Producer Theory: Technology and Its Representation
Microeconomic Theory (Econ2101/2210)
Hongsong Zhang
School of Economics and Finance
University of Hong Kong
February 22, 2017
Outline
Technology and Its Representation
Profit Maximization and Profit Funct
Producer Theory: Profit Maximization
and Cost Minimization
Microeconomic Theory (Econ2101/2210)
Hongsong Zhang
School of Economics and Finance
University of Hong Kong
March 1, 2017
Firms Objective: Type I
Competitive Market Assumption: the firm faces fixe
Consumer Theory: Expenditure Minimization
Microeconomic Theory (Econ2101&2210)
Hongsong Zhang
School of Economics and Finance
University of Hong Kong
February 15, 2017
Expenditure Minimization
Two sides of the same coin:
Utility Maximization:
Given your e
Assignment 3 (Total points: 58)
1. This assignment is due by 9:00 AM, April 15 (Wednesday). Please put it in the TAs assignment
locker on 9/F of KKL Building.
2. You can do this assignment individually or with another student from subclasses F or G taught
ECON0701/2280 Introductory Econometrics
Answers for Assignment 1
10
( y i ^ 0 ^ 1 x i 1 ^ 2 x i 2)2
1. (a) Let SSR=
i=1
y i ^0 ^ 1 x i 1 ^ 2 x i 2
()=0 (1)
10
SSR
=
^0 i=1
y i ^0 ^ 1 x i 1 ^ 2 x i 2
x i1 ()=0 (2)
10
SSR
=
^1 i=1
y i ^ 0 ^ 1 x i 1 ^
Q1.
(a) Please see the STATA output file. In a plot of residuals on total expenditure, the absolute
value of the residuals increases, suggesting the presence of heteroscedasticity.
(b) Please see the STATA output file. The LM statistics from White test is
Assignment 2 (Total points: 52)
1. This assignment is due by 9:00 AM, March 18 (Wednesday). Please put it in my
TAs assignment locker on 9/F of KKL Building.
2. You can do this assignment individually or with another student from subclasses
F or G taught
Q1.
(a) Degree of freedom = n k 1 = 33 3 1 = 29
Critical t score
c0.025 = 2.045
95% CI for F = 733 2.045 * 253 = 215.615 to 1250.385
This is statistically significant at 5% since the interval does not include 0.
(Check: computed t = 733/253 = 2.89 > 2.045
Assignment 4 (Total score: 50 points)
1. This assignment is due by 9 AM on Wednesday, April 29, 2015. Please put it in my
TAs assignment locker on 9/F of KKL Building.
2. You can do this assignment alone or with another student. Hand in one assignment wit
Assignment 1 (Total points: 52)
1. This assignment is due by noon, March 3 (Tuesday). Please put it in my
TAs assignment locker on 9/F of KKL Building.
2. You can do this assignment individually or in a group of 2 students.
You can work with anyone in the
IntermediateMacroeconomics
ECON2102/2220CD
Spring201
ProblemSet1
Dueonorbefore.POday,February , 201at1B.m. inTA"OESFX;IBOHsmailbox"onKKL9/
F.Late submission will not be accepted.
1
National Income Accounting 1
In a closed economy without a government sect
ECON1001/1210: Introductory Microeconomics
Problem set #03 Chapter 5 Elasticity and its Applications
Instructions
You do not need to submit the problem set. It is meant to help students stay on track of their
study. Here is a recommended strategy to get t
ECON1001/1210: Introductory Microeconomics
In-class exercise #04 - Taxes and Subsidies
Name:
Student ID No.:
(Firstname)
(Lastname)
.
(10-digit)
Suppose the inverse demand curve for a particular good is PD = 33 Q and the inverse supply curve is given by
P
THE UNIVERSITY OF HONG KONG
School of Economics & Finance
2015 Spring Semester, Midterm Examination
ECON1210G: Introduction to Microeconomics
Version A
March 21, 2015 10am - 11am
Name: _
UID: _
Read the following instructions carefully!
Attempt all questi
THE UNIVERSITY OF HONG KONG
School of Economics & Finance
2016 - 2017 Fall Semester, Midterm Examination
ECON1001 / ECON1210
Introductory Microeconomics
Version A
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ECON 1001 / 1210
Introductory Microeconomics
Tutorial 1
Problem Set Question 1
In the mid-1990s Proctor & Gamble marketed a new product
called Olestra which could be used in place of lard in cooking
but is very low in calories. Thus it is possible to make
ECON1001/1210: Introductory Microeconomics Fall 16
In-class exercise #03 - Elasticity & its applications
Name:
Student ID No.:
(Firstname)
(Lastname)
(10-digit)
PageTwo, the bookseller, wants to increase its total revenue. One strategy is to offer a 1% di
ECON1001/1210: Introductory Microeconomics
In-class exercise #1 - Absolute Advantage and Comparative Advantage
Name:
Student ID No.:
(Firstname)
(Lastname)
(10-digit)
The following table gives labor requirements per unit output of X and Y in countries A a
ECON1001/1210: Introductory Microeconomics
In-class exercise #07 - Price Ceilings and Floors
Name:
(Firstname)
Student ID No.:
(Lastname)
(10-digit)
The government is deciding which policy to implement. 1) The government pays a $2 per unit subsidy to prod
ECON1210: Introductory Microeconomics Tutorial 4
In-class exercise #04 - Taxes and Subsidies
Name:
Student ID No.:
(Firstname)
(Lastname)
(10-digit)
Suppose the inverse demand curve for a particular good is PD = 33 Q and the inverse supply curve is given
ECON1210: Introductory Microeconomics Tutorial 3
In-class exercise #03 - Elasticity & its applications
Name:
Student ID No.:
(Firstname)
(Lastname)
(10-digit)
PageTwo, the bookseller, wants to increase its total revenue. One strategy is to offer a 1% disc
ECON1001/1210: Introductory Microeconomics Tutorial 2
In-class exercise #2 - Demand and Supply
Name:
Student ID No.:
(Firstname)
(Lastname)
1. Consider the market of crude oil with demand, total cost and marginal cost as follows:
Demand: P = 99 3Q
Total c
ECON 1001/1210 (I): Introductory Microeconomics: Constant Elasticity In-class Exercise
Name: _
Student ID No.: _
Consider a constant elasticities model with demand elasticity equal to -3.0 and supply elasticity
equal to 3.0. Now demand increases by 3% whi
Competition
and
The Invisible Hand
Outline
Invisible Hand Property 1: The
Minimization of Total Industry Costs of
Production
Invisible Hand Property 2: The Balance of
Industries
Creative Destruction
The Invisible Hand Works with Competitive
Markets
2
ECON 1001/1210 (I): Introductory Microeconomics: Demand and Supply In-class Exercise
Name: _
Student ID No.: _
What will happen to the equilibrium price and quantity in the fresh seafood market if both of the following events
occur:
1. a scientific report