Practice Exercises for Intermediate Microeconomic Theory
- Length: 420 pages
- Edition: 1
- Language: English
- Publisher: The MIT Press
- Publication Date: 2020-10-27
- ISBN-10: 0262539853
- ISBN-13: 9780262539852
- Sales Rank: #1767325 (See Top 100 Books)
Detailed answer keys to all 140 self-assessment exercises and solutions to the 173 odd-numbered end-of-chapter exercises in Intermediate Microeconomic Theory.
This book accompanies Ana Espinola-Arredondo and Felix Muñoz-Garcia’s Intermediate Microeconomic Theory: Tools and Step-by-Step Examples, offering detailed answer keys to all 140 self-assessment exercises and solutions to the 173 odd-numbered end-of-chapter exercises. It provides readable step-by-step explanations and algebra support, enabling students to approach similar exercises on their own, emphasizing the economic intuition behind mathematical results.
Contents Preface Chapter 2 - Consumer Preferences and Utility 2.1 Solutions to Self-Assessment Exercises Self-assessment exercise 2.1 Self-assessment exercise 2.2 Self-assessment exercise 2.3 Self-assessment exercise 2.4 Self-assessment exercise 2.5 Self-assessment exercise 2.6 Self-assessment exercise 2.7 Self-assessment exercise 2.8 Self-assessment exercise 2.9 Self-assessment exercise 2.10 Self-assessment exercise 2.11 Self-assessment exercise 2.12 Self-assessment exercise 2.13 Self-assessment exercise 2.14 Self-assessment exercise 2.15 2.2 Solutions to End-of-Chapter Exercises Exercise 2.1 - Indifference CurvesB Exercise 2.3 - One Way or AnotherB Exercise 2.5 - Cobb-DouglasA Exercise 2.7 - Perfect SubstitutesA Exercise 2.9 - Increasing TransformationsB Exercise 2.11 - Finding Properties‒IIC Exercise 2.13 - Finding Properties‒IVB Exercise 2.15 - Guilty PreferencesB Exercise 2.17 - Protein PreferencesA Exercise 2.19 - Eating PizzaA Chapter 3 - Consumer Choice 3.1 Solutions to Self-Assessment Exercises Self-assessment exercise 3.1 Self-assessment exercise 3.2 Self-assessment exercise 3.3 Self-assessment exercise 3.4 Self-assessment exercise 3.5 Self-assessment exercise 3.6 Self-assessment exercise 3.7 Self-assessment exercise 3.8 Self-assessment exercise 3.9 Self-assessment exercise 3.10 3.2 Solutions to End-of-Chapter Exercises Exercise 3.1 - Budget LineA Exercise 3.3 - Composite GoodA Exercise 3.5 - Expenditure FunctionA Exercise 3.7 - Cobb-Douglas‒IA Exercise 3.9 - Cobb-Douglas‒IIIC Exercise 3.11 - Different RelationshipsC Exercise 3.13 - Perfect Complements‒IA Exercise 3.15 - Expenditure Minimization ProblemA Exercise 3.17 - Perfect Complements‒IIB Exercise 3.19 - Utility MaximizationB Chapter 4 - Substitution and Income Effects 4.1 Solutions to Self-Assessment Exercises Self-assessment exercise 4.1 Self-assessment exercise 4.2 Self-assessment exercise 4.3 Self-assessment exercise 4.4 Self-assessment exercise 4.5 Self-assessment exercise 4.6 Self-assessment exercise 4.7 Self-assessment exercise 4.8 Self-assessment exercise 4.9 4.2 Solutions to End-of-Chapter Exercises Exercise 4.1 - Deriving Functions‒IA Exercise 4.3 - Quasilinear Utility‒IB Exercise 4.5 - Decomposition BundlesB Exercise 4.7 - Income EffectsA Exercise 4.9 - Linear DemandA Exercise 4.11 - Income Elasticity‒IB Exercise 4.13 - Perfect ComplementsB Exercise 4.15 - Deriving Functions‒IIA Exercise 4.17 - Income Elasticity‒IIA Exercise 4.19 - Giffen Good?B Chapter 5 - Measuring Welfare Changes 5.1 Solutions to Self-Assessment Exercises Self-assessment exercise 5.1 Self-assessment exercise 5.2 Self-assessment exercise 5.3 Self-assessment exercise 5.4 Self-assessment exercise 5.5 Self-assessment exercise 