Duopoly Games

Q.

Explain the various steps involved in the construction of index number on industrial production.

Q.

The demand and supply functions for your college newspaper are, $q=-9000p+5200$ and $q=2000p+800$, respectively, where $p$ is the price in dollars. At what price should the newspapers be sold so that there is neither a surplus nor a shortage of papers?

Q. On the consumption of $10$ units of a commodity, a consumer finds that $M{U}_X$ has exceeded the marginal utility of money. Should her reduce the consumption of $X$ so that he strikes an equilibrium. Give reason in support of your answer.

Q. When economists speak of the utility of a certain good, they are referring to:

1. The usefulness of the good in consumption.
2. The satisfaction gained from consuming the good.
3. The demand for the good.
4. The rate at which consumers are willing to exchange one good for another.