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Hi,

The final answer key is on the front page of the course website. I forgot to post quiz 10's answer key earlier, but that's now up as well. The final went very well, I think, with three perfect scores. The overall curve in the course is the same one I announced earlier:

A 89-100 # students = 6
A- 84-88 # = 3
B+ 79-83 # = 3
B 69-78 # = 3
B- 65-68 # = 3

The practice packet contained a couple of errors*, so I gave 2 bonus points on the final to the students that pointed those errors out to me. Next time I teach a course, I'll offer that incentive from the start.

If you'd like to pick up your final exam, send me an email and we can arrange it. Enjoy the rest of your summer!

Frank

*Here they are:

  • On page 20, I should have asked about Px = 100 in part a (because it is written in the statement of the problem, above), instead of Px = 10, in which case x* = 3 would be correct.
  • I should have had yB = 84, not 94 in the pure exchange problem.

Hi,

A student asked for more information on a couple problems in the practice packet (1. question c on pg.21, 2. pg.23 regarding the three indifference curves, 3. pg. 27 part b and c). I'm forwarding my answers, below, just so everyone is on the same page.

1 To be just as well off as before, the consumer has to achieve the same utility as before U* = (X*Y*)^.5 = 15. We need to make sure that, when the consumer is given M, her choices Xc and Yc yield her a utility of 15. Using the approach shown on p20 part d, you can find Xc = (.5M)/25 and Yc = (.5M)/4 and plug these formulas into the equation 15 = (Xc)^.5(Yc)^.5 to solve for M:
15 = M/20
M = 300

2 These are perfect complements preferences. Each indifference curve — associated with a particular utility level U — will be L shaped, with the corner at the point where the two terms in the min{} are equal to each other and also equal to U. Picking U = 1, we find X = .5, Y = 1 as the corner point.
1 = 2X —> X = .5
1 = Y —> Y = 1
Scaling up from here to U = 2 and U = 3, we can find the other curves. You can pick different utility levels when making this graph; the important things are labeling axes and marking the coordinates of the corner points.

3 Similar to your previous question, we can graph this isoquant by finding the corner point associated with a quantity of q = 30. At this corner point, the two terms in the min{} will be equal to each other and to 30.
30 = 3L —> L = 10
30 = 2K —> K = 15

Best,

Frank

Hi,

There is no class tomorrow. The final is Friday morning at 8 in our classroom.

If you would like to meet tomorrow, please send me an email. (I will be around most of the day tomorrow, but don't have my schedule pinned down.)

As stated in class today, nothing like parts e-h of practice packet question 1 will appear on the final.

Best,

Frank

Hi,

Today's slides are up. We went over slides 1-9. Slide 10 has a practice problem we'll go over tomorrow.

(I mentioned this in class:) One useful tool is missing from the list in yesterday's slides. You should know how to solve the problem seen in quiz 7 (http://econ302.wikidot.com/day:jj27) and know why it's solved in that way (that is, why MC = MR, MR = P and P = AC).

Best,

Frank

Hi,

The slides are up.

The tools you'll need for the final are listed in the first few slides. There's one more problem for the final, which we'll cover tomorrow ("multimarket pricing") and another problem just for Wednesday's quiz (selling two goods).

Remember to go over the review packet and have questions ready for Wednesday, which (after 20 minutes for the quiz) will be a review session for the final.

Best,

Frank

slides up, about this week by FranknarfFranknarf, 08 Aug 2011 20:34

Hi,

We didn't use slides today. Later today, I'll upload a scan of my notes on the questions we discussed.

The answer key for the quiz is also posted.

Have a good weekend,

Frank

Hi,

You can find the answers key for the practice packet on the right-side box of the front page. Today's slides are also up.

Tomorrow's quiz will be at the end of class.

Best,

Frank

Hi,

Today's slides and answers are up.

