Question
1.The demand and supply function of 2 commodities are given as follows Qd1=18-3p+p2 Qs1=-2+4p Qd2=12-p1-p2 Qs2=-2-3p2 Compute the general equilibrium of the above market model
1.The demand and supply function of 2 commodities are given as follows
Qd1=18-3p+p2
Qs1=-2+4p
Qd2=12-p1-p2
Qs2=-2-3p2
Compute the general equilibrium of the above market model
2.Given the utility function is U=Q^1/2,Q^3/4
a. determines the marginal utility of good 1 and 2
b. determine the nature of marginal utility of each of the two goods
c. determine the slope of indifference curve
3.Discuss the three types of return to scale
4.State the Euler's theorem and gives their impact in the economy
5. What are the basic principle of consumer theory. Explain them
6.Discuss the assumptions of consumer preferences
7. Explain the basic assumptions of cardinal utility theory
8.What are the critics of cardinal utility
9. Define the marginal rate of technical substitution
10. Using a well labelled axis draw a Hickson demand curve
Please answer if you are sure because i need to submit my assignment ASAP
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started