There Are 100 Identical Demanders of Product Y, and the Demand

question 3

Multiple Choice

There are 100 identical demanders of product y, and the demand function for each individual is y = 10 - p. The production function for any firm is y = min(z₁,z₂) . If the industry were to produce 700 units of y, then aggregate requirements would be:

• A)z₁ = 350 and z₂ = 350.
• B)z₁ = 500 and z₂ = 500.
• C)z₁ = 700 and z₂ = 0 if w₁ < w₂.
• D)z₁ = 700 and z₂ = 700.

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Definitions:

Financial Services

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The average income earned per person in a specific area or country in a specified year.

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A tool for strategic planning that helps identify the Strengths, Weaknesses, Opportunities, and Threats associated with competitive business environments or project planning scenarios.

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