Homework Answers
Case 1: A 1% increase in P
lets say p=100% initially So lnQ=9.76-0=9.76 So Q=17326.63
then 1% increase(p=101%) So lnQ=9.76-0.004975=9.7550 So Q=17240.64
So %change = (17326.63-17240.64) / 17326.63 * 100 = 0.5% So option C
Case 2 if we consider an increase in p by one unit then there will be 0.5 units decrease in lnQ
(not in Q) So option B is wrong
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answer is CORRECT. Thank you.
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Question 15:
how much is the dead weight loss under this market
intervention ?
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Pls solve both of these question pls
Hofmework re: 0.5 of 1 pt 12 of 25 (17 complete) Hw Score: 42.73% Concept Question 4.6 Que he demand function for a good is: Q -a-bp and the supply function is: q-c+ep + ft, where a, b, c, e, and f are positive constants and t is the average temperature in a month. Show how the equilibrium quantity and price vary with temperature The effect of a change in t on the...
Please answer ALL parts of this
one question. No need to show work as long as the
answer is CORRECT. Thank you.
Given: Suppose the initial price of good 1 is $2 and the initial price of good 2 is $4 and initial income is $100. A consumer maximizes utility selecting an initial consumption bundle (pt R) and a new consumption bundle (pt S) given a change in an exogenous variable. 80 Baseline Budget: B New Budget:B 70- 60 50...
Consider a general model of Ricardian trade with 2 countries
(Home and Foreign) and 2 goods (Clothing and Food): unit labor
costs are aLC and aLF in Home and a∗LC and a∗LF in Foreign. Home
and Foreign are endowed, respectively, with L and L∗ units of
labor. Workers in both countries have the same preferences
represented by a Cobb-Douglas utility function:
Consider a general model of Ricardian trade with 2 countries (Home and Foreign) and 2 goods (Clothing and Food):...
Question 15:
how much is the dead weight loss under this market
intervention ?
. U OU? -MUUile Wi-For Questions 1-15. Odur a competitive market for a good where the demand curve is determined the demand function: P = 5+-1'Qd and the supply curve is determined by the supply Function: P-0.5'Os Where P stands for Price, QD is quantity demanded and OS is quantity supplied. 1. What is the quantity demanded of the good when the price level is $47...
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