Other Economics Answers

Given the demand function for the two markets and total cost function that:

Q₁ = 55 – P₁; Q₂ = 70 – 2P₂ and TC=5Q + 20 where Q = Q₁ + Q₂

A.   Calculate the equilibrium price, equilibrium quantity in each market with price discrimination

B.    Calculate the maximum profit using equilibrium price and quantity with price discrimination

C.    Calculate the price elasticity of demand in each market using MR=P(1+1/Ɛ_p) 

D.   Calculate the equilibrium price and quantity without price discrimination

E.    Calculate the maximum profit without price discrimination

F.     Is the Monopolist better off with or without price discrimination

Given the following demand function and total cost function as:

Q = 250-5P and TC = 0.5Q² + 5Q + 125 

Calculate the equilibrium price, Equilibrium Quantity and the total profit

A. under perfectly competitive market structure

B. Under monopolistic competitive market

3. What will be the maximum utility of a person given the following utility function?

U= -4Q2+80Q

a) Test the significance of the coefficient of education and interpret the coefficient of education.

Can specialization in production and mutually beneficial trade be based solely on a difference in tastes between two nations? How is this different from the more general case?

Why is there incomplete specialization in pro- duction (even in a smaller nation) with increasing opportunity costs? How are the results under increasing costs different from the fixed-costs case? 

Why does specialization in production with trade proceed only up to the point where relative commodity prices in the two nations are equalized? How is the equilibrium-relative commodity price with trade determined?

What is meant by the equilibrium-relative commodity price in isolation? How is this price determined in each nation? How does it define the nation’s comparative advantage? 

What difficulties arise in the use of community indifference curves in trade theory? How can these difficulties be overcome? 

What does a community indifference curve measure? What are its characteristics? What does the slope of an indifference curve measure? Why does it decline as the nation consumes more of the commodity measured along the horizontal axis?