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October 05 , 2018

Micro Economics intersection point

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A company in an oligopolistic industry has identified two sets of demand curves. If the company is the only one that changes prices (that is, other companies don’t follow its lead), its demand curve is Q = 82 – 8P.  If, however, it is expected that competitors will follow the price actions of the company, then the demand curve will be Q = 44 – 3P.

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Micro Economics Consumption Function

"(a) Write down an expression for his budget constraint. (b) Pawel's preferences are captured by the utility function u(q,Q) =\nq + n\nQ Where is a preference parameter? Find his uncompensated demand for British and Polish food. (c) Would his demand for Polish food rise or fall if « were to increase? Explain.

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