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Now the following demand function for good 1 : q1= 20-2p1+4Y
(a) Initially the equilibrium price is $=2 and income is $10. What is the total consumer surplus at equilibrium point? What if the demand function is q1=p1^-2Y
(b) If the government imposes consumption tax on the good that raised prices by $1, by how much will the consumer's surplus change?
(c) Show the relationship between EV, CV, and consumer surplus using compensated and uncompensated demand curves.
(d) If you your income is $ 1million,you spend $100 on good 1, and income elasticity was 0.02, does it matter whether you use EV, CV, or consumer surplus to measure the change in consumer welfare in (b).
When appropriate, the optimal solution to a maximization linear programming problem can be found by graphing the feasible region and: finding the profit at every corner point of the feasible region to see which one gives the highest value.
A firm sells specialized electronic computers. Each of the computers has a unique chip produced at a California plant at cost of Cw(Qc)=Q^2 c
Your report should be approximately two pages in length, you should use diagrams wherever appropriate and clearly state any assumptions underpinning your analysis.
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In 2005, APEX received a tax credit for production of its solar panels through the US Department of Energy's Energy Efficiency and Renewable Energy procurement plan.
It is supposed that the liquid soap market is perfectly competitive and current price of a case of liquid soap is $42.00. The firm has estimated it's marginal cost function to be as follows: MC=0.006Q.
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In the hope of big returns, venture capitalists give funds to finance new firms. However, potential competitors and structures of market into which the new company enters are extremely important in realization of profits.
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