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ECON 220 Week 1

ECON 220 Week 1. Introductions Name Where you’re from Why are you interested in Economics Or Something interesting about yourself

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Page 1: ECON 220 Week 1. Introductions Name Where you’re from Why are you interested in Economics Or Something interesting about yourself

ECON 220Week 1

Page 2: ECON 220 Week 1. Introductions Name Where you’re from Why are you interested in Economics Or Something interesting about yourself

Introductions

• Name• Where you’re from• Why are you interested in Economics• Or• Something interesting about yourself.

Page 3: ECON 220 Week 1. Introductions Name Where you’re from Why are you interested in Economics Or Something interesting about yourself

Administrative things

• Moodle page: Get your coursepaper, tutorial worksheets and solutions, and lecture slides.

• Textbook: Varian, Intermediate Microeconomics• Office hours: Tuesdays 11-11:50, Old Eng. Bldg. C41• Email: [email protected]• My website:

www.lancaster.ac.uk/pg/alia10/econ220.html

Page 4: ECON 220 Week 1. Introductions Name Where you’re from Why are you interested in Economics Or Something interesting about yourself

My Expectations

• Read the textbook and keep up with the readings for each week.

• Attend the lectures and take notes.• Attempt every question on the weekly

worksheets. • Bring completed work, any questions that you had

to tutorials.• Participate in tutorials: discussions, group work,

individual work at the board.

Page 5: ECON 220 Week 1. Introductions Name Where you’re from Why are you interested in Economics Or Something interesting about yourself

What we’ll do in Tutorials

• Discuss answers to some worksheet questions.• Work through some worksheet problems. • Note: We will not be able to work through all

problems in the tutorial – it’s up to you to do that on your own.

• Solutions will be provided by lecturers for all problems, so you can check your answers.

• Email me if you have difficulty with any particular problems.

Page 6: ECON 220 Week 1. Introductions Name Where you’re from Why are you interested in Economics Or Something interesting about yourself

In-Class Activity• Split up into two (or three) teams.• Each team will have a set of problems to do on

the board. • Each team member do one problem.• Teams can decide who goes first, problems can be

done in any order.• Teammates can ask their team members for help

if they need it. • Whichever team gets the most correct answers

first wins.

Page 7: ECON 220 Week 1. Introductions Name Where you’re from Why are you interested in Economics Or Something interesting about yourself

Activity – Solve for dy/dxTeam 1 Team 21. 𝑦=𝑥3−4 𝑥5+10 1. 𝑦=𝑥4+5 𝑥6+15

2. 𝑦=𝑥1 /2−𝑥−1/2+𝑥2.

3. 𝑦=2(3 𝑥2)1 /2+𝑥1/2 3. 𝑦=3(2𝑥2)1 /2−𝑥−1 /4

4. 𝑦=𝑥−1 /2+(𝑥𝑧)1/2 4. 𝑦=𝑥3 /4−(𝑥 𝑧 2)1 /2

5. 5.

6 . 𝑦=𝑥2−7 𝑥4+246 . 𝑦=𝑥−7 /8+𝑥−3 /4+2 𝑥

7 . 𝑦=2 𝑥1 /2+(𝑥2 𝑧 4)1/27 . 𝑦=4(5 𝑥2)1 /2+3𝑥2

8. 8. 𝑦=𝑥− 1/2+(𝑥3 𝑧6)1 /3

Page 8: ECON 220 Week 1. Introductions Name Where you’re from Why are you interested in Economics Or Something interesting about yourself

Solutions (Team 1 problems)1. 𝑦=𝑥3−4 𝑥5+10

2. 𝑦=𝑥1 /2−𝑥−1/2+𝑥

3. 𝑦=2(3 𝑥2)1 /2+𝑥1/2

4. 𝑦=𝑥−1 /2+(𝑥𝑧)1/2

5.

6 . 𝑦=𝑥−7 /8+𝑥−3 /4+2 𝑥

7 . 𝑦=4(5 𝑥2)1 /2+3𝑥2

8.

𝑑𝑦𝑑𝑥

=3 𝑥2−20 𝑥4

𝑑𝑦𝑑𝑥

=2√3+ 12𝑥− 1/2

𝑑𝑦𝑑𝑥

=16(𝑥12−𝑥

34 )3(1

2𝑥−12−34𝑥−14 )

𝑑𝑦𝑑𝑥

=4 √5+6 𝑥

𝑑𝑦𝑑𝑥

=6 (𝑥 −13 +𝑥2)3

(− 13 𝑥−43+2𝑥 )+2𝑥

Page 9: ECON 220 Week 1. Introductions Name Where you’re from Why are you interested in Economics Or Something interesting about yourself

Solutions (Team 2 problems)1. 𝑦=𝑥4+5 𝑥6+15

2.

3. 𝑦=3(2𝑥2)1 /2−𝑥−1 /4

4. 𝑦=𝑥3 /4−(𝑥 𝑧 2)1 /2

5.

6 . 𝑦=𝑥2−7 𝑥4+24

7 . 𝑦=2 𝑥1 /2+(𝑥2 𝑧 4)1/2

8. 𝑦=𝑥− 1/2+(𝑥3 𝑧6)1 /3

𝑑𝑦𝑑𝑥

=4 𝑥3+30 𝑥5

𝑑𝑦𝑑𝑥

=34𝑥− 1/4

−12𝑧 𝑥

− 12

𝑑𝑦𝑑𝑥

=6(𝑥− 12+𝑥2)(− 1

2𝑥¿¿−3 /2+2𝑥 )+1¿

𝑑𝑦𝑑𝑥

=2𝑥−28 𝑥3

𝑑𝑦𝑑𝑥

=𝑥−1 /2+𝑧 2

Page 10: ECON 220 Week 1. Introductions Name Where you’re from Why are you interested in Economics Or Something interesting about yourself

What can you do this week?

• Get the book and start reading for next week!• Brush up on your calculus.• Download the Week 2 worksheet and start

working on it – ask questions in the lecture if you get stuck.– Note: the week 2 worksheet is constrained

optimization and unconstrained optimization.