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Microeconomics Questions
Microeconomics Questions
Economics
A worker has preferences given by the utility function 𝑈(𝑁,𝑌)=𝑁"𝑌 where 𝑁 is the hours of leisure per day and Y is their spending on purchased goods. 13. If the consumer faces a wage rate of w=30, how much leisure and purchased goods do they consume?
Intermediate microeconomics
Consider the following utility function, u(x1;x2) = min [sqrt (x1); sqrt(ax2)]; where a > 0 a)Derive the Marshallian demand functions. (Explain your derivation in details.) Does the Marshallian demand increase with price? Are the two consumption goods no
3. Gains from trade
Questions 1: 2 marks If only one airline serves a town, does a monopoly exist? What about competition from other services? Question 2: 3 marks Suppose that you are an orange grower. Would you expect the demand for your orange to be more elastic or more in
3.1 A marginal cost curve may be L-shaped. As a result, the MC curve may hit the firm's demand curve or price line at two output levels. Which is the profit maximizing output? Why?
Should a firm shut down (and why) if its revenue is $2,000 per week and a. Its variable cost is $1,000, and its fixed cost is $1,200 b. Its variable cost is $2,001, and its fixed cost = $1,000? c. Its variable cost is $1,000
3.1 A marginal cost curve may be U-shaped. As a result, the MC curve may hit the firm's demand curve or price line at two output levels. Which is the profit maximizing output? Why?
Suppose that the demand curve for sorghum is Q = 120 - 6p and the supply curve is Q=15p. The government imposes a price ceiling of P_{c} = 3 a. What effect does this have on the equilibrium quantity, consumer surplus, producer surplus. and deadweight los
Graphing demand for labor and computing the optimal quantity
4. Problems and Applications Q5
3. Problems and Applications Q4
Cobb-Douglas and utility function
Total and Average Revenue of a Monopolist
How Short-run Profits or Losses Induce Entry or Exit
Finding the optimal combination of two goods Eleanor enjoys consuming both guacamole and salsa.
utility function
optimal choice
Engineering Economics
Using the graph shown, construct a demand curve for M&M's given an income of $30.
A Swiss firm opens a watch factory in the United States.
Alpha and Beta, two tiny islands in the Pacific, produce pearls and pineapples. The following production possibilities schedules describe their potential output in tons per year:
a. How much more are U.S. consumers paying for the 12 billion tons of sugar they consume each year as a result of the quotas on sugar imports?
Assume that the following data describe the condition of the banking system. What would the following values be immediately after a change in the required reserve ratio from 0.20 to 0.175?
Macroeconomics Solow model with technological progress
X and Y are a typically used in place of one another, and there is a shift in tastes away from another good Z and toward Y.
Consider a firm which produces according to the following production function just by using labor
Perfect competition
This chapter discusses companies that are oligopolists in the market for the goods they sell. Many of the same ideas apply to companies that are oligopolists in the market for the inputs they buy. If sellers who are oligopolists try to increase the price
Household supply - utility-maximizing worker
econ
Supply and demand
Game Theory: The Case Whether to Enter or Not... !!Please Help!!.
Game Theory: The Case Of the Electric Cars Startup... !!Please Help!!.
In a competitive market with a linear upward-sloping supply curve and a linear downward-sloping demand curve, the government imposes a $10 tax per unit bought and sold. The tax causes the equilibrium quantity to fall from 113 units to 101 units. The deadw
Microeconomics question help
Microeconomics
Microeconomics
Hicksian Demand
Intertemporal choice problem under certainty
Determining the wage etc.
Elastic and inelastic
Microeconomics
Microeconomics
Identify what price is better based on the highest possible profit.
Supply and demand
1. To solve a monopoly optimization problem. 2. To incorporate discount factor into an optimization problem. 3. To analyze the effects of learning by doing.
8. Problems and Applications Q8 Suppose that the government decides to issue tradable permits for a certain form of pollution. True or False: It is more economically efficient in the market for pollution for the government to distribute the tradable permi
MICROECONOMICS
Which of the following statements is correct?
Will, Jill, and Phil are all wheat farmers. The wheat industry is perfectly (purely) competitive. The first chart shows how much each farmer produces at different price levels. The second chart shows each farmer's minimum average total cost (ATC), average
consider a utility providing water service as a natural monopoly in a city
Consider a utility providing water service as a natural monopoly in a city
Given a CES production function, q=(k,l)=[(ak)^p+(bl)^p]^p/y 1. Derive the cost function for this production function. 2. Derive the Labour demand function and capital demand function 3. Calculate MPl, MPk and MRTS
Calculation for perfectly competitive market
Market Types
Demand
I need help on problems 1-4 please. Given this production function (below), work through the steps to get to "cost curves. This involves DOING production and cost-not just recognizing or guessing/phishing. (Yes, it can be a chore. Spreadsheets can help-bu
Suppose Manuel runs a small business that manufactures shirts. Assume that the market for shirts is a competitive market, and the market price is $20 per shirt.
Marginal Product and Marginal Cost Curve
Supppose a large firm seeks to raise capital by issuing a bond....
Regulating a natural monopoly: Consider the local telephone company, a natural monopoly...
Monopoly outcome versus competition outcome: Consider the daily market for hot dogs...
Using supply and demand vocabulary and concepts, describe in a paragraph what is happening in the market by responding to the following questions:
microeconomics
If a firm has a U-Shaped long-run average cost curve, a
A country's consumption possibilities frontier can be outside its production possibilities frontier if a
While at a discount shoe store, a customer asked a clerk, “I see that your shoes are ‘buy one, get one free- limit one free pair per customer
Harvey quit his job at state university where he earned 45000
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