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Problem Set 4-1

Problem Set 4-1 - Econ 100A Microeconomics Professor...

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Econ 100A - Microeconomics Professor Reynolds Department of Economics University of California, Berkeley Problem Set 4 Due 8:10 am March 10 1. 14.4A omitting part h & c (though use the story from c for further parts) & the following parts below i. What will happen to the demand for regular hamburgers now that MacWendy’s (and its huge advertising campaign influencing consumer preferences) is in town? j. How does this affect equilibrium price and quantity of regular hamburgers in the short & long run? (Are firms exiting, entering, producing more, or producing less?) k. In a torrential downpour the road to your town washes out and you cannot receive more MacWendy’s hamburger packaging paper indicating that these hamburgers are the real thing. Your supply is sure to run out before the road can be fixed. How might this change your production decisions over time? (Think supplement 1 – no math or graphs needed, only comment.) 2. 18.9 A & the following parts (and clarifications) below.
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