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Carl has a utility function U(x, y) = 2xy + 1. Maximize his utility subject to the budget constraint and derive his demand functions for x and y.
Using supply and demand and competitive analyses, explain what happens to a pharmaceutical company's revenues and profits from an individual drug once it loses its patent protection.
Consider a Cournot duopoly with the inverse demand p = 130 ? Q. Both firms have constant marginal and average cost MC = AC = 10. Find the Cournot-Nash equilibrium output and profit of each firm. Calculate the consumer surplus and DWL.
Describe in your own words the categories of Web-enabled customer service as discussed in the assigned readings of the text. What makes the most sense for a business like yours (if you are currently employed)?
Which of the following is not a necessary precondition for economic growth?
Suppose that product prices start rising but nominal wages do not. In that case,
If you were the angel investor, what is your certainty equivalent for these two projects? Are you risk averse, risk-neutral, or risk-lover.
Illustrate what is the 95% confidence interval estimate of the population mean examination score if a sample of 200 applications provided a sample mean of Xbar=935
A firm sells its product in a perfectly competitive market where other firms charge a price of $130 per unit. The firm’s total costs are C(Q) = 40 + 10Q + 2Q2. How much output should the firm produce in the short run...How many units?What price shoul..
A major defense supplier expects to generate additional revenue from its recently won government contract. The company expects the revenue will be $110 million in the first year and the revenue increasing by $2.5 million each year for the next 4 year..
Suppose the actual RGDP for the US economy in Y2003 and in Y2004 are respectively $10,580.7 billion and $10, 994.3 billion. Estimate the growth rate of RGDP in percentage terms between these two years. (Hint Growth rate = (Yt- Yt-1)/Yt-1 *100).
Illustrate what are some examples of goods which the U.S. has comparative advantage in producing.
This discussion will require some thought. Reread the section on Nash Equilibrium. In all of the market structures except oligopoly, firms identified the level of output at which MR = MC, produced that level of output, and charged a price dictated by..
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