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DEPARTMENT OF ECONOMICS ECON 2750A Spring 2009 H.W. #1 Prof. K.C. Tran Due Date: Wednesday, January 28, 2009 1. Suppose that the universal set is the set of strictly positive integers, Z and let X {w Z : w 15} W {w X : w 12 and w / 2 Z } H {w X : 5 w 14 and w / 2 Z } What are W H , W H , W H , W H , W H ? 2. Find the equilibrium solution for each of the following models (please provide explicit steps for solving each problem and DO NOT use the general solution given in class. Use can use the general solution to check your answer!!): (a) QD 3 P 2 Qs 6 P 4 (b) QD 30 2P Qs 5 P 6 Q D QS Q D QS 3. The demand and supply functions of a two-commodity market model are as follows: QD1 18 3P1 P2 QD2 12 P1 2 P2 QS1 2 4 P1 QS2 2 3P2 Find the equilibrium prices and quantities for each market. 4. Given u T 5 1 3, v T 3 1 1, and wT 7 5 8 . Write out the column vectors, u, v and w. Also find (a) uv T ; (b) w T u and (c) v T w .