Suppose that w = 20 , how much money will the person put in the bank?
Suppose that w = 30 . What is the person’s price elasticity of his demand for x1 ?
[Take the absolute value of the elasticity.]
Suppose the government provides an insurance plan for the farmer. If he pays $0.5X to
the government now, he will get $X from the government when case B occurs, but will
get nothing when case A occurs. What is the optimal X for him?
Suppose there is no insurance plan. The farmer can drill a well to prepare for the rain
shortage. It costs C dollars to drill a well. When case A occurs, the well is useless.
When case B occurs, the farmer can still have enough water, and get $30,000 from
selling rice. So his final wealth will be $40,000 −C in both case A and Case B. What
is the amount of C for him to be indifferent between drilling and not drilling?
Suppose C = 12,000 . Now there is a weather expert who can predict perfectly the
amount of rainfalls. If the expert predicts that there will be enough rain, the farmer does
not need to invest on the well. If he predicts that the rain will not be enough, then the
farmer knows he should invest. However, it costs I dollars to buy the information.
Write down the equation that determines the maximal amount of I that the farmer is
willing to pay for the information.
What is the price that maximizes R’s profit? Write it as a function of w .
What is the wholesale price w that maximizes M’s profit?
What is the wholesale price w that maximizes M’s profit?
In the short run, suppose there are 50 firms whose fixed costs are all F = 100 . What is
the equilibrium price?
In the short run, suppose there are 10 firms whose F is 50, and 10 firms whose F is
100. What is the equilibrium price?
Derive the equation of the aggregate demand curve.
What is the price level in the long-run equilibrium?
Questions 20-21. Assume there are two countries: Home and Foreign. The following
events are independent from each other. Assume other things remaining the same in each
question.
The Home country’s output increases. Will the Home country’s currency appreciate or
depreciate?
Questions 20-21. Assume there are two countries: Home and Foreign. The following
events are independent from each other. Assume other things remaining the same in each
question.
The Foreign country’s output increases. Will the Home country’s currency appreciate
or depreciate?
What is the price level in Home?
What is the price level in Home?
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