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A consumer is willing to trade 3 units of x for 1 unit of y when she has a bundle (x, y) = (6, 5). She is also willing to trade 6 units of x for 2 units of y when she has (12, 3) bundle. She is indifferent between those two bundles. What is the shape of her utility function?
Compute the profit-maximizing output for the price leader. Illustrate what the market price is given the price leader's output in (c). Elucidate how much does each competitive firm produce.
Utilize these values at this point on demand to make the subsequent computations.
Sometimes self-interested behaviour in markets do not contribute to broader social objectives Example: Should I burn my leaves or haul m into woods.
Suppose a competitive rm produces spaghetti dinners. The market price of a spaghetti dinner is $20. The cost of making the dinners is given by C (Q ) = 10Q + (Q 2/160). The marginal cost is given by MC = 10 + (Q/80).
The New York Times cost $0.15 in 1970 and $2.00 in 2011. The average wage in manufacturing was $3.36 per hour in 1970 and $23.09 in 2011. by what percentage did the price of the newspaper rise? by what percentage did the wage rise?
First degree price and third degree price discrimination work to increase a firm's profits by more accurately matching willingness to pay to the marginal costs of production. First-degree price discrimination works to increase a firm's profits by con..
Compute the point elasticity of demand at this TR-maximizing price also quantity. Does the elasticity have the expected value.
Explain how you think these trends have affected our overall economic well-being (think unemployment, wage rates, etc.) in recent years.
Increasing returns to scale in production means. The demand curve facing a price-making firm is. In the long run all production inputs are variable. Decreasing returns to scale prevail when output increases by a proportion that is smaller than the pr..
Two persons, Abigail and Noah, each allocate their time between market work and housework. Abigail earns $12 per hour in the labor market, and can produce $18 worth of goods and services per hour at home. Draw their separate production possibilities ..
q.mccullough has a monopoly on rental dwellings in the local community. the demand for rental dwellings is p 1400 -
What is the independent variable? What is the dependent variable? What is the intercept? What is the slope? Which equation represents demand side? Which equation represents supply side? What are endogenous variables in this model? What are exogenous ..
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