ECO 401-002, 003
Spring 2011
Problem Set #8
Due: Friday, April 29
1. Consider the markets for butter (B) and margarine (M), where the demand curves
are
QM = 20 2PM + PB and QB = 60 6PB + 4PM
and the supply curves are
QM = 2PM and QB = 3PB.
a) Find the equ
ECONOMICS 401: Intermediate Microeconomic Theory
Spring 2011
Instructor:
Frank Scott
B&E 335-M
257-7643
fscott@uky.edu
Class:
ECO 401-002
MWF 9:00 a.m.
B&E 305
ECO 401-003
MWF 10:00 a.m.
B&E 306
Economics 401 is the second undergraduate course in microeco
Eco 601 Problem Set #1 Fall 2002 Note: This problem set is not to be turned for a grade. It is intended to review some mathematical concepts with which you should be familiar. From Nicholson, Ch. 2: 1. 2. 3. 4. 5. 2.1 2.3 2.5 2.6 2.7
Eco 601
Fall 2002
Problem Set #4
Due: Friday, September 27
From Nicholson, Ch. 5:
1. 5.5
2. 5.9, and illustrate in a diagram.
3. Mrs. Buncombe maximizes her utility by spending her entire income on goods A, B,
and C (whose prices all stay constant during
Eco 601
Problem Set #5
Fall 2002
Due: Wednesday, 10/9/02
1. Suppose a two-good world. (a) Is it possible for X to be a gross substitute for Y but for Y to be a gross
complement for X? Illustrate your answer using indifference curves. (b) If Y and X are gr
Economics 685
Managerial Economics
Notes
David L. Kelly
Department of Economics
University of Miami
Box 248126
Coral Gables, FL 33134
dkelly@miami.edu
Current Version: Fall 2013
INTRODUCTION
I
A
Managerial Economics
what is Managerial Economics?
Denition
ECO 401-002, 003
Spring 2011
Problem Set #7
Due: Friday, April 15
1. Suppose your uncle is athletics director at the University of Kentucky. For your
birthday he gives you the monopoly rights to sell plastic wildcat hats at LadyCats
basketball games. Your
ECO 401-002, 003
Spring 2011
Problem Set #6
Due: Wednesday, April 6
1. Problem 9.2, p. 378, in the textbook.
2. True or false, and explain with a diagram: To maximize profit, a firm should
produce that output where the difference between price and average
ECO 401-002, 003
Spring 2011
Problem Set #1
Due: Friday, January 28.
1. Use a separate supply and demand diagram to illustrate the effect of each of the
following changes on the market for taxi service in a city:
a) Bus drivers go on strike
b) Gasoline pr
ECO 401-002, 003
Spring 2011
Problem Set #2
Due: Wednesday, February 9
1. Adam consumes two goods, beer and pizza. He gets utility from beer and pizza
according to the utility function U = 2B1/2P1/2. Hence, when Adam consumes 4
beers and 1 pizza per day,
ECO 401-002, 003
Spring 2011
Problem Set #3
Due: Wednesday, February 16
1.
Raoul lives in an island paradise that is ruled by his brother, the Supreme Commander. Raoul is
allocated 2 pounds of meat and 10 pounds of rice each month. Raouls preferences tend
ECO 401-002, 003
Spring 2011
Problem Set #4
Due: Wednesday, March 2, 2011
You own and operate a lawn-care service in Lexington. Your company supplies lawn care to up-scale
homeowners whose yards are typically one acre in size. You use labor and capital in
ECO 401-002, 003
Spring 2011
Problem Set #5
Due: Monday, March 21, 2011.
Use graph paper and large diagrams for questions 3 and 4!
1. Two sisters contemplate forming an equal partnership and opening a shop in Lexington
selling knick-knacks to tourists her