Project #76985 - Economics

Advanced Analysis

Chapter 6, Problem 6 on p.151

6. Currently, at a price of $1 each, 100 popsicles are sold per day in the perpetually hot town of Rostin. Consider the elasticity of supply. In the short run, a price increase from $1 to $2 is a unit-elastic (E=1. 0) So how many popsicles will be sold each day in the short run if the price increases to $2 each? In the long run, a price increase from $1 to $2 has the elasticity of supply of 1.50. So how many popsicles will be sold per day if the price rises to $2 each? (Hint the midpoints approach to the elasticity of supply.)

Chapter 7, Problem 6 on p.165

Let MUa  =z=-x and MUb=z=21-2y, where is marginal utility per dollar measured in utlis, x is the amount spent on product A, and y is the amount spent on product B. Assume that the consumer has $10 to spend on A and----that is, x+y=10. How much is the $10 best allocated between A and B? How much utility will the marginal dollar yield?

 

Word file: The cover page must include your name, course, date, unit and assignment numbers, and problem number. Each problem must begin on a new page with a hard page-break. If you use Word to prepare calculations, prepare them in table form as if it were in Excel. Do not write anything past the margins.

 

Excel file: The first tab is the cover page and must include your name, course, date, and the unit and assignment number. Each problem must be numb on a separate tab. Each tab must be properly labeled. Note that Excel is not actually required, but if you use Excel, you must use it correctly: one number in one cell, and each number (cell) properly labeled. Do not type formulas; instead, you must use Excel functions to calculate. Do not write anything past the margins. Use landscape page orientation if necessary.

Subject Business
Due By (Pacific Time) 07/24/2015 12:00 am
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