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(a) Let the demand function for a good be
q = A pα yβ
where q = the quatity demanded, p = the price per unit and y = the income. What do the parameters α and β imply and what is the sum of α and β ? Interpret your result.
(b) Consider the utility function u = log x1 + x2 which is to be maximized subject to the budget constraint m = p1x1 + p2x2 , where p1 and p2 are the prices per unit of the goods x1 and x2 respectively, and m is the income of the consumer. Derive the demand for x1 and x2 and interpret your results.
(c) Given the demand function and total cost function of a perfectly competitive firm as p = 32 - X, c = X2 + 8X + 4, p being price, c being cost and X = output.
Find out the output, price, profit and total revenue corresponding to maximization of total profit.
(300 words) (8+10+7=25 Marks)
By: Jyoti Das ProfileResourcesReport error
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