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Suppose an individual's utility function over consumption of X and Y is given by
U(x,y) =(x ? 10)^(1/3)y^(2/3)
where x and y are respective amounts of goods X and Y consumed. We interpret 10 as the minimum level of X such that the individual is alive
and well. Let px be the price of good X and py be the price of good Y. Assume the income of this individual is strictly larger than 10px
Derive the demand for good X and the demand for good Y as functions of the two prices and income.
Discuss why a monopolist should lower its quantity relative to the perfectly competitive market to maximize profits. Make sure to elaborate employ examples.
The Interior Department recently announced that it will increase the entrance fees at Yellowstone National Park in order to increase park revenues. The Interior Department must believe that
Explain why Monopolistically Competitive firms charge different prices for their products and Oligopolies tend to all charge the same price. Explain why all businesses do not Price Discriminate.
Explain the impacts of an expansionary fiscal policy such as a tax cut on the levels GDP, Consumption, Investment, interest rate and unemployment and price.
A firm with market power produces widgets at marginal cost of $10 per unit and zero fixed costs. It faces demand function given by P = 50 - Q. Find out the marginal revenue for the firm?
Governments have sometimes not remembered about elasticity when they formulate tax rule. A few years before the city fathers in Washington DC wanted to raise revenues so they raised gas tax by ten cents a gallon.
Where x is measured on the horizontal axis and y is on the vertical axis. How would you figure out what the indifference curve consists of?
When a firm focuses on increasing profitability by customizing the firm's good or services so that they provide a good match to tastes in different national markets, it is pursuing A Localization strategy.
Determine whether the firm is operating efficiently, given that its objective is to minimize the cost of producing the given level of output. Determine what changes (if any) in the relative proportions of labor and raw materials need to be made to..
What is the difference between a publicly held company and a privately held company? How can the two types of companies be identified?
Consider now that the entrant, if fought, has the possibility of withdrawin from the industry (at a loss of 1 for the entrant and a gain of 8 for the incumbent), or staying (at a loss of 5 for each player).
Determine what are the impacts of innovation and technology on the cost of production and explain how does technology affect market structure and real world competition?
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