Free Tools for Rational Education

Mathematical Economics Practice Problems and Solutions  

G. Stolyarov II
First Edition Published March-April 2008
Second Edition Published July 2014
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Table of Contents


Section

Page

Section 1: Profit Maximization in Mathematical Economics

2

Section 2: The Lagrangian Method of Constrained Optimization

4

Section 3: Intertemporal Allocation of a Depletable Resource: Optimization Using the Kuhn-Tucker Conditions

7

Section 4: Optimization with Inequality Constraints

9

Section 5: The Economics of Fisheries

13

Section 6: Additional Practice Problems Involving the Kuhn-Tucker Conditions

16

Section 7: Additional Problems on the Economics of Fisheries

18

Section 8: The Deacon Model of Forest Economics

20

Section 9: The Second-Order Conditions for Multiple Choice Variables

22

Section 10: Second-Order Conditions: Practice Problems and Solutions

24

Section 11: Expected Utility

26

Section 12: Principal-Agent Problems and Designing Contracts Under Asymmetric Information

31

About Mr. Stolyarov

35


Gennady Stolyarov II (G. Stolyarov II) is an actuary, science-fiction novelist, independent philosophical essayist, poet, amateur mathematician, composer, and Editor-in-Chief of The Rational Argumentator, a magazine championing the principles of reason, rights, and progress. 

In December 2013, Mr. Stolyarov published Death is Wrong, an ambitious children’s book on life extension illustrated by his wife Wendy. Death is Wrong can be found on Amazon in paperback and Kindle formats.

Mr. Stolyarov has contributed articles to the Institute for Ethics and Emerging Technologies (IEET), The Wave Chronicle, Le Quebecois Libre, Brighter Brains Institute, Immortal Life, Enter Stage RightRebirth of Reason, The Liberal Institute, and the Ludwig von Mises Institute. Mr. Stolyarov also published his articles on Associated Content (subsequently the Yahoo! Contributor Network) from 2007 until its closure in 2014, in an effort to assist the spread of rational ideas. He held the highest Clout Level (10) possible on the Yahoo! Contributor Network and was one of its Page View Millionaires, with over 3.1 million views. 

Mr. Stolyarov holds the professional insurance designations of Associate of the Society of Actuaries (ASA), Associate of the Casualty Actuarial Society (ACAS), Member of the American Academy of Actuaries (MAAA), Chartered Property Casualty Underwriter (CPCU), Associate in Reinsurance (ARe), Associate in Regulation and Compliance (ARC), Associate in Personal Insurance (API), Associate in Insurance Services (AIS), Accredited Insurance Examiner (AIE), and Associate in Insurance Accounting and Finance (AIAF).

Mr. Stolyarov has written a science fiction novel, Eden against the Colossus, a philosophical treatise, A Rational Cosmology,  a play, Implied Consent, and a free self-help treatise, The Best Self-Help is Free. You can watch his YouTube Videos. Mr. Stolyarov can be contacted at gennadystolyarovii@gmail.com.

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Learn about Mr. Stolyarov's novel, Eden against the Colossus, here.

Read Mr. Stolyarov's new comprehensive treatise, A Rational Cosmology, explicating such terms as the universe, matter, space, time, sound, light, life, consciousness, and volition, here.

Read Mr. Stolyarov's new four-act play, Implied Consent, a futuristic intellectual drama on the sanctity of human life, here.