Find the supply function for good 1 of each firm and the market supply function for good 1, and illustrate each firm supply and the market supply curves in a graphic.
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- 2. Consider a two person pure exchange economy with two divisible goods: : a consumer can consume any positive amount of any good The goods are; x1 and x2. The utility function are u' (x1, x2) = x1+Vx2, and u?(x1, x2) = x1 + x2, and the initial endowments are el Pi = 1, compute the competitive equilibrium for this economy. It is to say that you need to find the vector of prices, and allocations that sustain the Walrasian equilibrium. (25, 75) and e? = (75, 25). AssumingDerive a Co 5. Consider a two-consumer economy in which wA = (1,2), wB=(2, 2), u^(x₁,x) = x₁³x₂ and u²(x,x) = x, ³x₂² (a) Illustrate this economy in an Edgeworth box. (b) Derive a competitive equilibrium for this economy. 11_JJ)Question 8.A Frank the armadillo and Claire the ant eater consume ants (z) and termites (y). Frank has 30 ants and 10 termites, while Claire has 10 ants and 30 termites. Frank's utility function is: While Claire's utility function is: 2/3 1/3 Up (IF, YF) = IF Up Uc (Icyc) = 1/3,2/3 Find a competitive equilibrium for this economy.
- 5) Consider the following sequential move game: M 2,1 1,3 1,3 3,0 2,3 4,1 a) If z=0, find any subgame perfect NE. b) For what values of z will M occur in the subgame perfect equilibrium?Fall 2023/24) Adrienne and Stephen consume pizza, Z, and cola, C. Adrienne's utility function is and Stephen's is Us = (23) 05 (₂) 05 Their endowments are ZA-10, CA = 60, Zg=10, and C=140. What are the competitive equilibrium prices, where one price is normalized to equal one? is S $$ (Enter) UA =ZA CA Determine p, the competitive price of Z, where the price of C is normalized to equal one. Enter your response rounded to two decimal places) The competitive price, p.Consider a society consisting of just a farmer and a tailor. The farmer has 30 units of food but no clothing. The tailor has 60 units of clothing but no food. Suppose each has the utility function U=Fc, If the price of clothing is always $1, and the food price is currently $1, then we can conclude O the market is at a competitive equilibrium. the price of food will drop towards a contitive equilibrium. the price of food will increase towards a competitive equilibrium. O None of the above..
- Firm A and firm B are battling for market share in two separate markets.Market I is worth $30 million in revenue; market II is worth $18 million.Firm A must decide how to allocate its three salespersons between themarkets; firm B has only two salespersons to allocate. Each firm’srevenue share in each market is proportional to the number ofsalespeople the firm assigns there. For example, if firm A puts twosalespersons and firm B puts one salesperson in market I, A’s revenuefrom this market is [2/(2 1)]$30 $20 million and B’s revenue is theremaining $10 million. (The firms split a market equally if neitherassigns a salesperson to it.) Each firm is solely interested in maximizingthe total revenue it obtains from the two markets.a. Compute the complete payoff table. (Firm A has four possibleallocations: 3–0, 2–1, 1–2, and 0–3. Firm B has three allocations: 2–0,1–1, and 0–2.) Is this a constant-sum game?b. Does either firm have a dominant strategy (or dominated strategies)?What is the…The town of Grayling has 10 thousand residents who produce fish from fish farms and lakes. Each person who works on a fish farm produces 2 fish per day. Each person who fishes in a lake produces 10-X fish per day where X is the number of people (in thousands) who fish in the lakes. If every individual who fishes a lake is charged a tax of T fish, what value of T causes the Nash Equilibrium behavior to produce the largest possible number of fish for the town as a whole? (You can assume that the 'taxes' collected are shared among all of the residents)True/False For each of the following, you MUST indicate whether the statement is TRUE or FALSE and you MUST explain why. 1. 2. 3. 4. 5. A Nash Equilibrium is always Pareto Efficient. When there is production, a Competitive Equilibrium is not always Pareto Efficient due to possible increasing returns to scale. A Prisoner's Dilemma must involve prisoners. This is what makes the model interesting. A Pigouvian Tax to correct for the inefficiencies caused by a negative externality should be corrected by placing the tax between the Private Demand and the Social Demand at the intersection of Supply and Private Demand. To find the Social Welfare Function, simply add up the individual utility functions of each member of society.
- what is the Nash equilibrium to this problem? is the equilibrium efficient?a) Find the Nash equilibrium b) Find subgame perfect Nash Equilibrium. c) Explain why all Nash equilibriums are not subgame perfectFor this and a and b problems, consider a partial equilibrium model with two households with preferences given by u1(x1, m1) = 2 ln (x1 + 1/6) + m1 and u2(x2, m2) = 3 ln(x2+1/3)+m2, and two firms with cost functions for the production of good 1 given by c1(y1) = y 2 1 and c2(y2) = y 2 2 Find the demand function for good 1 of each household and the market demand function for good 1, and illustrate each household demand and the market demand curves in a graphic. a. Find the supply function for good 1 of each firm and the market supply function for good 1, and illustrate each firm supply and the market supply curves in a graphic. b. Find the competitive equilibrium price for good 1, as well as the equilibrium demand of each household, the equilibrium supply for each firm, the households’ utility in equilibrium, the firms’ equilibrium profits, the consumer surplus, the producer surplus, and the total surplus.