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Category > Economics Posted 22 Jun 2017 My Price 6.00

ECON 461 Problem Set 1

ECON 461
Problem Set 1
Summer 2017
Question 1 will receive twice as much weight as question 2 in determining
that grade on the problem set. (For clarity: question 1 determines 10 per
cent of the course grade, question 2 determines 5 per cent of the course
grade.)
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0 Figure 1: Triangular distribution of consumers’reservation prices.
The reservation prices of N consumers for a good are distributed over
the range 0
according to the triangle density function shown in the
…gure.
The height of the triangle on its right side is h.
A consumer will buy 1 unit of the good if the consumer’s reservation price
p, where p is price.
Find the market demand and inverse demand equations.
Find the price elasticity of demand and the marginal revenue equation.
Show the derivations of your answers. Correct answers without
derivations will not receive credit.
2. Based on the material in the Agriculture chapter in The Structure of
American Industry, answer the following questions:
(a) in what ways are U.S. agricultural markets similar to the economic
model of a perfectly competitive market?
(b) in what ways are U.S. agricultural markets di¤erent from the economic
model of a perfectly competitive market?
1

 

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SuperTutor
(15)
Status NEW Posted 22 Jun 2017 01:06 AM My Price 6.00

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