Microeconomic Theory
12th Edition
ISBN: 9781337517942
Author: NICHOLSON
Publisher: Cengage
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Question
Chapter 14, Problem 14.11P
a)
To determine
To know:Equilibrium quantity and price.
b)
To determine
Calculation of marginal and
c)
To determine
To calculate:Calculation of marginal and average cost from total cost.
d)
To determine
To plot:Graphical representation of average cost curve.
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The preferences of a consumer are represented by the following utility function:
U = min (×1, 2x2)
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c) If p2=4, what is the new optimal bundle?
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