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Suppose your friend likes movies. She watches some movies on DVD, which she likes, but she prefers to see movies at the multiplex; in fact, she likes seeing movies at the multiplex twice as much as she likes watching movies on DVD. The total cost of acquiring and watching a DVD for your friend is $25. The total cost of going to the multiplex to see the movie is $40.
1. What might be included in the "total cost" of acquiring and watching a movie on DVD? What about the "total cost" of seeing a movie at the multiplex?
2. Do you have any advice for your friend regarding her consumption of movies?
Compute the price or output combination and the total economic profits which would result if competitors offer clones which make the QuickerBetter market competitive.
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Find the optimal (profit maximizing or cost minimizing) output of each firm. Find the price that each firm charges at the when producing the optimal output.
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For a perfectly competitive firm the price is $2 per unit. At this price the firm is producing and selling 10,000 units. It costs $1.50 to produce the last unit. Should the firm produce more? Less? Why?
Consider the problem of the book assuming that the utility is Cobb-Douglas (U (C, l) = C α l β )
Explain the influence that transferable property rights versus non-transferable property rights, has on individual decision making.
Explain why competitive markets normally lead profit maximizing firms to make choices about resource use that lead to an "efficient" allocation of resources to the market?
Problem - Income Elasticity of Demand, Interpret the following Income Elasticities of Demand (YED) values for the following and state if the good is normal or inferior; YED= +0.5 and YED= -2.5
How much does the gross price increase in each market
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Suppose that a perfectly equal distribution of income existed in Disneyland. Which of the reccent residents would have the same income he or she has in present distribution?
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