Suppose that the inverse demand curve for paper P = 218 – Q, the private marginal cost is MCp = 92 + Q and the marginal harm from gunk is MCg = Q. -What is the unregulated competitive equilibrium price and quantity? Let this equilibrium be E1 . -What is the socially optimum price and […]
Find demand functions for a consumer who has well-behaved preferences represented by u = x12 1 2 + 6√ x and a standard budget constraint with prices pand pand income m. Is each good ordinary or Giffen? Normal or inferior? Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code “Newclient”
Consider a two good consumer choice model in which a consumer with well-behaved preferences faces standard budget constraints with prices p1 and p2 and income m. (a)Say that for this consumer good is ordinary and good 2 is inferior. Sketch a diagram on axes x1, x2 with two different budget lines, indifference curves, and optimal […]
The restaurant industry is highly competitive. The pandemic has likely reduced the demand for restaurant meals. It has also likely raised the fixed costs of a typical restaurant (because owners have needed to reconfigure seating and install new ventilation systems). a)What will these two developments do to the equilibrium price and quantity in the market […]
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