Best,

Frank

slides, answers up by FranknarfFranknarf, 03 Aug 2011 16:55

Hi,

The slides are posted, and I'd like to move my office hours today to 330-530. If that doesn't work, you can find me in the room next door to my office (420 Kern).

I've adjusted your raw midterm 2 scores, replacing them with

score = 50*(raw/50)^1/2

and I announced a tentative overall curve today, which I would like to modify to this one:

A 89-100 # students = 7
A- 84-88 # = 1
B+ 79-83 # = 4
B 69-78 # = 4
B-/C 59-68 # = 2

I reserve the right to adjust the curve further, but it's likely to look like this at the end of the course.

See you tomorrow,

Frank

Hi,

Today's slides are up. We did not go over slides 5 and 6, which are extra monopoly problems to practice for the final.

You should prepare for the final by looking through the final practice packet, linked to on the front page of the website. I think this is the [sic] sufficient preparation, but you could also review earlier quizzes and midterms (which are also linked to on the front page). Skip Part I of the packet for now, as we are just starting on market structure stuff now.

I will post answers for the packet on Friday. And I'll give you a rough estimate of the curve for the course when midterm 2 scores are posted.

Best,

Frank

slides up, prep for final by FranknarfFranknarf, 01 Aug 2011 17:27
answers up
FranknarfFranknarf 29 Jul 2011 16:51
in discussion Forum / Announcements » answers up

Hi,

The answer key is up.

Have a good weekend,

Frank

answers up by FranknarfFranknarf, 29 Jul 2011 16:51

Hi all,

A student pointed out an error in the answer key: the work for 2a should indicate that MRSB = 5/4. I simplified the fraction 10/2*4 wrong. Sorry for the late notice.

Best,

Frank

q5 answer key error by FranknarfFranknarf, 29 Jul 2011 03:27
slides up
FranknarfFranknarf 29 Jul 2011 00:13
in discussion Forum / Announcements » slides up

Hi,

Today's slides are up.

Good luck tomorrow,

Frank

slides up by FranknarfFranknarf, 29 Jul 2011 00:13

Hi,

Today's slides, scores and answer key are up. Sorry about the unusual delay.

See you tomorrow,

Frank

Hi,

Today's slides are up.

Tomorrow's quiz combines problems we have been working on this week in a (straightforward) way that we haven't gone over yet. So, the quiz will be at the end of class tomorrow.

Best,

Frank

Hi all,

Today's slides are up. I've also updated the front page of the website with a long spiel about what we are doing this week and how it fits in with what we have done before.

Thursday, I would like to spend most of class on review for the midterm (which will take all of class Friday). Please bring any questions you would like to go over.

Best,

Frank

slides up; about the midterm by FranknarfFranknarf, 25 Jul 2011 17:44

Hi all,

The slides and answer key are posted to the website.

That short-run perfect substitutes cost minimization problem we looked at just before the quiz turned out to be a little more complicated than I had expected. If that sort of question shows up later, it will be as a bonus question on a test.

Have a good weekend,

Frank

slides, answers up by FranknarfFranknarf, 22 Jul 2011 16:58

Hi,

Today's slides are up.

Tomorrow's quiz will be at the end of class. We have one more slide we need to discuss before it, about cost minimization in the short run (when the firm cannot adjust/choose how much capital it uses). Here's the full list of things you should know:
slopes of the isoquant and of the isocost curves; IRS, DRS, CRS; assumptions on technology; find the optimal input bundle L^{∗} and K^{∗} and the cost function given w, r and the production function (representing any of the three types of technology); and find the short-run cost function given all that and a fixed K

Best,

Frank

Hi,

The slides and answers for today's quiz are up.

Unfortunately, the website is very slow today. If it crashes (as has happened before), the web-developers will give updates its recovery here: http://twitter.com/#!/wikidot

Best,

Frank

Hi,

The slides and answers for today's quiz are up.

Unfortunately, the website is very slow today. If it crashes (as has happened before), the web-developers will give updates its recovery here: http://twitter.com/#!/wikidot

Best,

Frank

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