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 Suppose the generic demand function of a hypothetical good is given by:

 Qd = 250 + 0.75Y- 0.35P + 0.25Py + 500, where Y is income, Py is price of the related good and P is price of the good .Y =1500. P=3, Py =2 then

 A. Find quantity of demand

 B. Calculate price elasticity of demand and interpret your result

 C. Calculate income elasticity of demand and identify the types of goods.

 D. Calculate cross price elasticity of demand and identify the nature of the good

Two players must choose among three alternatives a, b, and c. Player 1's preferences are given by a≻b≻c while player 2's preferences are given by c≻b≻a. The rules are that player 1 moves first and can veto one of the three alternatives. Then player 2 chooses one of the remaining two alternatives.

(a) Find all Nash equilibria of this game.

(b) Find the subgame-perfect NE of this game.

Given the utility function U=150X+40X2-X3, derive average and marginal utility functions, Find the value of X at which total utility is maximum, and the value of X at which average utility is maximum?

16 H )

12 H ) . If the government established price controls and also raised the money supply 20 percent, within the quantity theory framework, what would happen?

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An increase in the marginal propensity to import reduces the equilibrium income in an open economy while an increase in autonomous export increases equilibrium income. Explain