1. >Microeconomics
Found 3  QuestionsSET DEFAULT
Selected Filters
    Microeconomics Public goods and market failure
Exams
Subjects
Topics

List of top Microeconomics Questions on Public goods and market failure

There are two goods 𝑋 and 𝑌 and there are two consumers 𝐴 and 𝐵 in a pure exchange economy. 𝐴 and 𝐵 have Cobb-Douglas utility functions of the form $𝑈_𝐴 = 2𝑋^{0.4} 𝑌^{0.6}$ and $𝑈_𝐵 = 𝑋^{0.3}𝑌^{0.7}$, respectively. Initially, 𝐴 is endowed with 50 units of good 𝑋 and 20 units of good 𝑌. Similarly, 𝐵 is endowed with 50 units of good 𝑋 and 20 units of good 𝑌. If the unit price of good 𝑌 is normalised to 1, then the equilibrium unit price for good 𝑋 is _____. (rounded off to two decimal places).
  • IIT JAM EN - 2024
  • IIT JAM EN
  • Microeconomics
  • Public goods and market failure
The characteristics of pure public good is/are
  • IIT JAM EN - 2024
  • IIT JAM EN
  • Microeconomics
  • Public goods and market failure
Suppose high quality and low quality products are sold at the same price to the buyers. The buyers have less information to determine the quality of the product compared to the sellers at the time of purchase. Which of the following problems arises in this situation?
  • IIT JAM EN - 2024
  • IIT JAM EN
  • Microeconomics
  • Public goods and market failure