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Suppose a consumer's preference are represented by the utility function
U(X, Y) = MIN (2X, Y)
Also, suppose the consumer has $180 to spend (M = $180), PY = 1, and that they spend all of their money on goods X and Y. Also, assume the consumer maximizes their utility subject to their budget constraint. Complete the following table:
PX
Quantity Demanded of X
$1
$2
$3
A monopolist faces the demand curve Q = 60-P/2. The cost function is C=Q2. Find the output that maximises this monopolist’s profits. What are the prices at profits and that output? Find the elasticity of demand at the profit maximising output.
In which direction would the price of gasoline increases because of a catastrophic oil spill changes in conditions cause the aggregate supply curve to shift?
1. the relationship between variable x and variable y can be stated as y 5 2x. a graph of this relationship has a
Microeconomic environment of corporate operations - Regulatory issues that impact the companys decisions
It is mentioned that Whirlpool provides three different types of appliances that vary in the amount of features that are offered. Discuss the product differentiation across these types. How could this affect production costs negatively? Positively? W..
Discuss the economic effects of monopoly
because industry x is characterized by perfect competition every firm is earning zero economic profit. if the product
What are the potential benefits and pitfalls of a Fixed Price and a Cost Incentive Price contract to the client and to the contractor with respect to the risk impact that each assumes with both types of contracts?
Should food and beverage advertising to children be banned? What about for other types of products as well? Is it unethical for food companies to target their ads towards children? In a period when most parents are working, how are children to be pro..
Write a Book review about Sowell, T. (2009). Applied Economics. New York: Basic Books. Spend approximately one third of the paper summarizing the book.
Suppose that Expresso and Beantown are the only two firms that sell coffee. The following payoff matrix shows the profit (in millions of dollars) each company will earn depending on whether or not it advertises:
Let the demand curve for a good be given by P=60-Q. Also, suppose that the marginal and average cost of producing the good is MC=AC=20. For this demand curve, MR=60-2Q. Find the competitive and monopoly quantities and price.
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