Intermediate Microeconomics
ECON 301
Professor S. Severinov
Winter 2018-2019
UBC
PROBLEM SET 1
Due: January 15 in class
(Late Problem Sets will not be accepted!)
You must submit your homework at the lecture for your section. I will not accept
electronic version or submissions at any other time or in any other manner (for example,
at VSE or in my office).
Please, put your first and last name, student number and section number at the top.
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Review Question 3, Ch 1. (p 19)
Exercise 1, Ch.1 (p19.)
Review Question 1, Ch2. (p. 61)
Review Question 2, Ch2. (p. 61)
Review Question 9, Ch2. (p. 61)
Review Question 12, Ch2. (p. 61)
Exercise 1, Ch 2. (p 62) Important: Make sure that you are comfortable with solving
for an equilibrium quantity and price when you are given demand and supply
functions, and to show how the equilibrium changes when income changes.
8. Exercise 6, Ch 2 (p 62),
9. Exercise 11, Ch 2 (p 63)
10. Optional: Execrcise 4, Ch 2 (p 62) (try it if you are already familiar with the concept
of elasticity)