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Determine whether each statement below is TRUE or FALSE and explain your reasoning
1. An agent has preferences over two goods X1 and X2 Suppose preferences are complete, transitive and continuous. Suppose they are also monotone and strictly concave. That is, the MRS is strictly increasing in X1 along the indifference curve. The agent has income m and faces positive prices P1 and P2 The agent will choose to consume both goods.
2. A firm has two variable factors and a production function f(X1 X2)=( 2X1+4X2)^1/2. The technical rate of substitution between X1 and X2 is constant.
what is the payoff in the first period for Firm 2 if. instead of cooperating, it maximizes its single period profits? Will Firm 2 choose to cooperate in the repeated Cournot
Suppose there are n identical firms in a market. Each firm’s cost function is given by C = 25 + q2, where q is the amount that an individual firm produces. How much output wil
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Some people claim that the "economic way of thinking" does not apply to issues such as health care. Elucidate how economics does apply to this issue by developing a "model"
A. What strategies can you use to ensure ease of reading in your emails and other digital communications? B. What strategies can you use to show respect for the time of others
You expect your cost for steel to increase 3% next year, then 5% the year after that, and finally 6% three years out. Compute the average inflation rate for your steel purchas
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