EBK ECONOMICS
20th Edition
ISBN: 8220102799479
Author: McConnell
Publisher: YUZU
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Question
Chapter 10, Problem 2RQ
Subpart (a):
To determine
Relevance of pure competition.
Subpart (b):
To determine
Total revenue and marginal revenue.
Subpart (c):
To determine
Total revenue and marginal revenue.
Subpart (d):
To determine
Total revenue and marginal revenue.
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and u (C1, C2)
=
1/2
=
f) Derive analytically and show graphically the solution under other util-
ity functions such as u (C1, C2) ac₁+bc2 where a, b > 0, u (C1, C2) = ac₁+bc1/2
acbc2 (assume that the agent is sufficiently rich to
avoid the corner solution). What of these utility functions reflects best your
own preferences (or indicate other utility function that represent your pref-
erences).
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