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Questions and Answers
What is the magnitude of the vector P?
What is the magnitude of the vector P?
- $700$ units
- $300$ units
- $500$ units (correct)
- $1000$ units
What is the market demand equation for the cartel?
What is the market demand equation for the cartel?
- P = 60 + 2(y₁ + y₂)
- P = 60 - 2(y₁ + y₂) (correct)
- P = (60 - 2y₁) - (60 - 2y₂)
- P = 2(60 - y₁ - y₂)
If the profit maximization condition for the cartel is MR = MC₁ = MC₂, what are the marginal cost functions for the two firms?
If the profit maximization condition for the cartel is MR = MC₁ = MC₂, what are the marginal cost functions for the two firms?
- MC₁ = 2y₁², MC₂ = 8y₂
- MC₁ = y₁², MC₂ = 4
- MC₁ = y₁², MC₂ = 4y₂ (correct)
- MC₁ = 2y₁, MC₂ = 4y₂
If the price of good X is $4, the price of good Y is $2, and the consumer's income is $200, what is the budget constraint equation?
If the price of good X is $4, the price of good Y is $2, and the consumer's income is $200, what is the budget constraint equation?
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If the consumer's utility function is given as u = 5x⁴y², what is the marginal rate of substitution of Y for X (MRS_x,y)?
If the consumer's utility function is given as u = 5x⁴y², what is the marginal rate of substitution of Y for X (MRS_x,y)?
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Given C = 2000, G = 500, T = 400, NX = 200, and Yd = 0.25GDP, what is the value of GDP?
Given C = 2000, G = 500, T = 400, NX = 200, and Yd = 0.25GDP, what is the value of GDP?
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