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Final Review

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9 views2 pages

Final Review

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tw3066
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© © All Rights Reserved
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Math for Economics (Fall 2022)

Final Review Problems

1. Find the derivative of the following functions.

(a) g1 (x) = e3ln(2x+1)


(b) g2 (x) = x x
(c) g3 (x) = x ln(x)

1 1 x2
2. Show that if f (x) = 1/(x + ), then f 0 (x) =
x (1 + x 2 )2
3. Find the directional derivative of f (x, y) = x 3 y at v = (1, 2) for a general (x, y) 2 R2++ .

4. Show that if f : Rn ! R is quasiconcave, then G(x) = F [ f (x)] is also quasiconcave if F : R ! R is increasing, but
G is quasiconvex if F is decreasing.

5. Find the critical points of f (x, y) = ( y x 2 )2 + (4 x 2 )2 and determine whether or not each critical point is a local
maximum, local minimum, or neither.

6. Show that the following problem always has a unique interior solution for any positive real numbers ↵, > 0.

max (x 1/2 + y 1/2 )2


x, y 0

subject to ↵x + y  100

7. Consider the constrained optimization problem max f (x, y) = (x 2)2 y subject to x + y  4 and x, y 0.
x, y

(a) Graph the feasible set and the level curve f (x, y) = 4.
(b) Solve the problem using the Kuhn-Tucker conditions.

8. Solve the following leisure-consumption problem, where c represents consumption with unit price p, l represents
leisure that can be substituted for labor at wages w, T represents the total amount of time allocated between labor
and leisure, and I represents an outside income.

max u(x, y) = c ↵ ⇥ l 1 ↵
s.t. pc  w(T l) + I, l  T, and c, l 0

9. Compute the following integrals


R10 1
(a) dx
e x ln(x)
R2
(b) f (x)dx where f (x) = 1 + x 2 for x  0, and f (x) = 1 x 2 for x 0.
2
R
1
3x
(c) e dx
0

10. Solve the following maximization problem for some a, b > 0.

max ax + b y s.t. x 2 + y  10, x, y 0


x, y

11. Suppose two six-sided fair dice are rolled.


X三
(a) Describe the sample space for this experiment and the associated probability space.
P
(b) Define the random variable X to be the minimum value of the two dice. Write out the probability mass
function of X .
(c) Define the random variable Y to be the maximum value of the two dice. Write out the joint probability mass
function P(X = x, Y = y).

1
12. The Dirac measure for a given x 2 X specifies µ x (A) = 1 if x 2 A and µ x (A) = 0 otherwise. Prove that this is a
measure for any x 2 X . Discuss how the Dirac measures are in fact probability measures.

13. Let X = {a, b, c, d}. Construct a -algebra that is strictly larger than {;, X } but strictly smaller than 2X .

14. Suppose two six-sided fair dice are rolled.

(a) Describe the sample space for this experiment and the associated probability space.
(b) Define the random variable X to be the minimum value of the two dice. Write out the probability mass
function of X .
(c) Define the random variable Y to be the maximum value of the two dice. Write out the joint probability mass
function P(X = x, Y = y).

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