5.6 Self-assessment exercise 5.7 5.2 Solutions to End-of-Chapter Exercises Exercise 5.1 - Changes in CSA Exercise 5.3 - CS and Changing PricesA Exercise 5.5 - CS and Nonlinear Demand‒IA Exercise 5.7 - Calculating CVB Exercise 5.9 - CV with Cobb-Douglas Utility FunctionB Exercise 5.11 - CV with General Price ChangeC Exercise 5.13 - EV with Cobb-Douglas Demand‒IIB Exercise 5.15 - EV with Different IncomeA Exercise 5.17 - CS, CV, and EV with No Income Effects‒IB Exercise 5.19 - Alternative Representation of CVB Exercise 5.21 - Alternative Representation of EVB Chapter 6 - Choice under Uncertainty 6.1 Solutions to Self-Assessment Exercises Self-assessment exercise 6.1 Self-assessment exercise 6.2 Self-assessment exercise 6.3 Self-assessment exercise 6.4 Self-assessment exercise 6.5 Self-assessment exercise 6.6 Self-assessment exercise 6.7 Self-assessment exercise 6.8 6.2 Solutions to End-of-Chapter Exercises Exercise 6.1 - Expected UtilityA Exercise 6.3 - EV and Variance‒IIB Exercise 6.5 - Expected Utility‒IIA Exercise 6.7 - Risk AversionB Exercise 6.9 - Risk LovingB Exercise 6.11 - Risk NeutralityB Exercise 6.13 - Contracting an IllnessB Exercise 6.15 - Not Purchasing Full InsuranceB Exercise 6.17 - Arrow-Pratt Coefficient‒IIB Exercise 6.19 - Prospect Theory‒IB Exercise 6.21 - GamblingA Chapter 7 - Production Functions 7.1 Solutions to Self-Assessment Exercises Self-assessment exercise 7.1 Self-assessment exercise 7.2 Self-assessment exercise 7.3 Self-assessment exercise 7.4 Self-assessment exercise 7.5 Self-assessment exercise 7.6 Self-assessment exercise 7.7 Self-assessment exercise 7.8 Self-assessment exercise 7.9 Self-assessment exercise 7.10 Self-assessment exercise 7.11 Self-assessment exercise 7.12 Self-assessment exercise 7.13 7.2 Solutions to End-of-Chapter Exercises Exercise 7.1 - Properties of Production FunctionsB Exercise 7.3 - Where the MP and AP Curves CrossA Exercise 7.5 - MP and Changing CapitalB Exercise 7.7 - Linear Production and MRTSA Exercise 7.9 - Returns to Scale‒IA Exercise 7.11 - Decreasing Marginal ReturnsA Exercise 7.13 - Choosing ProductionA Exercise 7.15 - CES Production Function and Marginal ProductsB Exercise 7.17 - Choosing Factors of ProductionB Exercise 7.19 - Comparing MRTSC Chapter 8 - Cost Minimization 8.1 Solutions to Self-Assessment Exercises Self-assessment exercise 8.1 Self-assessment exercise 8.2 Self-assessment exercise 8.3 Self-assessment exercise 8.4 Self-assessment exercise 8.5 Self-assessment exercise 8.6 Self-assessment exercise 8.7 Self-assessment exercise 8.8 Self-assessment exercise 8.9 Self-assessment exercise 8.10 Self-assessment exercise 8.11 Self-assessment exercise 8.12 Self-assessment exercise 8.13 8.2 Solutions to End-of-Chapter Exercises Exercise 8.1 - Cost Minimization for Cobb-DouglasB Exercise 8.3 - Properties of a Cost FunctionB Exercise 8.5 - CMP for Cobb-Douglas Production‒IC Exercise 8.7 - Explicit and Implicit CostsA Exercise 8.9 - CMP with Cobb-Douglas Production‒IIB Exercise 8.11 - Cobb-Douglas Production and Input DemandB Exercise 8.13 - Short-Run Cobb-Douglas CostsB Exercise 8.15 - Substitutes in ProductionB Exercise 8.17 - Economies of Scale‒IA Exercise 8.19 - Economies of ScopeA Exercise 8.21 - Experience Elasticity‒IIA Chapter 9 - Partial and General Equilibrium 9.1 Solutions to Self-Assessment Exercises Self-assessment exercise 9.1 Self-assessment exercise 9.2 Self-assessment exercise 9.3 Self-assessment exercise 9.4 Self-assessment exercise 9.5 Self-assessment exercise 9.6 Self-assessment exercise 9.7 Self-assessment exercise 9.8 Self-assessment exercise 