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Calculus Volume 3 | 1st Edition | ISBN: 9781938168079 | Authors: Openstax ISBN: 9781938168079 2033

Solution for problem 69 Chapter 4.2

Calculus Volume 3 | 1st Edition

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Calculus Volume 3 | 1st Edition | ISBN: 9781938168079 | Authors: Openstax

Calculus Volume 3 | 1st Edition

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Problem 69

For the following exercises, evaluate the limits at the indicated values of x and y. If the limit does not exist, state this and explain why the limit does not exist.

\(\lim_{(x,\ y)\rightarrow(2,\ 5)}\left(\frac{1}{x}-\frac{5}{y}\right)\)

Text Transcription:

\lim_{(x,\ y)\rightarrow(2,\ 5)}\left(\frac{1}{x}-\frac{5}{y}\right)

Step-by-Step Solution:
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MARKET EFFICIENCY ch 3,4 7(skim) (“market efficiency” posted under extra readings tab on Bb) Prelim: measuring efficiency - Recall that we evaluate actions “at the margin” o The issue is not whether an action is “good” ro “bad” but whether a little more action will generate more benefits than costs - Consider a patent, an exclusive right to sell a product for 20 yrs o The benefit of a patnt is that it provides firms and induviduals with the incentive to develop new and better products o The cost of a patent is that it reduces competition, and thus allows patent holders to charge higher prices - Would it be efficient to have longer patent protection o If extending the duration of patents would generate additional benefits of $35 billion and additional costs of $20 billion, we would judge the action to be EFFICIENT (MB>MC) - An action is efficient only if the marginal benefits are greateer than the marginal costs - The MOST EFFICIENT action is one that produces the biggest net gain (i.e. biggest postivie difference between MB and MC) The social welfare consequences of markets - What purpose do markets serve o Markets are a medium which allows buyers and sellers to efficiently allocate resources - Trade in markets (and specialization) are big reasons why people are so much better off today than 200, 100, 50 years ago o Greater caloric intake o

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Chapter 4.2, Problem 69 is Solved
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Textbook: Calculus Volume 3
Edition: 1
Author: Openstax
ISBN: 9781938168079

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