diff --git a/pset1/pset1.fdb_latexmk b/pset1/pset1.fdb_latexmk index 9e4e914..e9d3fbf 100644 --- a/pset1/pset1.fdb_latexmk +++ b/pset1/pset1.fdb_latexmk @@ -1,7 +1,7 @@ # Fdb version 4 -["pdflatex"] 1706077097 "/home/rushil/school/econ/pset1/pset1.tex" "pset1.pdf" "pset1" 1706077098 0 +["pdflatex"] 1706155513 "/home/rushil/school/econ/pset1/pset1.tex" "pset1.pdf" "pset1" 1706155514 0 "/etc/texmf/web2c/texmf.cnf" 1693368362 475 c0e671620eb5563b2130f56340a5fde8 "" - "/home/rushil/school/econ/pset1/pset1.tex" 1706077096 17821 9b6b30da0aeefb637154e6ef23b47b8b "" + "/home/rushil/school/econ/pset1/pset1.tex" 1706155513 18480 73f5313ae8caaca9c27f09e26e37b9f3 "" "/usr/share/texlive/texmf-dist/fonts/map/fontname/texfonts.map" 1577235249 3524 cb3e574dea2d1052e39280babc910dc8 "" "/usr/share/texlive/texmf-dist/fonts/tfm/jknappen/ec/tcrm1000.tfm" 1136768653 1536 e07581a4bb3136ece9eeb4c3ffab8233 "" "/usr/share/texlive/texmf-dist/fonts/tfm/public/amsfonts/cmextra/cmex7.tfm" 1246382020 1004 54797486969f23fa377b128694d548df "" @@ -35,6 +35,7 @@ "/usr/share/texlive/texmf-dist/fonts/type1/public/amsfonts/cm/cmbx12.pfb" 1248133631 32080 340ef9bf63678554ee606688e7b5339d "" "/usr/share/texlive/texmf-dist/fonts/type1/public/amsfonts/cm/cmbx9.pfb" 1248133631 32298 c6d25bb16d1eac01ebdc6d7084126a1e "" "/usr/share/texlive/texmf-dist/fonts/type1/public/amsfonts/cm/cmmi10.pfb" 1248133631 36299 5f9df58c2139e7edcf37c8fca4bd384d "" + "/usr/share/texlive/texmf-dist/fonts/type1/public/amsfonts/cm/cmmi5.pfb" 1248133631 37912 77d683123f92148345f3fc36a38d9ab1 "" "/usr/share/texlive/texmf-dist/fonts/type1/public/amsfonts/cm/cmmi7.pfb" 1248133631 36281 c355509802a035cadc5f15869451dcee "" "/usr/share/texlive/texmf-dist/fonts/type1/public/amsfonts/cm/cmr10.pfb" 1248133631 35752 024fb6c41858982481f6968b5fc26508 "" "/usr/share/texlive/texmf-dist/fonts/type1/public/amsfonts/cm/cmr7.pfb" 1248133631 32762 224316ccc9ad3ca0423a14971cfa7fc1 "" @@ -224,9 +225,9 @@ "/usr/share/texmf/web2c/texmf.cnf" 1681034085 39561 34c98e380bf7c7201ee6a7909aff625a "" "/var/lib/texmf/fonts/map/pdftex/updmap/pdftex.map" 1693368379 4623455 fa0568a71dd9a288d6c226ee477506c6 "" "/var/lib/texmf/web2c/pdftex/pdflatex.fmt" 1693368408 7880218 5644a8bb2704ddc1060e0c139ce5389a "" - "pset1.aux" 1706077098 1020 ab85b7c3ef7d212ddd287c92ac8e854d "pdflatex" - "pset1.out" 1706077098 485 09e40ec13ebf2ca79a15fce5881ec372 "pdflatex" - "pset1.tex" 1706077096 17821 9b6b30da0aeefb637154e6ef23b47b8b "" + "pset1.aux" 1706155514 1020 ab85b7c3ef7d212ddd287c92ac8e854d "pdflatex" + "pset1.out" 1706155514 485 09e40ec13ebf2ca79a15fce5881ec372 "pdflatex" + "pset1.tex" 1706155513 18480 73f5313ae8caaca9c27f09e26e37b9f3 "" (generated) "pset1.aux" "pset1.log" diff --git a/pset1/pset1.fls b/pset1/pset1.fls index 5af5db1..13eecbf 100644 --- a/pset1/pset1.fls +++ b/pset1/pset1.fls @@ -1002,6 +1002,7 @@ INPUT /usr/share/texlive/texmf-dist/fonts/type1/public/amsfonts/cm/cmbx10.pfb INPUT /usr/share/texlive/texmf-dist/fonts/type1/public/amsfonts/cm/cmbx12.pfb INPUT /usr/share/texlive/texmf-dist/fonts/type1/public/amsfonts/cm/cmbx9.pfb INPUT /usr/share/texlive/texmf-dist/fonts/type1/public/amsfonts/cm/cmmi10.pfb +INPUT /usr/share/texlive/texmf-dist/fonts/type1/public/amsfonts/cm/cmmi5.pfb INPUT /usr/share/texlive/texmf-dist/fonts/type1/public/amsfonts/cm/cmmi7.pfb INPUT /usr/share/texlive/texmf-dist/fonts/type1/public/amsfonts/cm/cmr10.pfb INPUT /usr/share/texlive/texmf-dist/fonts/type1/public/amsfonts/cm/cmr7.pfb diff --git a/pset1/pset1.log b/pset1/pset1.log index d829ab5..78cc2d3 100644 --- a/pset1/pset1.log +++ b/pset1/pset1.log @@ -1,4 +1,4 @@ -This is