Loose-leaf Version for Microeconomics in Modules
5th Edition
ISBN: 9781319388317
Author: KRUGMAN, Paul, Wells, Robin
Publisher: Worth Publishers
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Chapter 16, Problem 2QFT
To determine
To explain:
The reason behind the greater fragmentation of users.
Concept introduction:
Externality in Economics:
In economics, externality is a concept which discusses the consequence of an economic activity which can have a positive or a negative impact on the third party who is completely unrelated to the activity.
Positive externality:
Externality which creates benefit to the third party is positive externality.
Negative externality:
Externality which creates harm to the third party is negative externality.
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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).
Chapter 16 Solutions
Loose-leaf Version for Microeconomics in Modules
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