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Consider a consumer who consumes only two products X and Y. (for example, X may be housing and Y may represent a "composite commodity" con- sifting of all other goods). Assume that this consumer's utility function is rep- resented by U(X; Y ) = XY . Suppose in 1990, px = 1, py = 1 and I = $1000. Observe that in this year the consumer buys 500 units of X and 500 units of Y: 1
1. Suppose in 1991, px = 1, py = 2. However, in 1991 she receives a cost of living adjustment of $500, so that she can afford to buy her earlier consumption bundle X = 500; Y = 500. (of course, she is not restricted to buy X = 500; Y = 500). Is she better or worse o¤ in 1991 (relative to 1990)? Justify your answer.
think of two examples of pure monopoly in the real world-one of a public good and one of a private good. then with
Suppose that a firm"s production function is q = 9X1/2 in the short run, where there are fixed costs of $1000, and x is the variable input whose cost is $4000per unit. What is the total cost of producing a level of output q? In other words, identify ..
What is the slope of the budget line and does this change depending on which combination of goods is purchased?
Forecasting collect data using techniques of estimating demand functions in an attempt to forecast sales and prices.
Do you think the overall level of R&D would rise or reduce over the next twenty to thirty years if the lengths of new patents were extended from twenty years to, say "forever"?
how many major wireless phone handset manufacturers are present? find the market structure? what pricing strategies do
what are the conditions for a perfectly competitive market? what are the conditions for a monopolistic market? what are
A new aerated sewage lagoon is required in a small town. Earlier this year one was built on a similar site in an adjacent city for $2.3 million. The new lagoon will be 65 percent larger. Use the data in Table 2-l to estimate the cost of the new lagoo..
suppose a firm uses both labour l and capital k as inputs and has the production function q 2kl. the marginal product
during the energy crisis of the 1970s and again in the last 5 years congress bemoaned the price gouging and
the manager of a local monopoly estimates that the elasticity of demand for its product is constant and equal to -2.
What is the relationship between the average variable cost and marginal cost and relation between average product and average variable cost?
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