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A consumer has quasilinear preferences over a single good and money, with demand function x(p) = max{15 - p/2, 0} for the good.
1) How much money would the consumer be willing to pay to gain access to a market for the good with uniform price $10 per unit?
2) How much does consumer surplus change if the price of the good rises from $10 to $14?
3) A monopolist controls the (uniform) price p of the good in the market, and can also charge a tariff T to enter the market. Suppose all consumers in the market have the same preferences as the consumer considered above. What combination of p and T maximizes the monopolist's profits?
The equation for the original demand curve is Q=50-6.25P. Find the new demand equation when demand increases by 20% (Round to one decimal place). Q=___ - ___P. Find the new equilibrium price and quantity after demand increases 20%. P= ___ Q=___
The generalized demand and supply functions for good X are Qxd = 100 – 2PX + 0.01M + 8 PY - 4Pz Qxs = 50 + 3PX – 6PI + PT Where Qxd = quantity demanded of good X Px = price of good X M = consumer income PY = price of good Y Pz= price of good Z Qxs = ..
Use EViews to get the correct critical t values for constructing the interval.
Offer one good or service that you think would be considered highly price elastic ,one that you think is highly inelastic and Elucidate why.
James has a utility function given by , where is the amount of product 1 consumed per period and is the amount of product 2 consumed per period. Derive James’ Marshallian demand functions for and , expressed as functions of the prices of goods 1 and ..
Why might a corporation prefer to obtain financing through bonds instead of stocks In contrast, why might a corporation prefer to obtain financing through stocks instead of bonds
A bright OU student plans to win first prize in the Ohio University Scripps Innovation Challenge that began Jan 17 and ends March 13. He will invest his $10,000 winnings in a friend’s 5-year-old startup company and expects to gain 10% interest per ye..
You win the lottery and are promised by the Lottery Commission $12,000 a year for 6 years, starting next year. Assume the interest rate is 9%. What is the present value of this prize?
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Soundscape Enterprises manufactures Sonoblast, a device that produces a high-pitched reminder to telemarketers that they have once again disturbed you just when you were sitting 1⁄2 down to dinner. The production function for Sonoblasts is given by t..
What are some of the main advantages and disadvantages of the extensive financial and commercial networks linking nations today?
Suppose a profit maximizing monopolist is able to engage in perfect price discrimination and faces a demand curve for its products given Q=20-.5P. This monopolist has a cost function of TC = 24 + 4Q. How much will monopolists profits be?
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