Ôn CK
Ôn CK
Ôn CK
1
A market demand curve: P =120-Q
Cost function: TCi(Q)=30Q for each firm
For Cournot competition
a. Response function?
b. Optimum quantity and price profits?
π1 =TR1-TC1
=P1.Q1 - TC1
=(120-Q1-Q2)Q1 - 30Q1^2
=120Q1 - Q1^2 - Q1Q2 - 30Q1^2
= -31Q1^2 - Q1Q2 + 120Q1
Π2 =TR2-TC2
=P2.Q2 - TC2
=(120-Q1-Q2).Q2 - 30Q2^2
=120Q2 - Q2^2 - Q1Q2 - 30Q2^2
= -31Q1^2 - Q1Q2 + 120Q1
CÂU 2:
1st degree: người mua sẵn sàng trả vs giá cao nhất, khi đó CS = 0
---------------
0 0 0 0 1000 0 1000 x 0 x 0
2.3 A
2.4 D (veblen là luxury)
Qribeye = cons+cof ribeye*P ribeye+ cof chuck * P chuck + cof chicken * P chicken+ cof
I*I
121.8=-24.773 -1.937*7.62-1.34*2.47+3.709*1.7+3.581*I
=> I= 44
Edi= Q’theo I * I/Q
=> EdI= 3.581*44/121.8= 1.27 >1 => veblen
c.
WHY MONOPOLY IS INEFFICIENT? (thấy bảo có cả câu này trong đề trên)
Monopoly is considered inefficient because it can lead to several negative economic
outcomes:
Reduced Competition: When a single company has exclusive control over a product or
service, it eliminates competition. This leads to higher prices for consumers and less
innovation, as the monopoly has little incentive to improve its products or services. Higher
Prices: In a monopoly, the company can charge higher prices without fear of losing
customers to competitors. This results in reduced consumer surplus and higher producer
profits.
Lower Output: Monopolies can produce less than what would be produced under perfect
competition, leading to a reduction in total output.
Deadweight Loss: Deadweight loss occurs when a monopoly charges a price that is higher
than the marginal cost of production. This results in a loss of consumer and producer surplus,
leading to a net loss in economic welfare.
Overall, monopoly leads to a reduction in economic efficiency, as it results in higher prices,
reduced output, and less innovation. This is why antitrust laws and regulations exist to
prevent monopolies and promote competition.
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Câu 1: MU of good X is 2, MU of good Y is 10. What is the MRS of good X over good Y?
MRS of good X over good Y = -MUx/MUy = -2/10 = -⅕
Câu 2: Given the utility function U=min(x;3y), which of the following give the same utility
as (3;2)?
(1;2) / (2;3) / (4;1) / (4;2)
U(3,2) = min (3,6) = 3
U(1,2) = min (1,6) = 1
U(2;3) = min (2;9) = 2
U(4;1) = min (4;3) = 3
U(4;2) = min (4;6) = 4
Thus, (4,1) has the same utility as (3,2)
Câu 3: Which of the following utility function shows that the two goods are perfect
complement?
U=min(x;y)
Chứng minh mấy cái còn lại tồn tại MRS (tính đạo hàm TU theo x,y để tính MUx, MUy r lấy
-MUx/MUy)
Perfect Complements: u(x, y) = min {x, βy}
Perfect Substitutes: u(x, y) = x + y
Câu 4-7: Cô sẽ cho một bảng chạy lượng cho một production function, ý chính như sau:
Dependent Variable: ln(q)
Coeff. ln(L)=0.50
Coeff. ln(K)=0.00
Coeff. _cons=0.00
w=wage, v=rent, p=market price, q=quantity produced
Câu 4: What is the total cost function? (wq^2) Hàm Cobb
Douglas: Q = A.K^0.L^0.5 coeff._cons=0 -> k có hệ số A, cof
ln(K) = 0 -> k có máy móc gì
-> Q = L^0.5 -> L = Q^2
TC = w.L+v.K = wL (vì k có máy móc) = wq^2
Câu 5: What is the profit maximizing quantity? (p/2w)
Competitive market: profit max khi P=MC=TC’=2wQ -> Q=P/2w
Câu 6: What is the profit of the firm when producing at profit-maximizing quantity?
(p^2/4w)
TR= P.Q = P^2/2w
TC = wq^2=w(P/2w)^2=wP^2/4w^2=P^2/4w
profit = TR - TC = P^2/2w - P^2/4w = P^2/4w
Câu 7: The firm wants to increase the product price by 20%. Seeing that, the workers
demand the firm to increase the wage by 20% as well. Should the firm accept and increase
both the price and the wage? (Yes, absolutely)
1.2P = 2.4wQ new TC = (1.2P)^2/4*1.2w = 3P^2/10w new TR =
(1.2P)^2/2*1.2w=3P^2/5w new profit = new TR - new TC =
3P^2/10w> profit ở câu 6 ->> Accept