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Assume a consumer who has current-period income y=200, future period income y’=150, current taxes t = 40, and future taxes t’= 50, and faces a market interest rate of r=5 percent or .05. The consumer would like to consume such that c’=c*(1+r) if possible. However, this consumer is faced with a credit market imperfection, in that no borrowing is allowed. That is s must be greater or equal to zero.
Show the consumer’s lifetime budget constraint and indifference curves in a diagram
Calculate the optimal c and c’ for this consumer and show this in your diagram.
Suppose that everything stays the same except that t = 20 and t’ = 71. Calculate the effects on c, c’, and s. Show this in your diagram.
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Assume the demand curve for a monopolist is Qd=500-P, and the marginal revenue function is MR=500-2Q. The firm has a marginal and average total cost of $50per unit.
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Profit maximization in perfectly competitive and monopoly markets requires setting MR = MC - in monopoly markets, firm and market demand curves always have identical slope.
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A monopolist is currently producing a level of output where Price = $110; Marginal Revenue = $10; Quantity = 100; Total Cost = $15,000; Marginal Cost = $10; Total Fixed Cost = $4,000.To maximize profits in the short-run, the monopolist should do.
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