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A price searcher faces a demand that is given by P = 100/Q.
a. What does the Marginal Revenue curve look like (graph it).
b. What is the value of elasticity of demand at quantities Q = 10; Q = 50; Q = 100? Can you make a general statement about the value of elasticity of demand? (If so, do so; if not, explain why you cannot.)
c. If there are fixed costs of production, can you determine the wealth maximizing output? (for example, if the Total Cost function is given by TC = 10 + Q, what is the wealth maximizing output?)
d. Are there any “common sense” issues with your answer to part (c)?
suppose the indifference curves for a consumer are positively sloping. What can be inferred about their preferences? Make sure you label your axes and show the direction of higher indifference curves. can consumer surplus be negative? If yes, describ..
The best answers eliminate the puzzle concisely. Explain the short-run effects of eliminating rent control on apartments. In a competitive industry, with competitive supplies of labor and capital goods which have only normal gains, which factor obtai..
Consider a market characterized by the following inverse demand and supply functions: PX = 10 - 2QX and PX = 2 + 2QX? Compute the loss in social welfare when an $8 per unit price floor is imposed on the market.
Country described by the one-country model in section Suppose that the country temporarily raises its levels of γA. Draw graphs showing how the time paths
Suppose that? currently, the economy is overutilizing its resources is overutilizing its resources. Which of the following correctly describes what type of monetary policy the Fed might choose and how the policy would change the? economy?
In which of the following situations would the Fed conduct contractionary monetary policy?
Which of the following are reasons that the aggregate demand curve slopes downward? Check all that apply.
A local automotive parts factory produced 100 parts. The total variable cost of production was $400 and the average total cost of production was $9. what is the total cost? what is the total fixed cost? what is the average fixed cost?
Explain how that the balance sheet balances if these are the only assets and liabilities.
Suppose that you have a von Neumann-Morgenstern utility function given by. Over what range of wealth is this function potentially appropriate to analyze your financial choices under risk? What is your Arrow-Pratt measure of risk attitude?
1) Alapplications fall into two broad categories virtual reality and medical diagnosis 2) Neural networks are patterned after computer networks, with one computer connected to another
first-time homebuyers creditin 2009 as well as 2010 the us government instituted a program where all first-time
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