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Über dieses Buch

This manual provides solutions to approximately 500 problems appeared in various chapters of the text Principles of Mathematical Economics. In some cases, a detailed solution with the additional discussion is provided. At the end of each chapter, new sets of exercises are given.



Chapter 1. Household Expenditure

A household allocates its $2,000 monthly income to the purchase of three goods.
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Chapter 2. Variables, A Short Taxonomy

Classify the following as quantitative or qualitative variables.
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Chapter 3. Sets and Functions

Write the complement of \(A\) from Exercise 1 using specification.
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Chapter 4. Market Equilibrium Model

A market consists of 5,000 identical households and 100 identical producers.
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Chapter 5. Rates of Change and the Derivative

What are the \(y\)-intercept(s) and \(x\)-intercept(s) of graphs of the following functions?
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Chapter 6. Optimal Level of Output and Long Run Price

Find the stationary points of the following quadratic functions.
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Chapter 7. Nonlinear Models

Use the information from parts (a) and (b) and find the first and second degree approximations to the cubic function using the Taylor expansion series.
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Chapter 8. Additional Topics in Perfect and Imperfect Competition

Assume a competitive industry consists of 300 firms each with the following cost function:
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Chapter 9. Logarithmic and Exponential Functions

The population of a city at a certain time is \(P\). If the annual rate of growth of the population is 2 percent, after how many years does this city’s population doubles?
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Chapter 10. Production Function, Least-Cost Combination of Resources, and Profit Maximizing Level of Output

Assume a firm has the production function \(Q = 2.5 K^{0.4} L^{0.5}.\)
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Chapter 11. Economics Dynamics

Determine the order of the following difference equations.
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Chapter 12. Mathematics of Interest Rates and Finance

How much will you have after 6 years if you invest $15,000 at 6.5 % per year compounded annually
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Chapter 13. Matrices and Their Applications

Chapter 13, Exercises 13.8
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