Microeconomics principles and analysis phần 6 potx

... industry have constant and equal marginal costs c and face market demand schedule given by p = k q where k > c and q is total output 1. What would be the solution to the Bertrand price setting ... specify. 4 Dra w a diagram similar to the left-hand sid e of Figure 11.2 to show the fee schedule for the …rm in this case. 5 Use (11.21) and (11. 16) to show this. 6 The optimal cont...

Ngày tải lên: 09/08/2014, 19:21

... 34.7 65 .3 Extraction 2 22.0 42.3 34.3 65 .7 Extraction 3 22 .6 42.7 34 .6 65.4 Meat Extraction 1 59.2 2 .6 95.8 4.2 Extraction 2 56. 8 2 .6 95 .6 4.4 Extraction 3 45.4 2.5 94.8 5.2 Seed Extraction 1 56. 9 ... Second >500 12 .6 9.8 6. 1 7.0 6. 4 0.0 355–500 26. 2 28.1 25.1 7.7 9.2 2.1 212–355 26. 7 27.4 29.2 17.8 23.8 16. 5 150–212 9.9 8.8 9 .6 17.9 18.1 19.8 75–150 9.9 7.0 5.2...

Ngày tải lên: 06/08/2014, 13:22

... demand . . . . . . . . . . . . . . . . . . 114 5.8 Aggregable demand functions . . . . . . . . . . . . . . . . . . . . 115 5.9 Odd things happen when Alf and Bill’s demands are combined . 1 16 6.1 ... . . . . . . . . . . . . . . . . . . . . . . . 86 4.11 Compensated demand and the value of a price fall . . . . . . . . 90 4.12 Compensated demand and the value of a price fall (2) . . ....

Ngày tải lên: 09/08/2014, 19:21

... likely-looking equation involving prices and in- come on the right-hand side and commodity quantities on the left-hand side and expect it to b e a valid demand function. To see why, note two things: 12 Draw ... either sign if n > 2 and j and i in (4.21) represent di¤erent goods (jelly and ice-cream let us say). We say that commodities i and j are net substitutes if H i j >...

Ngày tải lên: 09/08/2014, 19:21

... 131 the conditions (6. 7) and (6. 9): A(R; ) := fx : x 2 X; x  q + R;  (q)  0g: (6. 10) Two examples of the attainable set A are illustrated in Figure 6. 6:the left-hand Figure 6. 6: Crusoe’s attainable ... constraints are determined, who runs the …rms and 124 CHAPTER 6. A SIMPLE ECONOMY 6. 2.2 The technology The vectors in (6. 1) to (6. 3) or their combination (6. 4) describe one...

Ngày tải lên: 09/08/2014, 19:21

... experienc e disappointment or regret –see Exercises 8.5 and 8 .6. 4 4 Compare Exercises 8.5 and 8 .6. What i s the essentia l di¤erence between regret and disappointment? 8.10. EXERCISES 223 2. What is ... constant (and equal to 1), the output of Alf’s orchard is variable yielding an amount R 1 ; R 2 in good and poor years respectively; the probability of good and poor years is kn...

Ngày tải lên: 09/08/2014, 19:21

... con‡ict and cooperation that are fundamental to microeconomic problems. The principles of economic analysis that we will develop will provide a basis for the discussion of chapters 11 and 12 and ... will a¤ect notions of rationality and equilibrium. Section 10 .6 examines these principles in the context of market structure. 271 9.8. EXERCISES 265 Keenan and Snow (1999) summa...

Ngày tải lên: 09/08/2014, 19:21

... know the lawyer’s type and cannot observe his action? 11.4 The analysis of section 11.2 .6 was based on the assumption that the in- surance market is competitive. Show how the principles established ... consisted only of Alf and Bill, then given the situation in Figure 12 .6 the switch from   to 12 .6. DESIGN: APPLICATIONS 411 Figure 12.7: Indi¤erence curves in (z; y)-space and...

Ngày tải lên: 09/08/2014, 19:21

... deodorant and perfume be subs idised? 13.8. CONCLUSION: ECONOMIC PRESCRIPTIONS 467   = 1:025   = 1:05   = 1:075 Meat, …sh, dairy products and fats 11.1 27.8 63 .2 Fruits and vegetables 8.2 18 .6 ... R n and R is a set of vectors in R m then f : D 7! R is an a¢ ne function or transformation if and only if it can be written in the form f(x) = Ax + b; (A.3) where A is an m  n...

Ngày tải lên: 09/08/2014, 19:21

... Combination of technology sets 3. See Figures B.14 and B.15 B.8. UNCERTAINTY AND RISK 555 Figure B. 26: Portfolio choice: plunging in the risky asset 26. From De…nition 8.1 we have (x) =  u xx (x) u x (x) : Di¤erentiating ... endowment of good 2 to Bill and buys some of Bill’s endowment of good 1. 5. The point marked [R] is a horizontal distance R a 1 from the left-hand axis and R...

Ngày tải lên: 09/08/2014, 19:21