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A consumer is currently purchasing 3 pairs of jeans and 5 t-shirts per year. The price of jeans is $30, and t-shirts cost $10. At his current rate of consumption, his marginal utility of jeans is 60 and his marginal utility of t-shirts is 30.
a. Is this consumer maximizing his utility? Clearly explain why/why not.
b. Elucidate would you suggest he buy more jeans and fewer t-shirts, or more t-shirts and fewer jeans?
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Use the 2007 numbers in the first column to compute, for each of the four countries, the percentage gap between the steady-state ratio.
Compare the competitive price charged and quantity produced under perfect competition and monopoly. Other than identifying the presence of only one producer under monopoly, why do we tend to see this differential.
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Suppose that, instead, the market quantity demanded at a price of $1.33 is only 75,000. How many firms do you expect there to be in this industry.
Explain why an industry in a perfectly competitive marketplace would choose to remain in business, if its profit is zero at equilibrium.
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