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Sage has $80 to spend this month on CDs and/or DVDs. A CD costs $10 and a DVD costs $20.
a) Draw Sage’s budget constraint (or budget line), with the number of CDs purchased on the vertical axis.
b) What is the opportunity cost of the second DVD?
c) Indicate on your graph the combination point showing Jane consuming 8 CDs and 4 DVDs (label it A). What can you say about this particular point?
d) List three changes that would allow Jane to consume both 6 CDs and 2 DVDs. Show the effect of each on her budget constraint on your graph.
State whether the following characteristics represent monopolistic competition, oligopoly, or both.
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Graphically show and verbally argue that a Walrasian equiblirium in an economy is Pareto efficient as long as preferences are locally non-satiated. How about convexity? ?s it important for this theorem to hold ?
By using calculus show that the production function exhibits diminishing returns to labor.
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The payoff to a company that enters is its gross profit minus its entry cost, while the payoff to a company that does not enter is 60. Find a symmetric Nash equilibrium in mixed strategies.
This question is related to this question about the Machina paradox and about the expected utility model. In this question, I'd like to know a little more about various or even competing ways of specifying utility and decision making. It'd be nice if..
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In a natural monopoly, the average cost:
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