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Suppose the quantity of good X demanded by individual 1 is given by
X1 = 10 2PX + 0:01I1 + 0:4PYand the quantity of X demanded by individual 2 isX2 = 5 PX + 0:02I2 + 0:2PY
a) What is the market demand function for total X (= X1+X2) as a function of PX; I1; I2; and PY .
b) Graph the two individual demand curves (with X on the horizontal axis, PX on the vertical axis) for the case I1 = 1000, I2 = 1000; and PY = 10.
c) Using these individual demand curves, construct the market demand curve for total X. What is the algebraic equation for this curve?
d) Now suppose I1 increases to 1100 and I2 decreases to 900. How would the market demand curve shift? How would the individual demand curves shift?
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John Smith, C.E.O. of A.B.Co. is attempting to estimate the quantity of his product that will be demanded during April. At the current price of $20.00, A.B. Co. is selling 100,000 units per month. Mr. Smith has been informed th..
Dx = Px-2 I1.5 PY1.5. From the information above, what are the values of price elasticity Income elasticity How much will D change if Px is cut by 5% and income rises by 10%
Suppose the dollar interest rate and the pound sterling interest rate are the same, 5 percent per year. What is the relation between the current equilibrium $/£ exchange rate and its expected future level? Suppose the expected future $/£ exchange ..
Suppose a monopolist faces the following demand curve: P = 140 - 6Q. Marginal cost of production is constant and equal to $20, and there are no fixed costs. a) What is the monopolist's profit maximizing level of output
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