- Peter S Utility Function Is U 12x2 Y2 The Price Of Good X Is 3 And The Price Of Good Y Is 1 John S Income Is 12 1 (47.81 KiB) Viewed 31 times
= Peter's utility function is U = 12x2 + y2. The price of good x is 3, and the price of good y is 1. John's income is 120. In what proportion x/y will Peter consume the two goods? a. x/y = 1. b. x/y = 3. C. x/y = 6. d. x/y = 3/2 = =
= A firm's production function is q = VK2 + L2. The price of L is 1 and the price of K is 1. This firm's long-run cost function is a. 29 b. 2729 C. 29/2 d. V2q
Suppose that industry demand is p : 2206 5Q, where p is the price and Q is total output. Long-run total cost is TC q3 – 4q2 + 8q, where q is firm output. The long-run equilibrium price is a. 1. b. 2. C. 4. d. 8.
There are 10 firms in a perfectly competitive industry. The short-run total cost function of each firm is TC 5 + 2q2, where q is firm output. If p is the market price and Q is industry output, the short-run industry supply is given by a. Q = p/4. b. Q = 5p/4. C. Q = 10p/4. d. Q = 5p/8. = =