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What is the inverse demand function for pork and how much would the price have to rise for consumers to want to buy 2 million fewer kg of pork per year.
Assume you own a home remodeling company. You are presently earning short-run profits. The home remodeling industry is a raising-cost industry.
A firm has the given total revenue (TR) function:
Under what conditions does a member of the winning coalition in country A and B support the aid-for-favors policy?
In the first paragraph describe what is the most important concept that you have learned from this course which best reflects on the attached article.
Your firm sells a perfume. The everyday demand for your perfume estimated by your economists is given by:
Suppose that milk operates in a perfectly competitive market, use a well labeled demand and supply model to describe how market equilibrium price of milk is being determined.
Why do marginal and average cost curves take a “U” shape
Describe how one derives the indifference curves from the 3-dimensional utility function. Draw the graph and give explanation. Which principle explains the concave shape of the utility function? Why
Write down the incentive compatibility and participation constraints.
Examine the factors that determine the price of computers in a free market.
Determine diagrammatically and explain how the market for organic grown eggplants will be affected if the cost of natural fertilizer increases.
How can the budget be improved and revenue estimation be exactly accessed at each level.
Compute the post-tax equilibrium price and quantity.
Assume that the capital can be purchased for $8 per unit and labor costs $6 per unit. Determine the optimal combination of inputs for the firm to employ
Find the optimal amount of x and y to buy if you have the following utility functions and budget constraints.
Calculate the marginal product of each of the seven units of resource X and enter such figures in the table.
Now assume that price of Q increases to P* = 0.80. Using your estimated demand function, calculate the change in consumer surplus arising from the price increase.
Consider a world with two assets: a riskless asset paying a zero interest rate, and a risky asset whose return r can take values +10% or –8% with equal probability.
Derive the agent’s demand functions for good 1 and good 2. Calculate the quantities of good 1 and good 2 in the agent’s optimum bundle.
Include assumptions about the elasticity of the demand and market structure for the company’s good or service. Analyze data to determine fixed and variable costs.
Calculate Tom’s price elasticity of demand.
Assume that a consumer’s preferences are represented by the utility function U = MIN(X, 4Y). The price of Y is PY = 2, and the consumer has income, M = 210.
Are total household expenditures symmetric, positively skewed, or negatively skewed.
Since of high production-changeover time and costs, a director of manufacturing must convince management that a proposed manufacturing technique reduces costs before the new technique can be impleme