using Continuous Distributions
B. The Normal Curve
Areas
Under
the
Normal
Curve
Section 7, Continuous Probability
Distributions, is an
CH 3. CONSUMER BEHAVIOR
- Analysis of consumer behavior
Example: Cheerios new brand, and the U.S. government federal Food Stamps program
- Theory of consumer behavior: the explanation of how consumer
ISOM 241
Business Statistics
Sections 5 & 6
A. Probability Concepts
- Using Discrete Probabilities
B. Counting Rules
- With Simple Random Samples
C. Discrete Random Variable
D. Binomial & Poisson Dist
Business Finance, 332. Spring 2016. G. J. Davidson
George Davidson
[email protected]
Schreiber Center, 217
Chicago, IL 60611
Office hours: Monday, Wednesday and Friday.
7:30-9a Recommend advance notic
MIDTERM EXAM
ECON 303 (online)
Prof. Regina Trevino
Answer Key
1. (b)
Income
Engel curve
60
50
20
23
quantity
Since the Engel curve is upward sloping good x must be a normal good and its income elasti
ISOM 241
Business Statistics
Section 8
A. Sampling
- Distribution of Sampling Mean
B. Statistical Inference
- The Central Limit Theorem
- Point Estimates & Conf. Intervals
- Sample Size & Finite Popul
Answer Key, QUIZ 1
ECON 303
Regina Trevino
1. (b) First we get the equilibrium by setting demand and supply equal:
302p = 4p,
Then, we solve for equilibrium price and find that p*=5. Now, we substitut
Practice Problems Module 3
ECON 303
Regina Trevino
3. Consumer Surplus; Choice under Uncertainty
Multiple Choice
Exercise 1. A risk-averse individual is offered a choice between a gamble that pays
$1,
LECTURE NOTES FOR INTERMEDIATE MICROECONOMICS
PROF. REGINA TREVINO
Lecture Six
Market Intervention
The role of the economist in discussions of public
policy seems to me to prescribe what should be don
Practice Problems Module 1
ECON 303
Regina Trevino
1. Supply and demand; Elasticities
Multiple Choice.
Exercise 1 The following demand and supply functions describe the market for natural
gas. The g s