ECON 3100 - Intermediate Microeconomics
Loyola Marymount University, Fall 2016
Problem Set 3
Due date: Thursday, November 3rd
Jean-Francois Mercier
Instructions:
You can form groups of at most 5 students.
Submit one document per group.
Free-riding is f
LMU
Econ 3100-Ch 7 Exercises
Dr. El Hag
Please answer the following exercises
1) Complete the following table (round each answer to the nearest whole number):
Output
0
1
2
3
4
5
6
Answer:
Output
0
1
2
3
4
5
6
Total Variable
Cost Cost
Fixed
Cost
Marginal A
Intermediate Microeconomics
Calculus Review
1
Functions and Graphs
Functions are used to describe the
relationship between two variables.
Ex: Suppose y = f(x), where f(x) = 2x + 4
This means
if x is 1, y must be 2(1) + 4 = 6
if x is 2, y must be 2(2)
LMU Econ 3300, Practice E2 Questions
(Note: This is not a comprehensive list of the type of questions that could be asked. So do not study using
these questions only. All material from the course is relevant.)
1. Suppose you are interested in examining th