Name _ - Assaf / Brian / Scott - 9:00 / 3:00
Midterm Exam #2
Economics 310-1
Prof. M. Whinston
Winter 2010
Instructions: Answer all questions. You have 80 minutes to complete the test. There are a total of 80
points, with the number of points indicated fo
Economics 310-1: Homework #1
Prof. M. Whinston
Northwestern University
(Due Wednesday April 4 at 1pm in your TAs Econ Dept mailbox. SHOW YOUR WORK!)
Partners Names:
_ TA _ Section Time _
_ TA _ Section Time _
_ TA _ Section Time _
1. Suppose you can hire
Final Exam
Economics 310-1
Prof. M. Whinston
Winter 2010
Instructions: Answer all questions and box your answers. You have 120 minutes to complete the test.
There are a total of 128 points, with the number of points indicated for each question. For Questi
Economics 310-1: SOLUTIONS Homework #1
Prof. M. Whinston
Northwestern University
Total Score : 100 points.
1. (10 points) Suppose you can hire your mechanic for up to 6 hours in finely divisible
increments. Your benefit and cost functions are B(H) = 420H
Practice Midterm Exam #1
Economics 310-1
Prof. M. Whinston
Winter 2010
Instructions: Answer all questions. You have 80 minutes to complete the test. There are a total of 80
points, with the number of points indicated for each question. For Question 1 just
Answers to In-Text Questions
4.1
Trade (a): Her beginning consumption bundle (one loaf of bread and one bowl of soup) is
ranked 9th; the trade would give her 3 loaves of bread and no bowls of soup, a bundle
ranked 11th. She would not be willing to make th
Economics 3101: Homework #4 Solution
Prof. M. Whinston
Northwestern University
1.
If two regular-strength tablets are equivalent to one extra-strength tablet, then the consumer will
always spend his or her entire pain killer
budget on regular-strength tab
Economics 310-1: Solutions Homework #3
Prof. M. Whinston
Total Score: 100
Questions 5 and 6 are worth 15 points. All the rest are worth 10 points.
1. Do End-of Chapter Exercise 2.11 in BW. Also, answer the following: What is the elasticity of
demand at th
Econ. 310-1: Intermediate Microeconomics
Problem Set #2 -SOLUTIONS
Professor Michael Whinston
Northwestern University
Question 1:
The utility function is U (X , Y ) = X + X Y .
(a) The marginal utilities are M UX = 1 + Y and M UY = X . Notice that for X ,
A Collection of Interesting Budget Constraints
(B&B Section 4.3)
y
etc.
The Composite Good Model
Voucher or Grant
Club Discount
All-U-Can-Eat
Quantity Discount
Buy Some, Get One Free
Rationing
Intertemporal Choice (Save? Borrow?)
OR Limit Per Customer
x
N
Why Wine Ratings Are Badly Flawed - WSJ.com
1/15/14 12:37 PM
Dow Jones Reprints: This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or
customers, use the Order Reprints
INDIFFERENCE CURVES
(B&B Chapter 3)
Notes for Lecture #05
Recap of U[x,y], MUx, MRSx,y
Modeling Consumer Choice
Cobb-Douglas Utility
Quasi-Linear Utility
Perfect Substitutes
Perfect Complements
A Non-Valued Product
A Bad
The Lesser of Two Evils
A Bliss Po
Profs James A. Hornsten & Ronald R. Braeutigam
ECON 310-1: Microeconomic Theory
Northwestern University Winter 2014
The Utility from Sprite and Tropicana, U[S,T]
Families of Indifference Curves; B&B Chp. 3
For class discussion on Wednesday, Jan. 15th
Supp
UNIT 1 LEFTOVERS & REVIEW
Stuff
A Quick Recap of CV & EV
Applications
Bias in the Consumer Price Index
Backward-Bending Labor Supply
BLs
ICs
Exam Details & Studying Tips
Review of Unit 1
Playtime
Notes for Lecture #12
Northwestern University ECON 310-1: M
ECON 202 Review:
Supply & Demand and Elasticity
Mostly
Inelastic D
Price
NOTE: In case it has been a while since
youve studied these topics, here are
some relevant slides from a recent
ECON 202 course. The ECON 310-1
lecture will be based on this material
Welfare Effects of Price Changes
Consumer Surplus
Compensating Variation, and
Equivalent Variation
(B&B Chapter 5)
Notes for Lecture #11
Northwestern University Econ 310-1: Microeconomics Theory Professors Jim Hornsten and Ron Braeutigam
1
Consumer Surplu
Consumer Preferences
(B&B Chapter 3)
Notes for Lecture #4
Northwestern University ECON 310-1: Microeconomic Theory Professors Braeutigam and Hornsten Winter 2014
Roadmap for Chapters 3, 4, and 5
Chapter 3: Consumer Preferences and the Concept of Utility
C
Cocoa Prices Rise Ahead of Holidays - WSJ.com
1/10/14 12:28 PM
Dow Jones Reprints: This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or
customers, use the Order Reprint
UNIT 1 LEFTOVERS & REVIEW
Stuff
A Quick Recap of CV & EV
Applications
Bias in the Consumer Price Index
Backward-Bending Labor Supply
BLs
ICs
Exam Details & Studying Tips
Review of Unit 1
Playtime
Notes for Lecture #12
Northwestern University ECON 310-1: M
A Collection of Interesting Budget Constraints
(B&B Section 4.3)
y
etc.
The Composite Good Model
Voucher or Grant
Club Discount
All-U-Can-Eat
Quantity Discount
Buy Some, Get One Free
Rationing
Intertemporal Choice (save?)
Two Toolkits
x
Notes for Lecture
ECON 310-1: Microeconomic Theory
Professors James A. Hornsten and Ronald R. Braeutigam
Northwestern University, Winter 2014
Solutions to Problem Set #5. Production and Cost
Instructions: This problem set is to be handed in (to the appropriate TA Section b
Costs: Envelopes and Applications
(B&B Chapter 8)
Notes for Lecture #18
Learning Outcome 3.
Characterize the technology available to a firm, using production
functions, cost curves, and supply curves.
Northwestern University ECON 310-1: Microeconomic Theo
Costs and Duality
(B&B Chapter 7)
Notes for Lecture #16
Northwestern University ECON 310-1: Microeconomic Theory Professors Hornsten and Braeutigam
Three Representations of Technology
Factor Prices
Factors (Amounts of Inputs/Month)
w or PL (wage rate)
L -
ECON 310-1: Microeconomic Theory
Professors James A. Hornsten and Ronald R. Braeutigam
Northwestern University, Winter 2014
Problem Set #3: Revealed Preference, Demand, and Welfare Measures
Instructions: This problem set is to be handed in during class on
ECON 310-1: Microeconomic Theory
Professors James A. Hornsten and Ronald R. Braeutigam
Northwestern University, Winter 2014
Solutions to Problem Set #3: Revealed Preference, Demand, and Welfare Measures
1. (Problem 4.27 in the text). The budget lines for
ECON 310-1: Microeconomic Theory
Professors James A. Hornsten and Ronald R. Braeutigam
Northwestern University, Winter 2014
Problem Set #4 Production Functions, Isoquants, MRTSL,K and Returns to Scale
Instructions: This problem set should be handed in (to
ECON 310-1: Microeconomic Theory
Professors James A. Hornsten and Ronald R. Braeutigam
Northwestern University, Winter 2014
Problem Set #5. Production and Cost
Instructions: This problem set is to be handed in (to the appropriate TA Section box during cla