Please give the correct answers for each question attached below. Give steps for each answer and please don't use any AI platform like ChatGPT. Even if you are sure about most of the questions please answer them correctly, but if you are not sure please don't put incorrect answers. Thanks!

If you have to round a number, round to the fifth decimal place (e.g. round 4.398239685 to 4.39824, (NOT to 4.4). Please NOTE: Among all the answers below that I answered, some might be correct while a lot can be wrong, so do not trust the values that I have put in the boxes.

Question 1 Complete Marked out of 1.00 \\V Flag question Question 2 Complete Marked out of 1.00 \\V Flag question Suppose the marginal cost of firm 1 is MC1(q1) = 3.4 q1 and the marginal cost of firm 2 is MCg(q2) = 5.6 q2 , where q. denotes the output produced by firm i, i:1,2. Each firm's fixed cost is equal to 4. If we allocate the production of a total of q : 420 units of output between the two firms, how many units will firm 1 produce? Answer: 261.333 Suppose the marginal cost of firm 1 is MC1(q1) = 1 q1 and the marginal cost of firm 2 is MC2(q2) = 6.2 qz , where qi denotes the output produced by firm i, i:1,2. Each firm's fixed cost is equal to 4. If we allocate the production of a total of q = 490 units of output equally between the two firms, what is the value of the efficiency loss? Answer: 920.1111 Question 3 Paul's firm produces the same good as Sal's firm. Complete The total cost of producing qp units in Paul's firm is Cp( qp ) = 5.5 qp + 1.9. Marked out of 1.00 The total cost of producing as units in Sal's firm is Cs( as ) = 5.5 as + 1.9. Flag What is the efficiency loss if each person's firm produces half of a total of 773 question units? Answer: 0 Question 4 Consider a production economy with 554436 people, 10977 goods and 4204 Complete inputs. Assume every good and every input is traded under perfectly Marked out of competitive conditions. How many equations must be solved to find the 1.00 (general) equilibrium in this economy? Flag question Answer: 15181Question 5 Note: There could be several questions on this economy. Answer Complete each one carefully and record your answer taking into account Marked out of that your answer may be relevant to the question(s) that may 1.00 follow. Flag question Consider a 'production economy' with two goods, X a the production function of each good is given by X = F(Lx, Kx) = Qx Lx Y = G( 5, K ) = Q, Ly where Li and Kj denote respectively the amount of labo Assume that ax = ay = 1, by = 1/2 and by = 1/2. Furthermore, suppose that the aggregate demand for good X and the aggregate demand for good Y are given respectively by Demand for X: X= a M Px Demand for Y: y= (1 - a) M Pyr'y where p J denotes the price of good J, J=X, Y, M denotes "national income\Questlon 6 . . Note: There could be several questions on thlS economy. Answer Complete . . each one carefully and record your answer taking Into account $33M 0'\" Of that your answer may be relevant to the question(s) that may ' follow. \\V Flag _ _ . question C Olisider a production economy\" With two goods, h a. the production function of each good is given by E? (139) X= F(Lx, KI) =sz LIX xx x _ - bv ,(1 :5") Y _ LIT 3\" 2?) _ a)? Ly 3'2? Where Li and K; denote respectively the amount of labc Assume that aX 2 8y =1 , bx = 1/2 and by ='I/2. Furthermore, suppose that the aggregate demand for good X and the aggregate demand for good Y are given respectively by w r -_ (22M Demand for X: 5' P I Demand for Y: 1'= ELM. p)\" I' where p J denotes the price of good J, J=X, Y, M denotes "national income", and the preference/demand parameter is d: 0.7. Finally, assume that the economy has 234 units of labour and 195 units of capital. Let w denote the price of labour and r denote the price of capnal What is the equilibrium value of the price of good X, given the equilibrium price of labour is w*:'l? Answer: 2.82845 Question 7 . . Note: There could be several questions on this economy. Answer Complete . . each one carefully and record your answer taking Into account yggked 0'\" \"f that your answer may be relevant to the question(s) that may ' follow. \\V Flag . . . 