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Assume that there are two types of consumers. In particular, consumers of type 1 has utility function u(x, y) = x^0.5 y^0.5, whereas consumer of type 2 has u(x, y) = x^0.3 y^0.7. Both of them have income given by I>0, and the prices denoted are by PX and PY, as usual. a) Find the Marshallian demands of x for both types of consumers. b) In what follows, suppose that there are 50 consumers of type 1 and 100 of type 2. Find the market demand of x. Does the price of y affect this demand? c) Now suppose that I= 2 and that the market supply of X is given by QS = 55 + 55PX.Compute the short-run equilibrium price and its corresponding quantity.
Construct a model to conclude your allocation of study hours. Include as assumptions points you "gain" from an hour of study time in each subject and your desired outcome on each test.
Suppose that the income of the average Canadian household increases because a larger percentage of women enter the labour force. What do you think will happen to demand for the following products or services? What does your answer imply about income ..
Mr. Roe gave up a job paying $18,000 and investments paying $6000 a year to pen this business. What is his accounting profit and what is his economic profit?
q1. if the demand curve is qp 20-2p and the marginal cost is constant at 8 what is the profit maximizing monopoly
Use the following information to answer the question: There are three firms in an economy: X, Y, and Z. Firm X buys $400 worth of goods from Firm Y, and $200 worth of goods from Firm Z to produce 250 units of output at $3 per unit. using the Value Ad..
Suppose that in the 1990's, the average retail price of a roll of Kodak film was $6.95 and that Kodak's marginal cost was $3.475 per roll. Based on this information, discuss industry concentration.
Why did most communities in the early days of e-commerce fail? What factors enable some online social networks to prosper today?
Consider a monopolist whose total cost function is TC = 20 + 10Q + 0.3Q2 and whose marginal cost function is MC = 10 + 0.6Q. The demand function for the firms good is P = 160 - 0.5Q. The firm optimizes by producing the level of output that maximizes ..
How did the enclosures law fuel the Industrial Revolution in Great Britain? Would you agree with Karl Marx in saying that the Industrial Revolution and its capitalistic foundations negatively affected the working classes?
List the potential costs and benefits of placing a substantial percentage of pay at risk for all employees in the following types of organizations: a hospital, a restaurant, a brokerage firm, and a fashion design house.
Pete and Paul live in an exchange economy (so we can use the Edge worth-box). The economy has endowment of 10 cheese slices and 10 crackers. Is Pete consuming 3 crackers and 5 cheeses slices a Pareto-optimal allocation? If not, how could you rearrang..
Combinations of goods on the production possibilities frontier
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