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Imagine that there are 1,000 consumers who have preferences consistent with the same quasi-linear utility function (ui[x1; x2] = 10 ln[x1] + 10x2, which impliesMRS = ).(a) Sketch the individual consumer's demand curve for good1.(b) Find an expression for the market demand curve if these1,000 consumers are the only consumers who want good 1.(c) Sketch the market demand curve. Is the market demand curvewell-behaved, i.e. smooth and downward sloping?(d) If supply is given by XS = 500(p-1), what will the marketprice be? How much of good 1 will be sold?(e) What happens in this market when every consumers' income doubles?
Draw a money market diagram and determine the shift of the money supply curve due to an open-market operation; determine if the equilibrium interest rate rises or falls. Also be able to determine what happens to investment spending and consumption..
United Kingdom Supermarkets In October 2000 the competition Commission reported on the supplyof groceries from supermarkets in the United Kingdom. It containedthe following information.
The state has announced its plans to license two firms to serve a market whose demand curve is given by P = 200-Q.The cost function ofall potential firms is C = 20q,and the technology is such that once each firms output is chosen, it cannot be alt..
East Chicago is a major production center of steel in the United States. In the process of producing steel, the firms in this are emit pollution both into the air and into the water which adversely affect Indiana residents. The EPA has determined ..
If the owner earns 5% interest on her investments, determine the equivalent annual cost of owning a car with the following costs (EOY=end of year). Initial down payment=$2200 Annual payments=$5500, EOY1-EOY4
A preliminary report shows the following results for one of the appliances Armonco manufactures. Your company president has told you that the company experiences product returns at the rate of two per month with the number of product returns distr..
Imagine you are a consultant hired to give advice to a fast food restaurant which is faced with employees asking for a 25% increase in pay. In order to give good advice, you need more information. Create three to four (3-4) questions that you woul..
A competitive firm has a production function described as follows. "Weekly output is the square root of the minimum of the number of units of capital and the number of units of labor employed per week." Suppose that in the short run this firm must..
calculate the exact elasticity of demand in the following examples: Then tell if, in each case, demand is elastic, inelastic, or unitary elastic. (a) When the price of a deluxe car wash rises from $10.00 to $11.00, the number of daily customers fa..
Gina was in a garage band when she was in high school, and the only time they could find to practice was on Saturday morning (much to the dismay of her neighbors.) Suppose the band received $49 in internal benefit (i.e., happiness) from practicing..
] A perfectly competitive firm faces a market price of $10 for its output X. It own two plants, A and B whose total costs are TC sub A = 10 + 2X + (.25X)2, TC sub B = 15 + .4X + (.1X)2, How many units should each plant produce to maximize profit at t..
a company uses solid waste for fuel in theproduction of electricity. The cost Y in dollars per hour toproduce electricity is: Y=12 + 0.3X +0.27X2 ,where X is in megawatts.
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