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Albin has quasi linear preferences and he loves pretzels. His inverse demand function for pretzels is p(x) = 49 − 6x, where x is the number of pretzels that he consumes. He is currently consuming 8 pretzels at a price of £1 per pretzel. What is the change in Albin’s consumer surplus if the price of pretzels rises to £7 per pretzel?
A monopoly price discriminates between two markets:
Market 1 P1 = 500 - Q1
Market 2 P2 = 300 - Q2
Total Cost = 15000 + 100Q where Q = Q1 + Q2
Required: Determine the quantity and price of each market and the total profit.
in perfect competition, an individual firm is
the sum of individual consumer demands for a given product
what is this call?
Consider a market with two dominant firms (curnot duopoly) producing a homogenous product.
The inverse market demand function is given by
Suppose that aggregate demand increases such that the amount of real output demanded rises by $11 billion at each price level. By what percentage will the price level increase?
1.suppose the market demand and market supply for apartments in the city of Edmonton are given by the following functions:
Qd = 5000 - 3p
Qs = 1000 + p
a) at what price does the market for apartments in the city clear? how many apartments are rented at this price?
b) suppose the city sets a maximum rent at Rm 1,200.iilustrates the rent control in a supply and demand diagram.is there a shortage? if so,what is the excess demand?
c) at what price does the market for apartments in the city clear? how many apartments are rented at the price?
in the market of professional basketball who are the demand and who are the suppliers?
Suppose you decide to produce maheu and you discover it has a demand function given by
Consider the following problem: After your 8 hours a day of sleep, you have 16 hours aday to divide between leisure and study. Let leisure hours be the X variable and studyhours be the Y variable. Plot the straight-line relationship between all combinations of X and Y on a blank piece of graph paper. Be careful to label the axes and mark the origin