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Suppose there are 8 firms located equidistantly around a circle whose circumference is equal to 1. There are 400 consumers distributed uniformly around the circle. Each consumer gets utility U = 3.5 from buying a unit of the good from a firm which sells their ideal brand (a firm located at the consumer’s location). Also, the consumer’s utility decreases by 4 times the distance that the consumer is located from the firm. So a consumer who buys from firm i gets utility given by Ui = 3.5 – 4xi where xi is the distance from the consumer’s location to firm i’s location. The consumer’s surplus from purchasing a unit of the good from firm i is the difference between their utility from purchasing a unit of the good from firm i and the price that firm i charges. So CS = Ui – Pi. Also, the consumer has no alternatives, so the consumer will buy a unit of the good if maximum surplus gained from purchasing from any firm is greater than 0. a) (6 points) Consider a particular firm denoted Firm 2. Let Firm 1 be the firm located on one side of Firm 2, and let Firm 3 be the firm located on the other side of Firm 2. Suppose Firm 1 charges a price P1 = 2, and Firm 3 charges a price P3 = 2. Write a general expression for Firm 2’s demand.
If the George Firm is minimizing costs, its RTS is 1.5, and it pays its workers $30 per hour, how much must it pay for each hour it uses its capital?
Explain why government deficits in more troubled countries, such as Zimbabwe or Iran, tend to produce more inflation than deficits in less-troubled countries, such as Japan or United States.
Explain how, despite being free, public education can actually make a household better off by consuming less education?
Explain each of the four components of GDP. An individual has 10$ million on deposit in a financial institution drawing interest. That individual has no reason to fear inflation or recessions.
Chris spends $300 per year to buy two services, Hair Coloring (HC) and Pedicure (PC). Suppose HC costs $50 per visit and PC costs $30 per visit. Write and Draw his budget constraint. HC PC. Suppose also his utility function is given by the equation U..
In the long run for a monopolistically competitive firm:
Illustrate what does this imply about short-run and long-run Phillips curves in se two types of countries. Illustrate what does this imply about effectiveness of monetary and fiscal policy to reduce unemployment rate.
A chemical company uses large amounts of shredded steel scrap metal in its production processes. Most of this scrap comes from 12-ounce beverage cans. What kinds of information would you need to make such a forecast?
Robert has a passion for making ice cream. Assume that ice cream parlors have a monopolistic competition market structure. Between the local Amy\'s, Cold Stone Creamery, Marble Slab, Ben & Jerry\'s and Baskin Robbins, he has an uphill battle to break..
A bidders' value for a good may be low ($2), medium ($5), or high ($7). There are an equal number of potential bidders having each value. Suppose two bidders show up for an auction at which the good is offered. The possible outcomes of the auction ar..
Should states or federal government be given more responsibility for poverty programs? What are the implications of placing greater responsibility for these programs on the states? Think about the financing of programs, the extent of poverty in diffe..
Your article shows money performing (or failing to perform) at least one of the following functions: (a) medium of exchange, (b) store of value, or (c) standard of value. Which one of those functions does it show? The event may have occurred in the p..
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