pdfTeX, Version 3.141592653-2.6-1.40.24 (TeX Live 2022/Debian) (preloaded format=pdflatex 2023.8.30) 24 JAN 2024 01:18 +This is pdfTeX, Version 3.141592653-2.6-1.40.24 (TeX Live 2022/Debian) (preloaded format=pdflatex 2023.8.30) 24 JAN 2024 23:05 entering extended mode restricted \write18 enabled. file:line:error style messages enabled. @@ -647,7 +647,7 @@ File: umsb.fd 2013/01/14 v3.01 AMS symbols B ) [1 {/var/lib/texmf/fonts/map/pdftex/updmap/pdftex.map}] [2] [3] [4] -Underfull \hbox (badness 10000) in paragraph at lines 283--285 +Underfull \hbox (badness 10000) in paragraph at lines 287--289 [] @@ -656,18 +656,18 @@ Package rerunfilecheck Info: File `pset1.out' has not changed. (rerunfilecheck) Checksum: 09E40EC13EBF2CA79A15FCE5881EC372;485. ) Here is how much of TeX's memory you used: - 32990 strings out of 476091 - 779713 string characters out of 5794081 + 33008 strings out of 476091 + 780050 string characters out of 5794081 1875330 words of memory out of 5000000 - 52816 multiletter control sequences out of 15000+600000 + 52834 multiletter control sequences out of 15000+600000 522613 words of font info for 71 fonts, out of 8000000 for 9000 1141 hyphenation exceptions out of 8191 - 102i,17n,104p,732b,2315s stack positions out of 10000i,1000n,20000p,200000b,200000s -{/usr/share/texmf/fonts/enc/dvips/cm-super/cm-super-ts1.enc} -Output written on pset1.pdf (10 pages, 190146 bytes). + 102i,17n,104p,732b,2317s stack positions out of 10000i,1000n,20000p,200000b,200000s +{/usr/share/texmf/fonts/enc/dvips/cm-super/cm-super-ts1.enc} +Output written on pset1.pdf (10 pages, 199767 bytes). PDF statistics: - 174 PDF objects out of 1000 (max. 8388607) - 132 compressed objects within 2 object streams + 179 PDF objects out of 1000 (max. 8388607) + 135 compressed objects within 2 object streams 36 named destinations out of 1000 (max. 500000) 53 words of extra memory for PDF output out of 10000 (max. 10000000) diff --git a/pset1/pset1.pdf b/pset1/pset1.pdf index 77ab284..847fc57 100644 Binary files a/pset1/pset1.pdf and b/pset1/pset1.pdf differ diff --git a/pset1/pset1.synctex.gz b/pset1/pset1.synctex.gz index cb2e21a..ce55093 100644 Binary files a/pset1/pset1.synctex.gz and b/pset1/pset1.synctex.gz differ diff --git a/pset1/pset1.tex b/pset1/pset1.tex index 40aee32..5a44bba 100644 --- a/pset1/pset1.tex +++ b/pset1/pset1.tex @@ -163,6 +163,8 @@ We apply the cost-benefit principle every day. As students, the choice to attend \item Explain the cost-benefit principle in a sentence or two. Incorporating the numbers you found above, then explain your decision to attend UNC this year using the cost-benefit principle. + The cost-benefit principle states that an individual should take an action if and only if the benefit of taking that action is greater than the cost of taking that action. + For me, the average starting salary for a computer science major is ~\$80,000. After working for two years leaving college my benefit would outweigh the cost of attending UNC. I also enjoy the social aspect of college and the opportunity to learn new things. \end{enumerate} @@ -187,18 +189,6 @@ an hour, or walk 1 dog in an hour. Jasmine can cook a meal for 2 person in an hour, or walk 3 dogs in an hour. They each have 4 hours available to use to cook meals or walk dogs. -\begin{center} - \begin{tabular}{ |c|c|c| } - \hline - Opportunity Cost & Meals Cooked & Dogs Walked \\ - \hline - Tanner & \(\frac{1}{6}\) dog & 6 meals \\ - \hline - Jasmine & \(\frac{3}{2}\) dog & \(\frac{2}{3}\) meal \\ - \hline - \end{tabular} -\end{center} - \begin{enumerate}[(a)] \item Draw a production possibilities