ECON 5010 Final: ECON 5010 York Fall 07 Final Exam
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Economics 5010 af3. 0 : applied microeconomics: bucovetsky time=2. 5 hours. Do any 6 of the following 10 questions. All count equally: if a person"s preferences can be represented by the utility function u(x1, x2, x3) = x1 + ln x2 + ln (x2 + x3) Explain: what are the cournot nash equilibria to a duopoly in which rms choose simulta- neously the quantities to produce of a homogeneous good, if the demand function for the good has the equation. Q = 60 p and each rm"s total cost function has the equation. T c(q) = 120 + 30q q > 0. 2 (where xh j is person h"s consumption of good j). Person 1 and 2 each have an endowment of 2 units of good 1 and none of good 2. Person 3 and 4 each have an endowment of 2 units of good 2 and none of good 1.
