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An economy is composed of two individuals, whose demands for a public good - street lighting - are given by P = 12-(1/2)Q and P = 8-(1/3)Q.
(a) Graph these demands on a diagram.
(b) Derive the total demand for this public good by summing the demands vertically, and write down a resulting equation for this demand curve.
(c) Let the marginal cost of providing the good be $5 per unit. Find the efficient supply of the public good in this economy - where the marginal cost equals the total value of a marginal unit.
The staff economist at the utilities commission estimates the demand and supply curves for pay telephone service as follows: D: Q = 1600 - 2400P S: Q = 200 + 3200P where P is the price of a pay telephone call, and Q is the number of pay telephone ..
Bounds Inc. has determined through regression analysis that its sales (S) are a function of the amount ofadvertising in two different media.This is given by the following relationship (X=newspapers,Y=magazines): S(X,Y) = 200X + 100Y - 10X2 - 20Y2 ..
Let F : R -> R be a strictly increasing function. If the utility function u* is de ned by u*(x) = F(u(x)) what are the Hicksian demand functions generated by u*(answer in terms of h(p; u) and e(p; u)). How are the expenditure functions related
Find the marginal utitlity for each chicken piece. What is the meaning of the marginal utitilty of the 11th piece? If the price of chicken pieces is $1.25 each, how many will you buy? If the price falls to $0.50, how many will you buy? Explain carefu..
1. the three fundamental economic questions of what how and for whoma-exist because of scarcity.b-are much more serious
Jane quit her job at IBM where she earned $50,000 a year. She cashed in $50,000 in corporate bonds that earned 10% interest annually to buy a mini-bus. Jane has decided to buy the mini-bus and set up a commuter service
suppose the daily demand for coffee in seattle is qd1000003-p2a. what is the elasticity of demand ed at a price of
A recent newspaper circular advertised the following special on tires: "Buy three, get the forth tire for free-limit one free tire per customer." If a consumer has $500 to spend on tires and other goods and each tire usually sells for $50.
CRA CDs Inc. wants the mean lengths of the "cuts" on a CD to be 135 seconds (2 minutes and 15 seconds). This will allow the disk jockeys to have plenty of time for commercials within each 10-minute segment. What is the standard error of the mean
Plot the two earnings functions you have computed. During what year does John pass Ivan?
What might prompt the government to establish this price ceiling? Explain carefully the main effects. Demonstrate your answer graphically. Next, suppose that the government establishes a price floor of $4.60 for wheat. What will be the main effect..
Using the following utility schedule, derive a demand curve for pizza assme income is $10, the price of each slice of pizza is $1, and the price of each glass of beer is $2. Then change the price of pizza to $2 per slice.
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