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1. Answer four of the following, each question carries equal weight. In each case answer True,...
1. Answer four of the following, each question carries equal weight. In each case answer True,...
1. Answer four of the following, each question carries equal weight. In each case answer True, False or Uncertain and explain your answer. Limit each answer to one page (a) A firm has a cost function that shows the minimum cost of producing a given level of output, Q. Cost ed then C-exp(Q) would be a rises with Q at an increasing rate. Based only on the information provid valid representation of this firm's cost function. Consider a person who...
Answer four of the following, each question carries equal weight. In each case answer True, False...
Answer four of the following, each question carries equal weight. In each case answer True, False or Uncertain and explain your answer. Limit each answer to one page. 1. (a) A consumer has a utility function that depends on only one good, X. Utility rises with x but at a decreasing rate. Based only on the information provided then U=ln(x) would be a valid representation of this consumer's utility function. (b) Consider a person who begins day 0 with 1...
Part A (Worth 60%) 1. Answer four of the following- each question carries equal weight. In...
Part A (Worth 60%) 1. Answer four of the following- each question carries equal weight. In each case answer True, False or Uncertain and explain your answer. Limit each answer to one page (a) A firm has a production function in which the marginal product of capital does not depend on the amount of labour used. Based only on the information provided then Q-K+L, where Q is output, K is capital and L is labour would be a valid representation...
1. Answer four of the following. In each case answer True, False or Uncertain and explain...
1. Answer four of the following. In each case answer True, False or Uncertain and explain your answer. Limit each answer to one page. (a) The inflation rate fell from 3% in 2010 to 2% in 2011 . Prices were 1% lower in 2011 than in 2010. (b) A firm has a technology that relies on only one input (call it x). The output of the firm (call it y) increase as you increase x but at a diminishing rate....
1. Answer four of the following. In each case answer True, False or Uncertain and explain...
1. Answer four of the following. In each case answer True, False or Uncertain and explain your answer. Limit each answer to one page. A firm has a technology that relies on only one input (call it x). The output of the firm(call it y) increases as you increase x but at a diminishing rate. Based only on the information provided thern y-100 exp(-x) would be a valid representation of this firm's production function. (a) (b) Consider a person who...
1. Answer four of the following. In each case answer True, False or Uncertain and explain...
1. Answer four of the following. In each case answer True, False or Uncertain and explain your answer. Limit each answer to one page (a) A firm has a technology that relies on only one input (call it x). The output of the firm (call it y) increases as you increase x but at a diminishing rate. Based only on the information provided then y-x would be a valid representation of this firms production function (b) Consider the system of...
Answer four of the following. In each case answer True, False or Uncertain and explain your...
Answer four of the following. In each case answer True, False or Uncertain and explain your answer. Limit each answer to one page. 1. (a) A firm has a technology that relies on only one input (call it x). The output of the firm (call it y) increases as you increase x but at a diminishing rate. Based only on the information provided, y-ln(x) would be a valid representation of this firms production function. A new virus has just been...
Indicate whether each of the following statements is true, false, or uncertain and explain your answer....
Indicate whether each of the following statements is true, false, or uncertain and explain your answer. Be sure to clearly define any concepts included in your answer and label all graphs. Suppose that inverse market demand for Firm A sweatshirts is P= 200 – 2QD and inverse market supply for these sweatshirts is given by P = 7.5 + ½QS. The economic incidence of a tax on Firm A sweatshirts will fall more on consumers than on producers. Dan’s Deli...
TRUE-FALSE-UNCERTAIN For each of the following claims, indicate whether it is true or false, or whether...
TRUE-FALSE-UNCERTAIN For each of the following claims, indicate whether it is true or false, or whether it could be either one, depending on circumstances. Then, explain why. Your grade will depend on your explanation. Try to make sure your explanation is not only correct but thorough. In particular, if a statement is false for more than one reason, discuss all those reasons (even though, logically, it takes just one contradiction to make the entire statement false). Doing this will prepare...
