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Question: There are three consumers A, B and C. Consumer A is willing to pay 40-.25F dollars for a unit of flowers for the public square, B is willing to pay 75-.25F dollars for a unit of flowers, and C is willing to pay 60-.25F for a unit of flowers. If the cost of flowers is constant at $100 per unit what is the pareto optimal quantity of flowers to put in the square? Suppose that individual A pays $25 per unit, individual B pays $50 per unit cost and C pays $25. Will the group unanimously agree to the efficient level of F? If not, what must each person pay per unit for agreement to occur? Now suppose that individual B lies about his preferences; stating a willingness to pay of 30-.25F. If unanimous agreement occurs how many units of flowers are provided and what does each person pay? Compare this situation to the case where each tells the truth.
An economic consultant studies the labor policies of a firm where it is difficult to monitor workers and prepares a report in which she recommends.
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Mutual funds: Provide another source for borrowers to take out a home mortgage. Provide another source for borrowers to take out a home mortgage.
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A consumer's utility function is given by U(X,Y)=X*Y. The Consumer has $576 to spend. Px=16 & Py=4. How much X & Y should the consumer purchase to maximize her utility?
A firm's profit, π , is the difference between its total revenue TR and its total costs TC. If TR = f (Q) and TC = g(Q) write the profit function and find the firm's marginal profit. What is the economic interpretation of marginal profit?
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Gary knows very little about the difference between makes and models. How could he use market signals, reputation, or standardization to make comparisons?
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