Solution to Assigned Problem Re: Slutsky vs. Hicks Analysis Econ 8100 Problem: Assume a person has a utility function U = XY, and money income of $10,000, facing an initial price of X of $10 and price of Y of $15. If the price of X increases to $15, answe
Microeconomics I, Term I
Practice Set 2
1) For the CobbDouglas function
U ( x, y ) = x y
a) Shows that the MRS is given by the following expression:
MRS ( x, y ) =
y
x
b) Does this result depend on whether + = 1? Does this sum have any relevance to th
Alfred Marshall
(26 July 1842 13 July 1924)
Marshall is one of the founders of
economics.
He did not start his career as an economist.
Marshall was first studying philosophy, then
got interested in ethics, and only then he
became an economist.
This rich b
ISET, Academic Year 20132014
Microeconomics I, Term I
Syllabus
Dates: September 2 October 25
Lecturer: Prof. Karine Torosyan
Office: 6.5
Office hours: WF 15:0018:00, also by appointment (send an email)
Email: k.torosyan@iset.ge
Course Content and Obje
Macroeconomics I
ISET Fall 2011
Preliminary
Attendance
Syllabus
Midterm and the final
Textbook and readings
Assignments
Introduction and review
What does macroeconomics study?
Where do we start from? (Microeconomic
foundations and the principles of classi
Annex
Course Syllabus
Course Name
Course Code
Macroeconomics I

Course status (Type)
Class 2015 (MA program); Required Course
ECTS
3 credits (1st miniterm)
Lecture (es)
Professor name: Yaroslava Babych
Working place : ISET, room 6.6
E mail : y.babych@is
Macroeconomics I
ISET Fall 2011
Preliminary
Attendance
Syllabus
Midterm and the final
Textbook and readings
Assignments
Introduction and review
What does macroeconomics study?
Where do we start from? (Microeconomic
foundations and the principles of classi
Australasian Agribusiness Perspectives
Vol. 19, Paper 92, 18/5/11
Wright & Grant
NicheMarketing Organic Wines: Ethical Dilemmas and the
Importance of Stewardship as the foundation of Sustainable
Business
Scott Wright and Bligh Grant
Scott Wright, Owner,
International Journal of Wine Marketing
Emerald Article: Wine tourism development and marketing strategies in
Southwest Michigan
Astrid Wargenau, Deborah Che
Article information:
To cite this document: Astrid Wargenau, Deborah Che, (2006),"Wine tourism de
Microeconomics I, Term I
Practice Set 3
Problems from Nicholson (edition 11, a few copies available at the library):
4.2, 4.5, 4.9, 4.12, 4.14.
Problems from Jehle:
1.18, 1.21 (review problem 1.20 CobbDouglas), 1.22, 1.24, 1.26, 1.29, 1.33, 1.38, 1.44, 1
Krugman article (Section IV)
Coop (cooperative) was created by 150 young couples. All of these couples had children. In
order these couples to be able to go out for fun they needed a babysitting service. The member
couples of the coop agreed to provide
Micro I, Term I, 20132014
Consumer theory
Lecture 1
4 building blocks:
Consumption set
Lecture 1
Feasible set
Preference relation
Behavioral assumption
By specifying the form each one of these takes many
different situations involving choice can be m
Micro I, Term I, 20132014
Lecture 3
Consumption set
Lecture 1, done
Feasible set
Preference relation
Lectures 23
Behavioral assumption
As we have seen, one way to derive MRS is:
Step 1: Solve the utility function for y, keep U=const
Step 2: Take the
Micro I, Term I, 20132014
Lecture 7
Properties of the Expenditure Function
For the expenditure function we have the following
properties:
1. It is continuous on its domain
2. For all P>0 its increasing, unbounded above in U*
3. It is increasing in prices
Micro I, Recitation 3
Discussion:
1. Discuss the section on LumpSum principle and follow up with its application in CobbDouglas utility case (pp.129131 in the new 11th edition of the Nicholsons textbook, in
the library). Follow up with problem 4.7 from
Midterm review guide
Fall 2012
Where to study from: Notes, Homework assignments and the assigned readings in the
textbooks.
Introduction (1st few lectures). What type of questions may come up in the exam (this doesnt mean
that I will ask exactly these que
Micro I, Term I, 20132014
Lecture 4
Consumption set
Lecture 1, done
Feasible set
Preference relation
Lectures 23, done
Behavioral assumption
Lecture 4
To go forward we will need to think of what kind of
behavior is guiding consumer choice.
Feasibili
Orientation Session for the 1st year ISET MA Program students
September 2, 2013
ISET Conference Hall
AGENDA
10:00 10:20
Registration and handing out of packets containing:
1. Schedule of Class
2. Ethics Code
3. Library Regulations
4. Information on how to
Microeconomics I, Term I
Practice Set 1
1) Suppose the government is started food voucher (coupon) program. The program works the
following way: if a family has monthly income below 100GEL, it gets 50GEL worth of
vouchers, which can be used to buy food on
WEEK 4
Reading [SB], 3.6, pp. 5869
1
Economical Applications
1.1
Production Function
A production function y = f (q ) assigns to amount q of input the corresponding output y .
Usually f is
 increasing, that is f > 0;
 there exists a level of input a su