Take-home
problem sets
Assignment #1 (pre-course) - Due Tue, Jan 17.
This assignment is to be completed online.
Problem set #2 - Due Tue, Jan 24.
Problem set #3 - Due Tue, Jan 31.
I. Question 19 on p.114 in
the text. Pick one of the seven states and estimate the linear demand estimate
for that state. Attach the regression output. Provide economic interpretation
for each coefficient of the demand equation.
II. Question 20 on p.115 in
the text.
Link
to the data sets
Problem set #4 - Due Tue, Feb
7.
I. Problems 2, 3, 4, and 5 on pp.110-111 in
the text.
II. As a grocery store
manager, you are looking for the best price for a newly marketed bottled cappuccino
drink.
The prices you've tried and the corresponding daily sales volumes
are given below.
| P,
$ | Q |
| 2.99 |
87 |
| 1.99 |
128 |
| 1.25 |
157 |
| 2.20 |
103 |
If your goal is to maximize your daily revenue
from selling that drink, what price should you try next?
(Hint: Do not view price-quantity pairs in the table as
certain! Remember there is always some noise in the data,
and your job is to get rid of that noise the best you can!
That is what we have regression tools for.)
Submit a memo stating your suggestions regarding the price.
Carefully explain how you arrived at the answers and what
assumption about the demand conditions you have made, if any.
Your memo should be understood by a person who has no formal
training in economics but does have common sense.
Problem set #5 - Due Tue, Feb 14.
I. Problem 5 on p.192 in the text.
II. Problem 15 on pp.194-195. Do it using the marginal approach!
Show your work.
Additional question: for the problem of your choice, state
when (at what output, or at which worker) diminishing marginal
returns set in.
III. The team assignment, to be sent to you shortly.
Problem set #6 - can be turned in for
extra credit on Tue, Feb 21.
I. Problem 2 on p.303 in the text.
II. Problem 4 on p.305.
III. Problem 14 on pp.306-307.
Problem set #7 - Due Tue, Feb 28.
Assignment based on the reading packet related to i-Phone
pricing, distributed in class.
Problem set #8 - Due Tue, March 6.
I. Problem 4 on p.426 in the text.
II. Problem 6 on p.427.
III. Problem 7 on p.427.
IV. Problem 18 on p.429.
Problem set #9 - Due Tue, March 27.
I. Problem 1 on p.386 in the
text.
II. Problem 3 on p.386.
III. Problem 13 on p.427.
IV. Memo 7 on p. 570.
Problem set #10 - Due Tue, April 3.
I. Problem 2 on p.501 in the text.
II. Problem 3 on p.501.
III. Problem 6 on p.502.
IV. A repeated game problem.
Problem set #11 - Due Tue, April 17.
Problem 1 on p.466-467 in the text.
Problem set #12 - Due Tue, April 24.
I. Problem 2 on p.467 in the text.
II. Problem 4 on pp.467-8. Once you answer the question about
the optimal quantity and the associated expected profit, pick
ANY other arbitrary quantity and calculate the expected profit
for that quantity. Compare the two results and state your
findings.
Problem set #13 - Due Tue, May 1.
I. Problems 12, 13, and 14 on pp.469-470 in the text.
II. An additional question, see here.
