Microeconomics

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microeconomics

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Microeconomics

Production for both countries before trade is provided in the following chart. Say that U.S. will trade 8 car bodies and Mexico will trade 10 car engines. Fill in the rest of the chart to find the gains from trade after specialization and trade:U.S. production/consumption before tradeU.S.Production after specializationUS consumptionafter specializationUS Gains from tradeMexico production/consumptionbefore tradeMexicoproduction after specializationMexico consumption after specializationMexicoGains from tradeCar Engines624CarBodies68
microeconomics

Consider a farmer who produces cabbages using tractors and labor inputs. Cabbages are produced using the production function given by Q = x1^ 0.5 x2^ 0.5 , where Q is output, x1 is labor input and x2 is tractor input. a) Define the farmer’s long-run profit maximization problem. b) It takes three months for new tractors to arrive while labor inputs can be changed within a day. Define and solve the profit maximization problem of the farmer for the next month...

microeconomics

Given what you know about the firm pricing behavior and profits in a competitiive market, explain why firms try to differentiate their products and increase the fame of their brands. A firm’s supply function is given by S(p) = 2p. What is its marginal cost at any output level y? What are its profits if the price is given at 10. What are its profits if there are fixed costs of 50?Predatory pricing is the practice of lowering prices below the...
Microeconomics

Is each of the following situations an example of savings, investment, or neither? In each case explain your choice.(a) A savings and loan association lends money for the purchase of “junk" (not backed) bonds.(b) The city of Los Angeles rebuilds highways after an earthquake.(c) In order to improve the income earning potential of current welfare recipients, thefederal government increases the size of income transfers.
Microeconomics

Does thisthis taking place? Show your solution for each answer.production function exhibit diminishing returns? Explain. If so, at which worker is

Microeconomics

1. We are examining the market for gold picture frames in Ontario. Given below are the demand schedule and supply schedule for this product for one year. Accurately graph the demand and supply curves on one graph and determine equilibrium in this market. Label the graph and axises properly. State where equilibrium is (both price and quantity), don’t just point to it on the graph. Make sure you have the price and quantity demanded on the correct axis. (5 marks...
Microeconomics

1. We are examining the market for gold picture frames in Ontario. Given below are the demand schedule and supply schedule for this product for one year. Accurately graph the demand and supply curves on one graph and determine equilibrium in this market. Label the graph and axises properly. State where equilibrium is (both price and quantity), don’t just point to it on the graph. Make sure you have the price and quantity demanded on the correct axis. (5 marks...
Microeconomics

Suppose you have a firm that produces a product that is indivisible at a constantmarginal cost of £42. Currently, you have 12 customers. Each of them buys at mostone unit of the product. Below are the valuations that these customers have;£30, £36, £45, £48, £51, £57, £66, £75, £78, £81, £90, £93a) If you charge a single price, what price should you charge? What is your totalprofit? (5 MARKS)b) Do you think there are customers who are currently not buying...