7 question C01151der a production economy" Wllh two goods. )x a. the production function ofeach good is given by b [1 z: ) X= F(L,K)=aLxK X X- x X X X _ .. by ,(1 bu) Y _ (\"1 L)\" Ky) _ a)? '5); 2? - Where Li and K; denote respectively the amount of labc Assume that aX : ay :1 , bX :1/2 and by 21/2. Furthermore, suppose that the aggregate demand for good X and the aggregate demand for good Y are given respectively by . r -_ a M Demand for X: 5' P I Demand for Y: y= MJiC Pr where p J denotes the price of good J, J:X, Y, M denotes "national income\Question 8 . . Note: There could be several questions on this economy. Answer Complete . . each one carefully and record your answer taking Into account :'Aggked 0\" Of that your answer may be relevant to the question (5) that may ' follow. \\V Flag . . _ r question C Oiisider a production economy" With two goods. )k a. the production function of each good is given by b (15?) X= FUJI, KI) =ax 15;}: x X _ , av ,(1 by!) Y _ 91 L)\" Ky) _ a)? '5); 2? - where Li and K; denote respectively the amount of labc Assume that aX = ay =1 , bX 21/2 and by 21/2. Furthermore, suppose that the aggregate demand for good X and the aggregate demand for good Y are given respectively by " r -_ l1 M Demand for X: A'- P ' ' 1 ELI! Demand 101' '1 : = _(_Pa_)__ r?" where p J denotes the price of good J, J:X, Y, M denotes "national income", and the preference/demand parameter is d = 0.7. Finally, assume that the economy has 234 units of labour and 195 units of capital. Let w denote the price of labour and r denote the price of capnal What is the equilibrium quantity of good X? Answer: 14.6702 Questlon 9 . . Note: There could be several questions on this economy. Answer Complete . . each one carefully and record your answer taking Into account T3?\" 0\" 0f that your answer may be relevant to the question(s) that may ' follow. \\V Flag . . - question C01151der a productlon economy" With two goods. h a. the production function of each good is given by b (1 9 ) X= ex, KI) =ax LX" KI " - b (1 b ) Y 2 C'( L)\" 3'3!) = 29513: where Li and K; denote respectively the amount of labc Assume that aX = ay =1 , bX = 1/2 and by 21/2. Furthermore, suppose that the aggregate demand for good X and the aggregate demand for good Y are given respectively by , r __ 11M Demand for X: 3 p I Demand for Y: y= wJ. P? where p J denotes the price of good J, J=X, Y, M denotes "national income\Question 10 Note: There could be several questions on this economy. Answer Complete each one carefully and record your answer taking into account Marked out of that your answer may be relevant to the question(s) that may 1.00 follow. Flag question Consider a 'production economy' with two goods, X a the production function of each good is given by X = F( LX, Kx) = Qx Lx Y = G(6, ) = a,, Ly where Li and Kj denote respectively the amount of labd Assume that ax = ay = 1, bx = 1/2 and by =1/2. Furthermore, suppose that the aggregate demand for good X and the aggregate demand for good Y are given respectively by Demand for X: *= M Px Demand for Y: y= (1 - a) M Pywhere p J denotes the price of good J, J:X, Y, M denotes "national income", and the preference/demand parameter is d = 0.7. Finally, assume that the economy has 234 units of labour and 195 units of capital. Let w denote the price of labour and r denote the price of capnal What is the equilibrium quantity of capital employed in sector X? Answer: 87.12491 Question 11 Complete Marked out of 1.00 \\V Flag question Consider a two-person (1 and 2) two good (X and Y) oneinput (L) production economy. The utility function of person 1 is given by U1=366)(14x12 +y1 and the utility function of person 2 is given by U2=366x2- 4x22+y2 where x, and y, denote respectively person i's consumption amount of good X and of good Y, i=1, 2. Each person has Li: 366 units of labour and Ki: 366 units of capital, i = 1,2. The production function of good X and that of good Y are given respectively by X =('l/ 4) Lx\"2 KX'\"2 and Y = Ly\"2 Ky\"2 , where LJ and KJ denote respectively the amount of labour and capital used in the production of good j, j=X, Y. Let px , py , w and r denote respectively the price of good X, the price of good Y, the price of labour and the price of capital. Assume that the market for every good and the input is perfectly competitive and that in equilibrium w*=1. Derive the (free market) equilibrium price of good