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1. Consider the following utility for Allison who consumes goods T and good Z: U (T, Z) = T0.1 Z0.9. Allison has an income I = 500 that she totally uses to purchase goods T and Z at the respective prices PT= 2 and PZ= 3. a- Set up the budget constraint for Allison b- Derive Allison's demands for goods T and Z c- Calculate the marginal rate of substitution of T for Z. 2. Consider the following production function for a firm that uses only one input (labor) and produces one output V. F (l) = V = 100 l1/2. a- Derive the firm's output supply and labor demand functions b- How much labor will the firm hire and how much of the good V will it produce if the selling price of good V is PV = 1 and the wage rate w = 20? c- Compute the profit under the conditions in question b. 3. Consider the following production function for a firm that uses only one input (labor) and produces one output N. F (l) = N = 75 l1/3. d- Derive the firm's output supply and labor demand functions e- How much labor will the firm hire and how much of the good V will it produce if the selling price of good V is PN = 2 and the wage rate w = 20? f- Compute the profit under these conditions 4. Consider the following firm with the production function Q = F (L) = 2 L1/2. L = Labor. Wage w= 12. Fixed costs is FC = 500 (Sunk cost). Derive the short run cost function. Graph this function using excel. 5. Consider the following company that has two firms (plants) for producing a good X. firm A has a cost function CA = 650 QA - 2 (QA2) and firm B cost is CB = 600 QB - 3 (QB2).The firm wants to produce a total of 100 units of good X. or QA+ QB =100. Find the least costly way of production for this company
1. in john stossels article in praise of price gouging stossel argues that a law banning price gouging would result in
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