9.9 Self-assessment exercise 9.10 9.2 Solutions to End-of-Chapter Exercises Exercise 9.1 - Identifying Perfectly Competitive MarketsA Exercise 9.3 - Long-Run Equilibrium and SubsidiesB Exercise 9.5 - Perfectly Competitive Equilibrium‒IIA Exercise 9.7 - Shutdown Price and Short-Run SupplyA Exercise 9.9 - Finding Aggregate Supply and EquilibriumA Exercise 9.11 - Calculating Producer SurplusA Exercise 9.13 - Profit versus Producer SurplusB Exercise 9.15 - General Equilibrium.IB Exercise 9.17 - Effciency in General EquilibriumB Exercise 9.19 - Second Welfare TheoremC Exercise 9.21 - First Welfare Theorem with External EffectsC Chapter 10 - Monopoly 10.1 Solutions to Self-Assessment Exercises Self-assessment exercise 10.1 Self-assessment exercise 10.2 Self-assessment exercise 10.3 Self-assessment exercise 10.4 Self-assessment exercise 10.5 Self-assessment exercise 10.6 Self-assessment exercise 10.7 Self-assessment exercise 10.8 Self-assessment exercise 10.9 Self-assessment exercise 10.10 10.2 Solutions to End-of-Chapter Exercises Exercise 10.1 - Monopoly Equilibrium-Linear CostsB Exercise 10.3 - Maximizing Revenue versus ProfitA Exercise 10.5 - Regulating a Natural MonopolyB Exercise 10.7 - Two Parts of Marginal RevenueA Exercise 10.9 - Factors of a High Monopoly PriceB Exercise 10.11 - Monopoly with General Linear DemandC Exercise 10.13 - Multiplant Monopoly‒IB Exercise 10.15 - Multiproduct MonopolyC Exercise 10.17 - Advertising-to-Sales RatioA Exercise 10.19 - Identify a MonopsonyA Exercise 10.21 - Monopsony‒Two InputsB Chapter 11 - Price Discrimination and Bundling 11.1 Solutions to Self-Assessment Exercises Self-assessment exercise 11.1 Self-assessment exercise 11.2 Self-assessment exercise 11.3 Self-assessment exercise 11.4 11.2 Solutions to End-of-Chapter Exercises Exercise 11.1 - Price Discrimination with Different DemandsB Exercise 11.3 - Implementing Price DiscriminationA Exercise 11.5 - When to Price DiscriminateB Exercise 11.7 - Willingness to Price DiscriminateB Exercise 11.9 - Deciding When to Withdraw from a MarketB Exercise 11.11 - Second-Degree Price DiscriminationA Exercise 11.13 - Second-Degree Price Discrimination with Three BlocksC Exercise 11.15 - Bundling PricesA Exercise 11.17 - Bundling‒IIB Exercise 11.19 - Bundling‒IIIB Chapter 12 - Simultaneous-Move Games 12.1 Solutions to Self-Assessment Exercises Self-assessment exercise 12.1 Self-assessment exercise 12.2 Self-assessment exercise 12.3 Self-assessment exercise 12.4 Self-assessment exercise 12.5 Self-assessment exercise 12.6 Self-assessment exercise 12.7 Self-assessment exercise 12.8 Self-assessment exercise 12.9 Self-assessment exercise 12.10 12.2 Solutions to End-of-Chapter Exercises Exercise 12.1 - Strict DominanceA Exercise 12.3 - Strict Dominance ‒ Some BiteB Exercise 12.5 - Prisoner's DilemmaB Exercise 12.7 - Weak DominanceA Exercise 12.9 - Weak Dominance‒IIIB Exercise 12.11 - Nash Equilibrium in a 3x3 MatrixB Exercise 12.13 - Nash Equilibrium in the Split‒Steal GameB Exercise 12.15 - Rock, Paper, Scissors‒IA Exercise 12.17 - Charitable ContributionsB Exercise 12.19 - Finding msNE‒Coordination GameB Exercise 12.21 - Penalty KicksA Chapter 13 - Sequential and Repeated Games 13.1 Solutions to Self-Assessment Exercises Self-assessment exercise 13.1 Self-assessment exercise 13.2 Self-assessment exercise 13.3 Self-assessment exercise 13.4 13.2 Solutions to End-of-Chapter Exercises Exercise 13.1 - Backward Induction‒IA Exercise 13.3 - Backward Induction‒IIIB Exercise 13.5 - Backward Induction‒VB Exercise 13.7 - Battle of the Sexes GameA Exercise 13.9 - Anticoordination GameA Exercise 13.11 - Complementary PricingB Exercise 13.13 - Centipede GameC Exercise 13.15 - Repeated DilemmasB Exercise 13.17 - Alternative TriggersB Exercise 13.19 - Temporary PunishmentsC Exercise 13.21 - Punishment SizeB Exercise 13.23 - Rock, Paper, Scissors‒IIB Chapter 14 - Imperfect Competition 14.1 Solutions to Self-Assessment Exercises Self-assessment exercise 14.1 Self-assessment exercise 14.2 Self-assessment exercise 14.3 Self-assessment exercise 14.4 Self-assessment exercise 14.5 Self-assessment exercise 14.6 Self-assessment exercise 14.7 Self-assessment exercise 14.8 Self-assessment exercise 14.9 14.2 Solutions to End-of-Chapter Exercises Exercise 14.1 - Her.ndahl-Hirschman IndexA Exercise 14.3 - Properties of the Best Response FunctionB Exercise 14.5 - Symmetric CournotA Exercise 14.7 - Cournot with Asymmetric Fixed CostsB Exercise 14.9 - Cournot with Three FirmsC Exercise 14.11 - Finitely Repeated Grim-Trigger StrategyB Exercise 14.13 - Collusion with Delayed DetectionB Exercise 14.15 - Colluding BarbecueB Exercise 14.17 - Properties of the Stackelberg EquilibriumA Exercise 14.19 - Cournot versus StackelbergB Exercise 14.21 - Product DifferentiationA Exercise 14.23 - Stackelberg Prices with Homogeneous GoodsA Exercise 14.25 - Reconciling Bertrand and Cournot through CapacityC Chapter 15 - Games of Incomplete Information and Auctions 15.1 Solutions to Self-Assessment Exercises Self-assessment exercise 15.1 Self-assessment exercise 15.2 Self-assessment exercise 15.3 Self-assessment exercise 15.4 Self-assessment exercise 15.5 15.2 Solutions to End-of-Chapter Exercises Exercise 15.1 - Pareto Uncertainty‒IA Exercise 15.3 - Stackelberg Leader Facing Uncertain CostsA Exercise 15.5 - Uncertain Demand‒One Uninformed FirmB Exercise 15.7 - Entry DeterrenceB Exercise 15.9 - First-Price Auction‒IIA Exercise 15.11 - Risk Aversion‒IB Exercise 15.13 - Second-Price Auction‒IA Exercise 15.15 - Lottery Allocation‒IB Exercise 15.17 - All-Pay AuctionC Exercise 15.19 - Effciency with Risk AversionB Exercise 15.21 - Comparing AuctionsA Chapter 16 - Contract Theory 16.1 Solutions to Self-Assessment Exercises Self-assessment exercise 16.1 Self-assessment exercise 16.2 Self-assessment exercise 16.3 Self-assessment exercise 16.4 Self-assessment exercise 16.5 Self-assessment exercise 16.6 16.2 Solutions to End-of-Chapter Exercises Exercise 16.1 - Moral HazardA Exercise 16.3 - Risk Aversion‒IIA Exercise 16.5 - Household Chores‒IB Exercise 16.7 - Basketball‒IA Exercise 16.9 - Insurance Market‒IB Exercise 16.11 - Risk-Averse Lemons‒IB Exercise 16.13 - Risk-Averse Lemons‒IIB Exercise 16.15 - Risk Neutrality‒IIB Exercise 16.17 - Risk Neutrality‒IIB Exercise 16.19 - TrainingA Exercise 16.21 - Adverse SelectionA Chapter 17 - Externalities and Public Goods 17.1 Solutions to Self-Assessment Exercises Self-assessment exercise 17.1 Self-assessment exercise 17.2 Self-assessment exercise 17.3 Self-assessment exercise 17.4 Self-assessment exercise 17.5 Self-assessment exercise 17.6 Self-assessment exercise 17.7 17.2 Solutions to End-of-Chapter Exercises Exercise 17.1 - Regulated DuopolyB Exercise 17.3 - Positive Externalities and Social OptimumA Exercise 17.5 - Optimal Emission FeeB Exercise 17.7 - Public Goods and Free-RidingB Exercise 17.9 - Common-Pool Resource‒IB Exercise 17.11 - Common-Pool Resource‒IIIB Exercise 17.13 - When Does the Coase Theorem Apply?A Exercise 17.15 - Coase Theorem in ActionA Exercise 17.17 - Multiple PollutersB Exercise 17.19 - Common-Pool RefrigeratorA
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