X, px'\". Then enter the value of px\" below. Answer: 3.46410 Question 12 Complete Marked out of 1.00 \\Y7 Flag question Consider a two-person (1 and 2) two good (X and Y) one-input (L) production economy. The utility function of person 1 is given by U1=366x1-4x12 +y1 and the utility function of person 2 is given by U2=366x2- 4X22+y2 where x, and y, denote respectively person i's consumption amount of good X and of good Y, i=1, 2. Each person has Li = 366 units of labour and Ki: 366 units of capital, i = 1,2. The production function of good X and that of good Y are given respectively by X :(1/ 4) LX112 KXV2 and Y : Ly\"r2 Ky\"2 , where LJ and KJ denote respectively the amount of labour and capital used in the production of good j, j=X, Y. Let p)( , py , w and r denote respectively the price of good X, the price of good Y, the price of labour and the price of capital. Assume that the market for every good and the input is perfectly competitive and that in equilibrium w*=1. Find the total amount of good X produced and consumed in the (free market) equilibrium and enter it below. Answer: 91.5 Question 13 Complete Marked out of 1.00 'F Flag question Consider a two-person (1 and 2) two good (X and Y) one-input (L) production economy. The utility function of person 1 is given by U1=366X1-4x12 +y1 and the utility function of person 2 is given by u2=366x2- 4X22+y2 where X, and yi denote respectively person i's consumption amount of good X and of good Y, i=1, 2. Each person has Li = 366 units of labour and Ki: 366 units of capital, i = 1,2. The production function of good X and that of good Y are given respectively by X =(1/4) Ly\"2 K,\"2 and Y : LyW2 Ky1er , where LJ and KJ denote respectively the amount of labour and capital used in the production of good j, j:)(, Y. Let p)( , py , w and r denote respectively the price of good X, the price of good Y, the price of labour and the price of capital. Assume that the market for every good and the input is perfectly competitive and that in equilibrium w*=1. Find the total amount of good Y produced and consumed in the (free market) equilibrium and enter it below. Answer: 18.3841 Question 14 Complete Marked out of 1.00 '(7 Flag question Consider a two-person (1 and 2) two good (X and Y) one-input (L) production economy. The utility function of person 1 is given by U1=366)(1-4x12 +y1 and the utility function of person 2 is given by U2=366x2- 4x22+y2 where xi and yi denote respectively person i's consumption amount of good X and of good Y, i=1, 2. Each person has Li = 366 units of labour and Ki: 366 units of capital, i = 1,2. The production function of good X and that of good Y are given respectively by X =(1l4) Ly\"2 KXV2 and Y = LyW2 Ky\"2 , where LJ and KJ denote respectively the amount of labour and capital used in the production of good j, j:)(, Y. Let px , py , w and r denote respectively the price of good X, the price of good Y, the price of labour and the price of capital. Assume that the market for every good and the input is perfectly competitive and that in equilibrium w*=1. Suppose the government imposes a per-unit tax on good X, t: 4. Find the price of good X paid by consumers in equilibrium and enter it below. Answer: 1.19029 Question 15 Complete Marked out of 1.00 \\V Flag question Consider a two-person (1 and 2) two good (X and Y) oneinput (L) production economy. The utility function of person 1 is given by U1=366x1-4x12 +y1 and the utility function of person 2 is given by U2=366x2 4x22+y2 where X, and y, denote respectively person i's consumption amount of good X and of good Y, i=1, 2. Each person has Li: 366 units of labour and Ki: 366 units of capital, i = 1,2. The production function of good X and that of good Y are given respectively by X :(1/4) L),\"2 lel2 and Y : Ly\"2 Ky\"2 , where LJ and KJ denote respectively the amount of labour and capital used in the production of good j, j=X, Y. Let p)( , py , w and r denote respectively the price of good X, the price of good Y, the price of labour and the price of capital. Assume that the market for every good and the input is perfectly competitive and that in equilibrium w*='|. Suppose the government imposes a perunit tax on good X, t = 4. Calculate the value of the efficiency loss due to the tax and enter it below. Answer: 32.7105