From the information given in the preceding question (in which Ming views X and Y as perfect complements), we know that O when the price of Y increases, Ming's demand curve for X shifts in. O when the price of Y increases, Ming's demand curve for X shifts out. O when the price of X increases, Ming's demand curve for X shifts out. O Ming's demand curve for X is a horizontal line. O Ming's demand curve for X is a vertical line.
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- Applying the DDM model utilizing the following inputs: PO, d1, d2, r, g. When rearranging the price expression so that we can solve for g, g= r - d2/((PO*(1+r)-d1)) True FalseThe supply and demand equations of a good are given by the following formulas P=2Qs +48 P= -6QD+ 160 Find the equilibrium price and quantity. The equilibrium quantity is. (Type an integer or a decimal.) ***Which of the following is not an assumption of the basiceconomic-order quantity model?A. quantity discounts are availableB. ordering or setup costs are constantC. lead time is constantD. annual demand is constant and know
- A market demand function is given by the equation QD = 180 – 2P. Find the value of consumer surplus if price is equal to 65. Illustrate your demand curve and the area of consumer surplus. Identify the area of consumer surplus, the price at which demand is zero, the level of demand if price was zero and the slope (show calculation if required).You are the principal economist at a firm that produces some output y based on the following function: y = f(x1, x2) = x ³ x ² 1. Calculate the marginal product (MP) of both inputs at some arbitrary input bundle (x₁, x₂). Interpret the sign of both. 2. Using your answer in the previous part, calculate OMPT₂/0x₁. Interpret what this means. 3. Calculate the technical rate of substitution between ₁ and x2, i.e., MP/MP₂. 4. Does this production function exhibit increasing, decreasing, or constant returns to scale? Show. 1 5. Lay out a brief, realistic example of x₁, x2, y that fits the dynamics that you calculated.2) Suppose there are two consumers in an economy: consumer A and consumer B. They have two goods (x and y) allocated between them. A has 5 units of x, B has 15 units of x. A has 5 units of y, B has 5 units of y. Consumers have identical utility functions given by U=x*y. a) Draw the Edgeworth box showing the current allocation of the two goods. Put consumer A in the lower left-hand corner, and consumer B in the upper right-hand corner. b) To your Edgeworth box add the two consumers' indifference curves going through the initial allocation point, clearly showing that the allocation is not efficient. Explain why it is not efficient, using the MRS calculations. c) Suggest a trade that would increase both consumers' utility. (Several correct answers are possible). Is your proposed allocation efficient? d) What does the contract curve look like in this economy? Derive its formula and add its graph to your Edgeworth box.
- Suppose that the utility function for two goods X and Y is given by U = x2y. (a) Write the equation of the indifference curve for a consumer who purchases 8 units of X and 25 units of Y. (b) If the consumer purchases 100 units of Y, how many units of X must be purchased to retain the same level of utility?Construct the payoff piecewise function from a bull spread when puts with strike prices K1 and K2, with K2 > K1, are used.Derive the Karush-Kuhn-Tucker conditions for this Bid-price policy program (also shown in the image for clarity),min J˜µT(x)s.t. µ ≥ 0with variable µ ∈ ℝ^m. In particular, show that an optimal solution µ* to this program must satisfy the constraints in the image below:
- Which of the following statements regarding price elasticity is incorrect? a. A product with a perfectly inelastic demand would have the same demand even as prices change. b. A product with a perfectly inelastic demand would see demand change as prices change. c. When demand is price elastic, lower prices stimulate demand. d. When demand is price elastic, higher prices reduce demand.Show that for an initial wealth w and a linear utility function u(w) = w, then P= E[X].Which one of the following statements is correct?a. If NPV is positive, IRR will be less than required rate of returnb. If NPV = 0, IRR is equal to the required rate of returnc. If NPV is positive, IRR is equal to the required rate of returnd. If NPV is negative, IRR will be greater than the required rate of returne. None of the above