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Suppose the quantity of good X demanded by individual 1 is given by X1 = 10 ?? 2PX + 0:01I1 + 0:4PY and the quantity of X demanded by individual 2 is X2 = 5 ?? PX + 0:02I2 + 0:2PYa) What is the market demand function for total X (= X1+X2) as a function of PX; I1; I2; and PY .b) Graph the two individual demand curves (with X on the horizontal axis, PX on the vertical axis) for the case I1 = 1000, I2 = 1000; and PY = 10.c) Using these individual demand curves, construct the market demand curve for total X. What is the algebraic equation for this curve?d) Now suppose I1 increases to 1100 and I2 decreases to 900. How would the market demand curve shift? How would the individual demand curves shift?e) Suppose PY rises to 15. Graph the new individual and market demand curves that would result.
Suppose the following were facts relating years of education to average annual income of individuals. Would you use the inductive or deductive method to derive an economic principle from these facts.
Discuss the types of barriers to entry, and explain whether each type is likely to provide long-term monopoly power. What are the allocative and distributive differences between monopoly and perfect competition? What causes these differences?
The Department of Public Works also Highways (DPWH) is considering the construction of a new highway through a scenic rural area.
It has been estimated that the price elasticity for cigarettes is 0.164. Assuming there are currently no taxes on cigarettes, to reduce cigarette purchases 5%, government would need to tax cigarettes enough t.:
Explain how much additional profit do you earn using a two-part pricing strategy compared with charging this customer a every-unit price.
Considers the choices of Native Americans who decide to stay on their tribe native land or reservation also those who select to relocate to a city.
Net domestic product is usually preferred to GDP by economists because net national product:
illustrate what can you determine about the market for wheat.
Within two weeks sales had fallen. Using your knowledge of game theory, illustrate what do you think disrupted McDonald's plans.
Suppose that consumers decide to consume less (and therefore to save more) for any given amount of disposable income. Specifically, assume that consumer confidence (c0) falls. What will happen to output.
John Livingston is looking into the possibility of buying several coin-operated vending machines also placing them in the local hospitals.
The equations representing demand as well as, inverse demand as well as, supply as well as inverse supply are as follows.
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