NOTES FOR MICROECONOMICS 2011 - New York University

The Sherman Act - New York University

The Clayton Antitrust Act (1914) The Clayton Antitrust Act is comprised of §§ 12, 13, 14-19, 20, 21, 22-27 of Title 15. Some sections have been edited or eliminated because of space concerns. Note also that §§ 13a, 13b, and 21a comprise the "Robinson-Patman Price …

TELECOMMUNICATIONS REGULATION: AN INTRODUCTION

Clearly, the success or failure of a market in the absence of regula- tion depends crucially on the demand and cost conditions under the present . ... Thus antitrust laws are used to guard against re- strictions on competition. Economic regulation has been established as a last ... goal of universal service. Basic telecommunications service is ...

  Introduction, Telecommunication, Regulations, Success, Laws, Universal, An introduction, Telecommunications regulation

Problem Set 2: Solutions Problem 1 (Marginal Rate of ...

Problem 1 (Marginal Rate of Substitution) (a) For the third column, recall that by de nition MRS(x 1;x 2) = @U @x1 @U @x2 . Utility Function @U @x 1 @x 2 MRS(x 1;x 2) MRS(2,3) (i) U(x 1;x 2) = x 1x 2 x 2 x 1 x 2 x 1 3 2 ... (Marginal utility per dollar spent is equalized.) { Note: An equivalent way of writing this is MU 1 MU 2 = p p 2 (using ...

  Rates, Substitution, Marginal, Marginal rate of substitution, Marginal rate

Economics 103 Final exam ANSWER KEY - Simon Fraser …

22) Leah consumes at a point on her budget line where her marginal rate of substitution is less than the magnitude of the slope of her budget line. As Leah moves towards her best affordable point, she will move to A) a lower budget line. B) a higher budget line. C) a lower indifference curve. D) a higher indifference curve.

  Rates, Substitution, Marginal, Marginal rate of substitution

CONSUMER PREFERENCES - University of Southern Indiana

The marginal rate of substitution reflects the maximum amount of good Y the consumer would be willing to give up in order to obtain an additional unit of X. The consumer would be happy to give less Y since it would place the consumer above U1 at a higher utility level. However, the

  University, Rates, Southern, Indiana, Substitution, University of southern indiana, Marginal, Marginal rate of substitution

MARGINAL UTILITY AND MRS (detailed notes)

The marginal rate of substitution is equal to the ratio of the marginal utilities with a minus sign. Thus even though the marginal utilities have no behavioral content their ratio does - it measures the rate at which a consumer is willing to substitute between the two goods. 2.

  Rates, Substitution, Marginal, Marginal rate of substitution

CHAPTER 7 THE COST OF PRODUCTION - University of Houston

The marginal product of labor is dQ dL = 2KL. The marginal product of capital is dQ dK = L2. Set the marginal rate of technical substitution equal to the input price ratio to determine the optimal capital-labor ratio: 2 15 2 10 KL L = , or K = 0.75L. Therefore, the capital-labor ratio should be 0.75 to minimize the cost of producing any given ...

  Rates, Substitution, Marginal, Marginal rate

20. Homogeneous and Homothetic Functions

Of course, the calculation for the marginal rate of technical substitution is essentially the same. Consequences of this include that facts that income expansion paths and scale ex-pansion paths are rays through the origin whenever the original production or utility function is homogeneous. x y

  Rates, Functions, Substitution, Marginal, Marginal rate

PARLIAMENT OF THE DEMOCRATIC SOCIALIST REPUBLIC OF …

(2) in subsection (3) of that section, by the substitution for the words “A change in a trust or company’s year of assessment shall”, of the words and the figure “A change approved under subsection (2) shall not”; (3) by the substitution for the marginal note of that section, of the following marginal note: - “Year of assessment”. 13.

  Substitution, Marginal