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Imagine you are the curator of a museum and the museum is running out of funds.so, you want to increase the revenue of the museum. To do so should you increase or decrease the price of museum tickets? Explain
consumer has money income of USD 400 and consumes x and y with price of x and y are equals 2 and 5 respectively . U=X^1/3 Y^2/3
A) Calculate the demand function for x and y
B) calculate the utility maximize levels of x and y
C) compute the maximize utility that consumer drive from consumption of x and y
1. The table below gives the demand schedule of bags of cat food
Price
(RM per bag of cat food) | Quantity (bags of cat food per year) | Total Revenue (RM)
5 4
4 8
3 12
2 16
1 20
a. Complete the table by calculating the total revenue for each row.
b. Between which prices is demand elastic? Inelastic? Unit elastic?
Using the matrix X = [2,2,2,2,4,6] Calculate M = ( I2 - X(XT X) "-1" XT ) and show that M is an idempotent matrix (Do not convert fractions into decimal numbers). in Assignment Expert
Find the optimal commodity purchased by a consumer whose utility function and budget constraints are U=(q1)^2 (q2)^2 and 4q1 + 8q2= 96 respectively
A monopoly firm is faced with the following demand function p=13_0.5Q the marginal cost function for the firm is given by 3+4Q and the total fixed cost is four
Determine
(a) The profit maximizing output
(b) The level of supernormal output if any
(C) the output level at the break even point
Briefly explain two exceptions to the definition of an indifference curve
given that a firm has a utility function U=X^0.5Y^0.5, determine the demand function for commodities X and Y
Find consumer surplus. Given that pd=(6-Q) ², ps=14+Q
Mention two opportunity costs for building a dam on a river
