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2008-11-26

1.We are looking at an economy with 2 firms and 2 customers. Consumer no. 1 owns firm no.

1, which produces guns from oil. Its production function is b=2x. Customer 2 owns firm

no. 2. It produces butter out of oil with production function s=3x. Utility of customer 1 is

u (b , s )=b^4 s^6 and the utility of customer 2 is u (b , s )=10+0,5ln b+0,5 ln s .

(i) What is the price of guns, butter and oil?

(ii) How many guns, and how much butter does each customer use?

(iii) How much oil does each company use?

2.

Look at an economy with 2 goods, x and y, and 1 production factor, z. Two types of people

are in the economy. Both have the utility function U (xi , yi )=min (                                                        xi , yi )                                                        , where xi and

yi are the consumption of customer i= α , β of x and y. Each customer α has a company that

produces good x and uses z as production factor. The profit function is Pα=(px)^2/4pz

. Each β

produces good y and uses z as production factor. The profit function is Pβ=(py)^2/pz





Look at an economy with 2 goods, x and y, and 1 production factor, z. Two types of people

are in the economy. Both have the utility function U (xi , yi )=min (                                        xi , yi )                                        , where xi and

yi are the consumption of customer i= α , β of x and y. Each customer α has a company that

produces good x and uses z as production factor. The profit function is Pα=(px)^2/4pz

. Each β

produces good y and uses z as production factor. The profit function is Pβ=(py)^2/pz




yi are the consumption of customer i= α , β of x and y. Each customer α has a company that

produces good x and uses z as production factor. The profit function is Pα=(px)^2/4pz

. Each β

produces good y and uses z as production factor. The profit function is Pβ=(py)^2/pz



produces good x and uses z as production factor. The profit function is Pα=(px)^2/4pz

. Each β

produces good y and uses z as production factor. The profit function is Pβ=(py)^2/pz


produces good y and uses z as production factor. The profit function is Pβ=(py)^2/pz

. We start

with no x and y but each r α and β owns 10 z. All producers and customers are price takers.

(i) Find the supply functions and demand for the production factor for α and β.

(ii) Find equilibrium prices.

(i) What is the price of guns, butter and oil?

(ii) How many guns, and how much butter does each customer use?

(iii) How much oil does each company use?

2.

Look at an economy with 2 goods, x and y, and 1 production factor, z. Two types of people

are in the economy. Both have the utility function U (xi , yi )=min (                                        xi , yi )                                        , where xi and

yi are the consumption of customer i= α , β of x and y. Each customer α has a company that

produces good x and uses z as production factor. The profit function is Pα=(px)^2/4pz

. Each β

produces good y and uses z as production factor. The profit function is Pβ=(py)^2/pz





Look at an economy with 2 goods, x and y, and 1 production factor, z. Two types of people

are in the economy. Both have the utility function U (xi , yi )=min (                        xi , yi )                        , where xi and

yi are the consumption of customer i= α , β of x and y. Each customer α has a company that

produces good x and uses z as production factor. The profit function is Pα=(px)^2/4pz

. Each β

produces good y and uses z as production factor. The profit function is Pβ=(py)^2/pz




yi are the consumption of customer i= α , β of x and y. Each customer α has a company that

produces good x and uses z as production factor. The profit function is Pα=(px)^2/4pz

. Each β

produces good y and uses z as production factor. The profit function is Pβ=(py)^2/pz



produces good x and uses z as production factor. The profit function is Pα=(px)^2/4pz

. Each β

produces good y and uses z as production factor. The profit function is Pβ=(py)^2/pz


produces good y and uses z as production factor. The profit function is Pβ=(py)^2/pz

. We start

with no x and y but each r α and β owns 10 z. All producers and customers are price takers.

(i) Find the supply functions and demand for the production factor for α and β.

(ii) Find equilibrium prices.
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2008-11-26 12:33:00

第二题有点乱,我重新编辑了一下,请看:

2.Look at an economy with 2 goods, x and y, and 1 production factor, z. Two types of people

are in the economy. Both have the utility function U (xi , yi )=min ( xi , yi ) , where xi and

yi are the consumption of customer i= α , β of x and y. Each customer α has a company that

produces good x and uses z as production factor. The profit function is Pα=(px)^2/4pz

. Each β

produces good y and uses z as production factor. The profit function is Pβ=(py)^2/pz

We start

with no x and y but each r α and β owns 10 z. All producers and customers are price takers.

(i) Find the supply functions and demand for the production factor for α and β.

(ii) Find equilibrium prices

produces good y and uses z as production factor. The profit function is Pβ=(py)^2/pz

We start

with no x and y but each r α and β owns 10 z. All producers and customers are price takers.

(i) Find the supply functions and demand for the production factor for α and β.

(ii) Find equilibrium prices

produces good x and uses z as production factor. The profit function is Pα=(px)^2/4pz

. Each β

produces good y and uses z as production factor. The profit function is Pβ=(py)^2/pz

We start

with no x and y but each r α and β owns 10 z. All producers and customers are price takers.

(i) Find the supply functions and demand for the production factor for α and β.

(ii) Find equilibrium prices

produces good y and uses z as production factor. The profit function is Pβ=(py)^2/pz

We start

with no x and y but each r α and β owns 10 z. All producers and customers are price takers.

(i) Find the supply functions and demand for the production factor for α and β.

(ii) Find equilibrium prices

yi are the consumption of customer i= α , β of x and y. Each customer α has a company that

produces good x and uses z as production factor. The profit function is Pα=(px)^2/4pz

. Each β

produces good y and uses z as production factor. The profit function is Pβ=(py)^2/pz

We start

with no x and y but each r α and β owns 10 z. All producers and customers are price takers.

(i) Find the supply functions and demand for the production factor for α and β.

(ii) Find equilibrium prices

produces good y and uses z as production factor. The profit function is Pβ=(py)^2/pz

We start

with no x and y but each r α and β owns 10 z. All producers and customers are price takers.

(i) Find the supply functions and demand for the production factor for α and β.

(ii) Find equilibrium prices

produces good x and uses z as production factor. The profit function is Pα=(px)^2/4pz

. Each β

produces good y and uses z as production factor. The profit function is Pβ=(py)^2/pz

We start

with no x and y but each r α and β owns 10 z. All producers and customers are price takers.

(i) Find the supply functions and demand for the production factor for α and β.

(ii) Find equilibrium prices

produces good y and uses z as production factor. The profit function is Pβ=(py)^2/pz

We start

with no x and y but each r α and β owns 10 z. All producers and customers are price takers.

(i) Find the supply functions and demand for the production factor for α and β.

(ii) Find equilibrium prices

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2008-11-26 13:24:00

这个也不难啊 QQ547989810 我语音给你说吧

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2008-11-26 18:11:00

sorry, I prefer msn than QQ, and be honest, I didn't install QQ in my computer. So would you like to make a document for me, and send it to liz1@hi.is.

Thanks.

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