All our Essay orders are Original, and are written from scratch. Try us today at 30% off

Chicago State University Economics Mathematics Worksheet

Want answers to the assignment Below?

Text or Whatsapp Olivia at +1 (307) 209-4351


 

Problem Set 1 (45 points) ECN 230 Prof. Rowan Shi Winter 2022 I set take-home open-book assignments rather than midterm exams because I think it can be a better chance for students to demonstrate their problem-solving skills — so I invest a lot of trust in your academic integrity. In return, I ask you to have enough trust in your own abilities to not work with anyone else or consult the internet. For this reason: please write the honour code on your solutions. 1. (29 points) Suppose a city’s quality of life is given by u(y, p), where y is the upkeep of the city’s subway network and p is the upkeep of its parks. a) (2 points) How many first order partial derivatives does the function u have? What are they? b) (2 points) Choose one of the first order partial derivatives and explain what it describes, in the context of quality of life and city upkeep. The actual upkeep of the subway network and parks depend on the amount of provincial funding the city receives f as well as how long winter is w. The longer the winter, the harder it is to maintain city amenities. In particular, suppose y = g( f , w) p = h( f , w) c) (6 points) What is the likely effect of provincial funding on city quality of life? Justify your answer mathematically. d) (6 points) What is the likely effect of winter length on city quality of life? Justify your answer mathematically. 1 Now suppose that, if the subway upkeep is y, then the subway system generates total revenue r (y). The premier’s advisors must decide how much funding f to provide the city. They choose f by maximising profits r (y) − f where they know the value of w = w ahead of time and that y = g( f , w). (If it helps, you can imagine w = 78 . However, please still express all answers in terms of w unless the question says otherwise.) e) (2 points) Describe in words what g( f , w) represents (e.g. in the context of provincial funding, winter length, etc). f) (2 points) Write the first order condition of the maximisation problem faced by the premier’s advisors. Finally, suppose that 3 2 g( f , w) = f 4 − w r (y) = y 3 g) (1 point) Write the first order condition of the maximisation problem faced by the premier’s advisors with these functional forms. h) (1 point) This year, winter is ten and a half months long (!), i.e. w = 78 . Show that optimal provincial funding this year is f = 1. i) (5 points) Suppose the advisors know that, next year, winter will be slightly shorter than it was this year. Will optimal funding next year be higher or lower? Justify your answer mathematically, but do not redo the optimisation problem. Hint: you need to compute a derivative here. j) (2 points) Explain the economic intuition of your previous answer. 2. (16 points) Consider an economy with two sectors: manufacturing (m) and services (s). To produce $1 of manufacturing output, the sector requires $a of manufacturing input and $c dollars of services input. To produce $1 of services output, the sector requires $b units of manufacturing input and $d units of of services input. Assume that 0
The post Chicago State University Economics Mathematics Worksheet first appeared on Assignment writing service.

Testimonials

Great Job

Great job! Those were you, guys, who made my coursework perfect in time according to all my requirements. I will...

Best Service

The book review I asked for is so amazing! Endless thanks to your team for completing my review and for...

No Complaints So far Guys

Yeah …I really like all the discounts that they offer, the prices are very flexible. Plus they have different promotions...

Best

They look cool and trustworthy enough to me. I gather they made discounts as their prices are quite affordable if...

Mh! not bad…

The worst part ever was to find my deadline postponed for 1 hour ! They couldn`t finish the essay within...

Comes through every time

I have used this website for many times, and each time they found perfect writers for me and they produce...

CLICK HERE  To order your paper

About Scholarfront Essay writing service

We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.

How It Works

To make an Order you only need to click on “Order Now” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.

Are there Discounts?

All new clients are eligible for upto 20% off in their first Order. Our payment method is safe and secure.

 CLICK HERE to Order Your Assignment

 

ORDER WITH 15% DISCOUNT

Let your paper be done by an expert

Custom Essay Writing Service

Our custom essay writing service has already gained a positive reputation in this business field. Understandably so, all custom papers produced by our academic writers are individually crafted from scratch and written according to all your instructions and requirements. We offer Havard, APA, MLA, or Chicago style papers in more than 70 disciplines. With our writing service, you can get quality custom essays, as well as a dissertation, a research paper, or term papers for an affordable price. Any paper will be written on time for a cheap price.

Professional Essay writing service

When professional help in completing any kind of homework is all you need, scholarfront.com is the right place to get it. We guarantee you help in all kinds of academia, including essay, coursework, research, or term paper help etc., it is no problem for us. With our cheap essay writing service, you can be sure to get credible academic aid for a reasonable price, as the name of our website suggests. For years, we have been providing online custom writing assistance to students from countries all over the world, including the United States, Canada, the United Kingdom, Australia, Italy, New Zealand, China, and Japan.