Microeconomics: Theory and Applications with Calculus, 4e

Exercises

All exercises are available on MyEconLab; ${*}^{}=\text{answer}$* = answer appears at the back of this book; $\mathbf{\text{M}}=\mathit{\text{mathematical}}$M = mathematical problem.

1. General Equilibrium 

1. 1.1 The demand functions for the only two goods in the economy are $Q_1=10-2p_1+p_2$[&Q_{1}|=|10|-|2p_{1}|+|p_{2}&] and $Q_2=10-2p_2+p_1\text{.}$[&Q_{2}|=|10|-|2p_{2}|+|p_{1}.&] Society has five units of each good. Solve for the equilibrium: $p_1\text{, }{p}_2\text{, }{Q}_1\text{,}$[&p_{1}, p_{2}, Q_{1},&] and $Q_2\text{.}$[&Q_{2}.&] M

2. 1.2 The demand functions for each of two goods depend on the prices of the goods, $p_1$[&p_{1}&] and $p_2:Q_1=15-3p_1+p_2$[&p_{2}: Q_{1} |eq|&] [&15|-|3p_{1}|+|p_{2}&] and $Q_2=6-2p_2+p_1\text{.}$[&Q_{2}|=|6|-|2p_{2}|+|p_{1}.&] However, each supply ...