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a utility maximization means that a consumer chooses in such a way that she gets as much utility as possible she does
a the budget line corresponds to all baskets that cost the same as the consumers income the budget line therefore
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if you throw a die you will get a number between 1 and 6 with equal probability what is the expected valuein figure
in figure e111 we have drawn a so called edgeworth-box it shows isoquants and quantities for the production of two
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a firm that produces pulp also emits smelly pollution the more pulp it produces the more pollution it emits the
a certain individual can choose between work and leisure she prefers leisure but if she works she receives a wage that
two individuals a and b who like each other have arranged a date they will meet either at a pop concert or at a techno
we have a firm that produces shoes there are many competitors in the market but through a series of aggressive
1 a popular model to analyze duopolies with is the cournot model a which are the assumptions behind the cournot
a explain the difference between monopoly duopoly and oligopolyb what does a kinked demand curve meanc what is a
one day you lose your wallet in it you had 500 and some valuables that others cannot use such as a few old photos it
for a game in the game theoretic sense we need to specify the players what else needs to be specifiedwhat is the
1 why do monopolies arise give a few examples of underlying structures that can generate a monopoly in a market2 a
1 a describe in a few sentences how to derive the markets short-run supply curve from the individual firms short-run mc
we will now study the choice of which quantity to produce for an individual firm in the short run draw a graph with
a what does perfect competition mean state a few of the underlying assumptionsb explain in words why the demand curve
in figure e41 we see the long-run average cost for the production of a good lraca in the short run capital is a fixed
a in the long run both labor l and capital k are variable costs show in a graph where you have the quantity of l on the
1 suppose the production of a certain quantity of a good has a certain cost can you think of a situation in which
in the short run the relation between number of hours worked and quantity produced looks like in the
a state the definition of the marginal rate of technical substitution mrts what does that mean in your own wordsb show
a state the definition of marginal product mp both as a mathematical definition and with your own wordsb what is the
a sometimes it is said that producer theory is similar to consumer theory in what ways are they similarb describe in