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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.
What factors explain the high degree of independence of the Fed? 5. What factors limit the independence of the Fed? 6. What is the case in favor of Fed independence? What is the case against Fed independence? 7. What is the theory of bureaucratic beh..
A firm that emerges as the only seller in an industry with economies of scale is a(n): The profit maximizing rule MR = MC applies to: Suppose that the total cost curve for a firm is given by the equation TC = a + bQ, where 'a' and 'b' are positive nu..
What is the market equilibrium price and quantity? 2. How much is the consumer surplus and the producer surplus?
portland fluid control inc. pfc is a major supplier of reverse osmosis and ultrafiltration equipment which helps
a corporation issued 600000 10 5-year bonds on january 1 2011 for 648666 which reflects an effective-interest rate of
the policies of the federal government influence the outcomes of the various activities in that economy. when
Does the government pricing mandate satisfy the Kaldor-Hicks Criterion relative to thestatus quo? Is the government pricing mandate Pareto superior to the status quo? (Usechanges in consumer and producer surplus as your measures of the value of the p..
Summer is traditionally a time of increased demand for oil because of the many families driving and flying to vacation sites. What would be the combined effect of these two events on the summer market for gasoline
a. sketch a graph depicting the classical view of the labor market. show the equilibrium wage and employment level.b.
Will Truman and Associates, LLC is a successful Manhattan based law company. Worker productivity at company is examined in billable hours, which vary in partners and associates.
state capitalism the chinese model presents competitive challenges to the free-market private ownership type of
suppose the demand for a product is given by p 40 4q. also the supply is given by p 10 q.what is the price
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