615 Exam 1 Review Material
1. (~25 min) You have the following information on a typical consumers demand for widgets.
Currently, the price of widgets is p0 = 20, and at that price the consumer demands x0 = 100
widgets. The consumers current wealth is w0 =
615 Exam 1 Review Material
1. (~25 min) You have the following information on a typical consumers demand for widgets.
Currently, the price of widgets is p0 = 20, and at that price the consumer demands x0 = 100
widgets. The consumers current wealth is w0 =
615 Exam 2 Review Material
1. A competitive firms restricted profit function is given by the formula
, ,
4
where p is the output price, the factor price of the variable input is w1, and z denotes the fixed
input with factor price w2.
A. Derive the formula
615 am 2 Review Material
1. A competitive firms restricted profit function is given by the formula
, ,
4
where p is the output price, the factor price of the variable input is w1, and z denotes the fixed
input with factor price w2.
A. Derive the formula f
Extra Problems
1) An immigrant has well behaved preferences defined over his hours of leisure and (the
composite commodity represented by) his dollar income available to spend on consumer
goods and services. He has available to him a strictly convex techn
American Economic
http:/www aeaweb
Review 2008, 98 4, 1553-1577
1257/aer98
org/articles php?doi=10
4 1553
Giffen Behavior and Subsistence
By Robert
T. Jensen and Nolan
Consumption
H. Miller*
This paper provides thefirst real-world evidence of Giffen behav
166 YAIR MUNDLAK
[ll] NERLOVE, MARC, “Notes on the Identiﬁcation and Estimation of Cobb-Douglas
Production Functions.” Duplicated (revised May 18, 1959).
[l2] SARGAN, J. 1)., The Estimation of Economic Relationships Using Instrumental
Variables, Econometr
Advanced Micro Theory
Fall 2015 MW
Students born 1990-94, in junior high/high school 2006-2012
Lecture 1: An Introduction
Goals:
1.
2.
3.
4.
5.
Introduce self
Give opening lecture
Go over syllabus
Have students introduce selves
Impress upon students that
Advanced Micro Theory
Fall 2015 MW
Lecture 23: Static Games of Complete Information I
Goals
1. lay out parameters of games
2. define Nash equilibrium (after mixed strategy discussion, prove existence)
3. review examples (Cournot, various normal form matri
Advanced Micro Theory
Fall 2015 MW
Lecture 13: Production & Technology
Goals:
1. Lay out technology side of firm & cost-maximization
2. Discuss parallels with prior consumer theory
Enough with consumers, lets move on to firms well go fast given so many pa