frontier showing Tanner's capacity to cook meals or walk dogs, then add another PPF showing Jasmine's ability to cook meals or walk dogs. @@ -207,19 +197,19 @@ available to use to cook meals or walk dogs. title={Production Possibilities Frontier}, xlabel={Number of Meals Cooked}, ylabel={Number of Dogs Walked}, - xmin=0, xmax=7, - ymin=0, ymax=4, + xmin=0, xmax=28, + ymin=0, ymax=16, axis lines=left, grid=both, legend pos=outer north east, ] % Tanner's PPF - \addplot[domain=0:6, color=blue, thick] {-x/6 + 1}; + \addplot[domain=0:24, color=blue, thick] {4-1/6*x}; \addlegendentry{Tanner} % Jasmine's PPF - \addplot[domain=0:2, color=red, thick] {-3*x/2 + 3}; + \addplot[domain=0:24, color=red, thick] {12-3/2*x}; \addlegendentry{Jasmine} \end{axis} @@ -269,6 +259,20 @@ PPF has the comparative advantage in walking dogs? Explain both answers. + +\begin{center} + \begin{tabular}{ |c|c|c| } + \hline + Opportunity Cost & Meals Cooked & Dogs Walked \\ + \hline + Tanner & \(\frac{1}{6}\) dog & 6 meals \\ + \hline + Jasmine & \(\frac{3}{2}\) dog & \(\frac{2}{3}\) meal \\ + \hline + \end{tabular} +\end{center} + + Tanner has the comparative advantage in cooking meals because he can cook 6 meals in an hour while Jasmine can only cook 2 meals in an hour. Jasmine has the comparative advantage in walking dogs because she can walk 3 dogs in an hour while Tanner can only walk 1 dog in an hour. \item Tanner and Jasmine decide to specialize in producing one thing, @@ -356,13 +360,13 @@ how supply or demand will shift. legend pos=outer north east, ] - \addplot[domain=0:10, color=blue, thick] {-2*x + 12}; + \addplot[domain=0:10, color=blue, thick] {2*x}; \addlegendentry{Old Supply} - \addplot[domain=0:10, color=red, thick] {-2*x + 8}; + \addplot[domain=0:10, color=red, thick] {2*x + 2}; \addlegendentry{New Supply} - \addplot[mark=*] coordinates {(3.5,5)}; + \addplot[mark=*] coordinates {(2.5,5)}; \addplot[mark=*] coordinates {(1.5,5)}; \end{axis} @@ -401,12 +405,12 @@ how supply or demand will shift. \pagebreak \item The price of the textbook rises. - Since this situation affects the price of the good, there won't be a shift in either demand or supply curves, but a movement up the demand curve (decrease in quantity demanded). + Since this situation affects the price of the good, there won't be a shift in either demand or supply curves, but a movement up the demand curve (decrease in quantity demanded) and a movement up the supply curve (decrease in quantity supplied). \begin{tikzpicture} \begin{axis}[ - title={Demand Curve}, - xlabel={Quantity Demanded}, + title={Market Curve}, + xlabel={Quantity}, ylabel={Price}, yticklabel=\empty, xticklabel=\empty, @@ -418,12 +422,19 @@ how supply or demand will shift. ] \addplot[mark=*] coordinates {(5,5)}; - \addlegendentry{Old Demand} + \addlegendentry{Old Equilibrium} \addplot[mark=*, color=red] coordinates {(3,7)}; \addlegendentry{New Demand} + \addplot[mark=*, color=orange] coordinates {(7,7)}; + \addlegendentry{New Supply} + \addplot[domain=0:10, color=blue, thick] {-x+10}; + \addlegendentry{Demand} + + \addplot[domain=0:10, color=purple, thick] {x}; + \addlegendentry{Supply} \end{axis} \end{tikzpicture} @@ -462,6 +473,8 @@ how supply or demand will shift. \end{enumerate} \question{5} +Consider the daily market for a cup of coffee in Chapel Hill. Market demand for coffee is given by the equation \(P = 80 -\frac{1}{2}Q_d\), and market supply of coffee is given by \(P = \frac{Q_s}{38}\). + \begin{enumerate}[(a)] \item If the price of coffee is \$0, how many cups would buyers want to consume? How many cups would sellers want to sell?