So, for the first question, the two Best Response functions I got are: BR1=25/t2 || BR2=25/(1-t)2 For the second question ("How much will each individual's dinner be worth at the Nash eqbm?...
So, for the first question,
the two Best Response functions I got are:
BR1=25/t2 ||
BR2=25/(1-t)2
For the second question ("How much will each individual's dinner
be worth at the Nash eqbm?"), I got that
P1=BR1 and P2=BR2 (i.e
the prices were the Best Reponse functions).
Is this correct? I'm just confused as I'm not sure why the
question would contain two parts which have the same answer. Are
the Nash Equilibrium prices always the same as the Best Response...
1. Answer four of the following, each question carries equal weight. In each case answer True, False or Uncertain and explain your answer. Limit each answer to one page (a) A firm has a cost function that shows the minimum cost of producing a given level of output, Q. Cost ed then C-exp(Q) would be a rises with Q at an increasing rate. Based only on the information provid valid representation of this firm's cost function. Consider a person who...
Answer four of the following, each question carries equal weight. In each case answer True, False or Uncertain and explain your answer. Limit each answer to one page. 1. (a) A consumer has a utility function that depends on only one good, X. Utility rises with x but at a decreasing rate. Based only on the information provided then U=ln(x) would be a valid representation of this consumer's utility function. (b) Consider a person who begins day 0 with 1...
Part A (Worth 60%) 1. Answer four of the following- each question carries equal weight. In each case answer True, False or Uncertain and explain your answer. Limit each answer to one page (a) A firm has a production function in which the marginal product of capital does not depend on the amount of labour used. Based only on the information provided then Q-K+L, where Q is output, K is capital and L is labour would be a valid representation...
1. Answer four of the following. In each case answer True, False or Uncertain and explain your answer. Limit each answer to one page. (a) The inflation rate fell from 3% in 2010 to 2% in 2011 . Prices were 1% lower in 2011 than in 2010. (b) A firm has a technology that relies on only one input (call it x). The output of the firm (call it y) increase as you increase x but at a diminishing rate....
1. Answer four of the following. In each case answer True, False or Uncertain and explain your answer. Limit each answer to one page. A firm has a technology that relies on only one input (call it x). The output of the firm(call it y) increases as you increase x but at a diminishing rate. Based only on the information provided thern y-100 exp(-x) would be a valid representation of this firm's production function. (a) (b) Consider a person who...
1. Answer four of the following. In each case answer True, False or Uncertain and explain your answer. Limit each answer to one page (a) A firm has a technology that relies on only one input (call it x). The output of the firm (call it y) increases as you increase x but at a diminishing rate. Based only on the information provided then y-x would be a valid representation of this firms production function (b) Consider the system of...
Answer four of the following. In each case answer True, False or Uncertain and explain your answer. Limit each answer to one page. 1. (a) A firm has a technology that relies on only one input (call it x). The output of the firm (call it y) increases as you increase x but at a diminishing rate. Based only on the information provided, y-ln(x) would be a valid representation of this firms production function. A new virus has just been...
TRUE-FALSE-UNCERTAIN For each of the following claims, indicate whether it is true or false, or whether it could be either one, depending on circumstances. Then, explain why. Your grade will depend on your explanation. Try to make sure your explanation is not only correct but thorough. In particular, if a statement is false for more than one reason, discuss all those reasons (even though, logically, it takes just one contradiction to make the entire statement false). Doing this will prepare...
So, for the first question,
the two Best Response functions I got are:
BR1=25/t2 ||
BR2=25/(1-t)2
For the second question ("How much will each individual's dinner
be worth at the Nash eqbm?"), I got that
P1=BR1 and P2=BR2 (i.e
the prices were the Best Reponse functions).
Is this correct? I'm just confused as I'm not sure why the
question would contain two parts which have the same answer. Are
the Nash Equilibrium prices always the same as the Best Response...
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