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Consider the following functions of the market for a good x. Q = 20 P - 1000. Q = 6000 - 30 P. Identify the demand and the supply functions Find the equilibrium price and quantity both algebraically and graphically. What would happen ( Surplus or shortage) if this market was imposed : A price ceiling of 100? A price ceiling of 200? A price floor of 180? A price floor of 50? Calculate the elasticities of demand and supply at the following prices Price P = 75 Price P =150 Are your results in line with the theory of elasticity at lower (higher) prices for both demand and supply? Consider the following market for good x (finely divisible). Q = 2 P; and ; Q=16/√P; Identify the demand and the supply functions Find the equilibrium price and quantity What would happen (Surplus or shortage) if this market was imposed: A price of 5 dollars per unit? Calculate the elasticity of demand at the price P= 8. (Elastic or Inelastic? Why?) Consider the following cost and benefit functions: C(X, Y) = 150 X + 30 X2. B(X, Y) = 400 X - 10 X2 + 200 Y - 5 Y2 + 10 X Y . For Y = 5 Derive the benefit function Derive the marginal benefit function Derive the marginal cost function Find the value of x for which the net benefit is maximized. Calculate the values of the benefit, cost and net benefit for this value of x. Graph the marginal benefit and marginal cost and show this equilibrium graphically. (Excel) Graph the benefit and cost functions and show the net benefit maximizing value for x. (Excel) Graph the following indifference curves for the given utility levels: U (x, y) = x + y for U = 5, 6, 7, , 8, 9 and 10. (What kind of relationship exists between these goods? Substitutes, Complements? U (x, y) = min { 3x, y} for U = 3, 6, 9, 12, and 15. (What kind of relationship exists between these goods? Substitutes, Complements? Consider the utility function for a utility maximizing individual consuming two goods X and Y. U (X,Y) = X2Y + 15. This person pays 3 dollars for good X and 5 dollars for good Y with an income of 150 dollars. ( 3 X + 5 Y ≤ 150) Budget constraint. Derive the marginal utility for good x. Ux Derive the marginal utility for good Y. Uy Find the marginal rate of substitution between x and y. Find the amounts of good X and Y that maximizes this utility. Compute the utility.
The currency in Great Britain is pound and the price of a particular British car is 12,000. suppose the exchange rate is 0.67 per dollar.
If the power of special interest were reduced for example, through the adoption of supra-majority voting rule, would economic efficiency improve How would contributions to political campaigns be affected
a monopolist has two types of customers. there are 100 of type a who will each pay up to 10 for a single unit of the
Does this make economic sense? Explain the rationale behind equal prices for unequal distances in air travel using supply, demand, and cost curves.
a identify two market structures in which product development and product differentiation is an important type of
the demand for haddock has been estimated asnbspnbspnbspnbspnbspnbspnbspnbspnbspnbspnbspnbspnbsp log q a b log p c i
the buyer values and seller costs for another experiment in which students are buying and selling used textbooks. In this experiment, the seller pays the tax. Suppose that traders who are indifferent between trading and not trading go ahead and trade..
you are the manager of a California winery.then how would you expect the events to affect the market equilibrium price you receive for a bottle of wine.
How would a decrease in the reserve requirement effect the (a) size of the money multiplier (b) amount of excess reserves in the banking system and (c) extent to which the system could expand the money supply through the creations of checkable dep..
Describe the difference between a diminishing marginal product of labor and a negative marginal product of labor. Why would a profit-maximizing firm always choose to operate where the marginal product of labor is decreasing (but not negative)?
the benefits and costs of an investment project the purchase of a piece of machinery are those given in the following
What sort of a market structure closely resembles the environment in which the firms in the airline industry in Australia operate in? Explain.
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