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Econs 301_intermediate_Microeconomics Midterm - Speech or Presentation Example

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Increase in the price of j will lead into a decrease in its demand and an increase in the demand for p, this is known as substitution effect. However upon compensation by increasing the allowance of Peter, income effect will cause him to demand the original amount of j.
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Econs 301_intermediate_Microeconomics Midterm
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Econs 301_intermediate_Microeconomics Midterm

Download file to see previous pages... To find the minimum average cost, set marginal cost is equal to average cost and solve for q: 2q200=722q+q200q200=722qq2 = 722(200)q = 380AC(q = 380) = 3.8. Therefore, the firm will not sell for any price less than 3.8 in the long run.
47. If firm 1 accommodates 2s entry, the outcome in part (a) arises. P=150 Q. P = 37.5. There are no production costs, thus profit for firm 1= P*Q=37.5*75= 2,812.5. When firm 1 produces q1 if firm 2 best responds to q1 , and enters it will generate profit p q2 K 2 (150 q1 ) 2 / 4 K 2 ...Download file to see next pagesRead More
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