Economics Questions
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If Javier’s current consumption level is 4 units of good X and 4 units of good Y and
their utility function is U(X, Y)
8X0.25 y0.75, then Javier’s
MUY
[round your answer to 2 decimal places; enter only a numeric
answer; do not enter any letters or symbols]
? [round your answer to 2 decimal places; enter only a numeric
answer; no letters or symbols.
[Suggested time = 12 mins.] Suppose a firm hasTC = 292 +Q+40 and operates in a
perfectly competitive market characterized by the demand and supply given below.
Find the firm’s profit-maximizing price and output level, and enter them in the blanks
provided in Parts A and B.
=
Q = 150 – 2PQ = – 25 + 3P
(Part A) Rounded to 2 decimal places, the firm will charge a price of:
A/
[round to 2 decimal places; enter only numbers; do not enter symbols, punctuation
or other non-numeric characters]
(Part B) Rounded to 1 decimal place, the firm’s output level will be:
A (round to 1 decimal place; enter only numbers; do not enter
symbols, punctuation or other non-numeric characters]
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2 Questions
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economics
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