Microeconomics principles and analysis phần 1 pdf

... . . . . . . . . . . 11 4 5.8 Aggregable demand functions . . . . . . . . . . . . . . . . . . . . 11 5 5.9 Odd things happen when Alf and Bill’s demands are combined . 11 6 6 .1 Three basic production ... . . 81 4 .10 The e¤ects of a price fall . . . . . . . . . . . . . . . . . . . . . . . 86 4 .11 Compensated demand and the value of a price fall . . . . . . . . 90 4 .12 Compensated d...

Ngày tải lên: 09/08/2014, 19:21

... either we must have either (q 1 = 0; q 2 = 0) or (q 1 = 0; q 2 = 16 ), or (q 1 = 16 ; q 2 = 0) or (q 1 = 16 ; q 2 = 16 ). In other words total output could have the value 0, 16 or 32, so of course average ... of goods 1 and 2. 2 .11 A …rm produces goods 1 and 2 uses labour (good 3) as input subject to the production constraint [q 1 ] 2 + [q 2 ] 2 + Aq 3  0 where q i is...

Ngày tải lên: 09/08/2014, 19:21

... between [R] and [x a ]; it is ^x a := 1 2 [R a + x a ] : (7 .15 ) 12 0 CHAPTER 5. THE CONSUMER AND THE MARKET 5.7 Let the demand by household 1 for good 1 be given by x 1 1 = 8 < : y 4p 1 if p 1 > ... demand of households 1 and 2 for good 1 and show that at p 1 = a there are now three possible values of 1 2 [x 1 1 + x 2 1 ]. 3. Extend the argument to n h...

Ngày tải lên: 09/08/2014, 19:21

... and the variance of the distribution of x: 11 Theorem 8.2 (Risk premium and variance) For small risks the risk pre- mium is approximately 1 2 (x)var(x). 10 Show why this property is true. 11 Prove ... 494). 8 .10 . EXERCISES 2 21 P 2 ;and in the other case the choice o¤ered is between P 3 and P 4 , as speci…ed below: P 1 : $1; 000; 000 with probability 1 P 2 : 8 < : $...

Ngày tải lên: 09/08/2014, 19:21

... di¤erentiating (10 .12 ), we have the FOC: @ 1  q 1 ; q 2  @q 1 = p q  q 1 + q 2  q 1 + p  q 1 + q 2   C 1 q  q 1   0 = 0 if q 1 > 0: (10 .13 ) We …nd q 1 as a function of q 2 : q 1 =  1  q 2  (10 .14 ) where ... U ` (x ` ; x 1 1 ; x 2 1 ; :::; x ` 1 1 ; x ` +1 1 ; :::) (9. 31) If the externality is detrimental by nature then we have @U ` @x h...

Ngày tải lên: 09/08/2014, 19:21

... (x a 1 )  F a  0 (11 .27)  b  x b 1   F b  0 (11 .28)  a (x a 1 )  F a   a  x b 1   F b (11 .29)  b  x b 1   F b   b (x a 1 )  F a : (11 .30) Constraints (11 .27) and (11 .28) ... (x a 1 )  F a =  a  x b 1   F b : (11 .32)  Third, given (11 .32), we must have: 13  a (x a 1 )  F a > 0: 11 Sh ow this by usi ng (11 .22) and (1...

Ngày tải lên: 09/08/2014, 19:21

... function –se e equations (11 .1 and 11 .13 ). So in this case we have U h (x 1 ; x h 2 ) =  h (x 1 ) + x h 2 (12 . 21) where is an increasing concave function, common to all agents and  h is a taste parameter ... monopolist. 11 .5 Good second-hand cars are worth  a 1 to the buyer and  a 0 to the seller where  a 1 >  a 0 . Bad cars are worth  b 1 to the buyer a...

Ngày tải lên: 09/08/2014, 19:21

... …rm 1 s problem are then given by p 1 q 1 i + d(q 1 1 ) dq 1 1   1  1 1  q 1  = 0 (13 .14 ) p 2   1  1 2  q 1  = 0 (13 .15 ) which, taking into account (13 .12 ), imply  1 1  1 2 = p 1 p 2 + ...  2 d 2  q 2 ; q 1 1  dq 1 1 dq 1 1 d = 0 (13 .10 ) Using the de…nition of the externality we can write (13 .10 ) as 1 +  2  2 2  q 2 ; q 1 1 ...

Ngày tải lên: 09/08/2014, 19:21

... X 2 E 1 : Pr (E 2 jE 1 ) := Pr (E 2 \ E 1 ) Pr (E 1 ) By de…nition of the complement of E 1 we have Pr (E 1 ) = Pr (E 1 \ E 2 ) + Pr  E 1 \  E 2  = Pr (E 1 jE 2 ) Pr (E 2 ) + Pr  E 1 j  E 2  Pr   E 2  (A.67) From ... equilibrium 1. Suppose …rm 1 sells q units of good 1 to …rm 2. Then q 1 1 = (+)q and q 2 1 = q; …rm 1 would have an entry (+)p 1 q in...

Ngày tải lên: 09/08/2014, 19:21

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Ngày tải lên: 09/08/2014, 19:22