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Extraction of a resource takes place in just two periods, current and future. Current-period marginal costs and marginal benefits behave according to MCC(q) = 15 + q0 and MCB(q)=65−q0. Future net benefits are impacted by current-period consumption, so user costs rise as more is consumed in the current period. Let user costs be represented by UC(q) = 3q0
(a) Sketch a graph of Marginal Benefit, Marginal Current Cost, and Marginal Total Cost as defined in class. If you want to be somewhat fancy and ensure that you don’t make mistakes, you can plug your functions into a spreadsheet and plot them. If not please make sure
(b) Find the optimal level of current resource extraction, q0
(c) If decision-makers ignore all future effects, how much will be extracted in the current period? What would be the efficiency loss from this?
Calculate the slope of the budget constraint M=P1X1+P2X2. Demonstrate how you would find the slope of an indifference curve. Explain how the slope of an indifference curve provides information about how much a consumer likes one good relative to ano..
Suppose that we can identify the following income classes: young high-income, low income, middle income and older high-income. In your opinion, what will be the relative slopes of the bid rent curves and why?
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Clearly explain the factors to consider as your "fixed factor" and alternative short term and long-term decisions. Submit your analysis in a one to three page paper.
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q1. 1. at point e in figure 8.4b is mp kr greater or less than mp lw? 2. explain how do you know? 3. use this
Write a formula for the IS curve, showing Y as a function of r alone. Write a formula for the LM curve, showing Y as a function of r alone. What are the short-run equilibrium values Y , r, Y d, C, I, S, Spub, and national saving?
Write down the utility function and the budget constraint for the consumer analysis.
Matthew's utility function implies that the marginal utility of bananas is 0.5 √X/Y and the marginal utility of ham burgers is 0.5 √Y/X. How many bananas will Matthew buy? How many ham burgers will he buy?
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