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Suppose there are 10 consumers in the industry. Each has the following demand: p = 10 - q. There are 2 firms who behave competitively. Each has the following cost function: C (q) = q2.
a. Calculate aggregate demand and aggregate supply in the market.
b. Calculate the equilibrium quantity and price, and graph the market equilibrium. Please include the supply curve, the demand curve, the price, and the quantity in the graph.
Tom have only $60, and he want to spend it all on clothing (X) and food (Y), Price of clothing is $4. Find out the optimal values of both goods (Y*,X*) and Utility?
What is the optimal level of production of wine decanters? Verify that this level of output maximizes not minimizes profit
Shelly's preferences for consumption and leisure can be expressed as. This utility function implies that shelly's marginal utility of leisure is C-200 and her marginal utility of consumption is L-80.
Discuss the limitations of this model as an explanation of the effects of government expenditure on GDP.
Discuss, relating in part whether such highways are public goods and whether or not privatization should work.
Draw indifference curves to represent the following types of consumer preferences-I like peanut butter, but neither like nor dislike jelly.
What are the two problems facing the Bank of Canada in trying to control the money supply precisely?
Graph the isoquant that these calculations imply. Explain in very clear and complete terms why the isoquant has the shape that you observe.
Use the following data for a firm's output at various levels of employment to calculate: (a) its marginal physical product of labour (MPPL) schedule.
A monopolist faces the demand curvep =11 - Q , where Q is measured in thousands of units. What is the monopolist profit maximizing price and quantity? What is the profit?
D&Z Dry Foods Distributions specializes in the whole distribution of dry goods, such as rice and dry beans. The firm's manager is concerned about an article he read in the morning's Wall Street Journal
Use diagram to describe how each of the following events affects the equilibrium price and quantity of pizza (draw a separate diagram for each event)
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