New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

Intermediate Microeconomic Theory

by: Bridie Batz

Intermediate Microeconomic Theory ECON 3070

Marketplace > University of Colorado at Boulder > Economcs > ECON 3070 > Intermediate Microeconomic Theory
Bridie Batz

GPA 3.53


Almost Ready


These notes were just uploaded, and will be ready to view shortly.

Purchase these notes here, or revisit this page.

Either way, we'll remind you when they're ready :)

Preview These Notes for FREE

Get a free preview of these Notes, just enter your email below.

Unlock Preview
Unlock Preview

Preview these materials now for free

Why put in your email? Get access to more of this material and other relevant free materials for your school

View Preview

About this Document

Study Guide
50 ?




Popular in Course

Popular in Economcs

This 4 page Study Guide was uploaded by Bridie Batz on Friday October 30, 2015. The Study Guide belongs to ECON 3070 at University of Colorado at Boulder taught by Staff in Fall. Since its upload, it has received 74 views. For similar materials see /class/232142/econ-3070-university-of-colorado-at-boulder in Economcs at University of Colorado at Boulder.


Reviews for Intermediate Microeconomic Theory


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 10/30/15
Practice Problems with Answers for Exam 3 Econ 30707002 Spring 2004 Name 1 You have an income of 772 to spend on two commoclities7 x1 and 2 1 costs 3 per unit and 2 costs 2 per unit Your utility function is U1 12lln1gln2 3 3 a Calculate the general form of mi and as 1 2 x1x2Max lnx1 gln2 st 3351 2352 m 1 2 7 3 1Ma1 1nx1 gln 1 2 73 7 0 3x1 3 Ljn 2 7 1 7 1 7 9 7 2 x2 7 3 b Suppose m 45 Calculate mi and 45 5 x1 9 45 15 x2 3 c Interpret acquot and 1 1 2 mi and as represent the optimal amount of 1 and 12 that I should buy so as to maximize my utility7 given market prices and my income In this case7 I should buy 5 units of 1 and 15 units of 12 x2 2 a Sketch the income offer curve7 plotting the points associated With m 45 and m 90 b Sketch the Engel curve7 plotting the points associated with m 45 and m 90 Identify the sope slope 9 m Engel Cuwe 1080 545 3 You have an income of 50 to spend on two commodities7 1 and 2 1 costs 1 per unit and 2 costs 2 per unit Your utility function is U001 x2 Minxl3xg Calculate mi and x1 2352 50 11 3x2 Combining7 312 212 50 as 10 x1 3x2 30 Consider the utility function Uaclac2 x1 4352 q a Write the condition under which we know with certainty that an individual will buy only 2 1 slope of 1nd1fference curve MRS 71 2 w A slope of budget constraint 7 17 1 P2 P2 compare slope of budget constraint amp indifference curve must be case that slope of budget constraint steeper than slope of indifference curve 1 12 gt P2 4 b Draw a graph illustrating this situation ldentify indifference curves7 budget constaint7 and amount purchased in your graph 32 budget constraint mx39p2 c 5 Calculate the price elasticity for the demand curves below I ve written Dp as the demand function in class7 this was usua y q Dp Price Elasticity of Demand 131 60 7 p 1 131 a 7 bp egg 131 40192 131 AP 131 p 3 2 131 p a 6 The demand function for football tickets for a typical game at a large Midwestern university is Dp 200000 7 1000017 The university has a clever and avaricious ie7 greedy7 grasping athletic director who sets his ticket prices so as to maximize revenues The university s football stadium holds 100000 spectators a Write down the inverse demand function b Write expressions for total revenue and marginal revenue as a function of the number of tickets sold c Use blue to draw the inverse demand function and red to draw the marginal revenue function Also draw a vertical blue line representing the capacity of the stadium d What price will generate the maximum revenue What quantity will be sold at this price e At this quantity7 what is the marginal revenue At this quantity7 what is the price elasticity of demand Will the stadium be full ANSWERS a P 20 1000 b 7 Q Rev 7 207 Q 7 10000 7 20 7 10000 U 20 100000 200000 300000 Q 150000 Rev P 6 200000 7 10000P MR 200000 7 10000P 7 10000P 0 P 10 Q 100000 CD 21000007 MR 7 207 107000 0 P ad 710000 Q 7 10000107 7 100000 7


Buy Material

Are you sure you want to buy this material for

50 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Jim McGreen Ohio University

"Knowing I can count on the Elite Notetaker in my class allows me to focus on what the professor is saying instead of just scribbling notes the whole time and falling behind."

Allison Fischer University of Alabama

"I signed up to be an Elite Notetaker with 2 of my sorority sisters this semester. We just posted our notes weekly and were each making over $600 per month. I LOVE StudySoup!"

Steve Martinelli UC Los Angeles

"There's no way I would have passed my Organic Chemistry class this semester without the notes and study guides I got from StudySoup."


"Their 'Elite Notetakers' are making over $1,200/month in sales by creating high quality content that helps their classmates in a time of need."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.