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budget I. Prices for the two goods are p. 1,p. 2. If p. 2. increases, it is always the case that consumption of X. 1. will increase since it is now relatively cheaper. Solution: Not always true. The substitution effect would lead you to want to consume more X. 1, but if X. 1. is a normal good, there is an offsetting
The teaching assistant notes common mistakes made by students and provides problem solving techniques for approaching similar questions on the problem set and exams. This section provides a problem set on microeconomics, supply and demand, and elasticity.
Profit Maximization in Mathematical Economics. Problem 1. Suppose a firm faces a demand curve for its product P = a - bQ, and the firm's costs of production and marketing are C(Q) = cQ + d, where P is price, Q is quantity, and a, b, c, and d are positive constants. Find the following:
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Section A: will consist of FIVE MC questions. Below are 11 example MC questions. If the demand for widgets is inelastic, then when the price of widgets increases, revenues will: decrease. remain the same. increase, unless there are substitutes for widgets. decrease because of the law of demand holds for widgets.
Demand Quantity. What happens to equilibrium price P* and equilibrium quantity Q* if. the price of cocoa falls; people become more health conscious and consume less calories;
5.83 Another firm wants to buy from us an additional unit for the price of 350. Would you sell the additional unit? 5.9 Cost TC 5 30 30 Q Total cost 5.91 Find the equation for total cost (TC). 5.92 Find the equation for average cost and for marginal cost. 5.10 Marginal revenue and price elasticity of demand (e) AR MR 4 8 24 Demand (= AR, Price ...
