Category: Microeconomics

Therefore, a product with high total revenue is less elastic than the products with less or low total revenue. Bottled water is elastic since there exists alternative or substitute to…

The position of IBM was emphasised as well as other authors, but the most relevant position came from Vadim Kotelnikov, who gives a satisfactory explanation about the complexity of the…

Micro vs Macro The basic difference between micro and macro is that micro is on a very small level and can be identified or observed while on the other hand…

Section Multiple choice questions (15 marks The economic behavior of individual decision makers and the determination of price and output in specific markets are both studied in a) microeconomics 2….

Unique Properties of MoneyIdeal money has to possess some unique properties that make it used as a medium of exchange, unit of account and store of value. This means that…

Brainstorming is a technique which involves individuals coming up together and trying to generate ideas through a session of discussion and every individual is free to express their ideas on…

It is given that the council is thinking of raising the fare from $2 to $2.50 for one-wayfare. This increase in price may lead to fall in demand of bus…

The expenditure function shows the minimal expenditures necessary toachieve a given utility level for a particular set of prices. It is obtained bysubstituting the optimal values of x, and x,…

( quot;) Insurance ccontract is actually face ofpremiums paid = expected value ofcompensatedReceived. 02 25 – TI+I +.98 / 100- 71# YI =. 50 – – 02 7 5 +…

SQ : 160 – PP = 100- QC (Q ) = 20 QMonopolist will maximize profit when MR= MCGip Total revenue = P Q = ( 1 0 0 –…

Q – Iw – PP = 10 – QTotal revenue –P * Q = ( 1 60 – Q ) * Q = 1WQ- Q2TR = 100Q – Q2Marginal revenue…

Running Head: MARKETING INTELLIGENCE AND BUSINESS ANALYSIS Marketing Intelligence and Business AnalysisNameSchool 1 Marketing Intelligence and Business Analysis 2 Business ProposalIntroduction…Microeconomics

C (Q ) = Q3- 20Q2+ 150Q.( a) Perfectly competitive firm produce where AC is minimumin the long run .AC = ( (Q) = Q2 – 20Q+ 150d( AC )…

Units of of workers Micro Module 2 Homework.pdf x+Xlt; -gt; C @ File | fs1/users/bianca.dahlinger/Desktop/Micro%20Module%202%20Homework.pdfMicro Module 2 Homework.pdf8 / 15Page 8#1#2#3#5#4Average costs ($)0XOutput28). As the firm in the above graph…

The WipeOut Ski Company manufactures skis for beginners. Fixed costs are $10. Sales revenue is$20 per unit. Fill in the table as much as is useful. Calculate profits and answer…

The monopolist’s Total Cost function is given by TC =To maximize becofit , A monopolist set price and quantity whereMarginal revenue equals to Marginal costgiven MC = 4+ 2 Qand…

2) The North American Free Trade Agreement (NAFTA), signed in 1994, reduced tradebarriers between the United States, Canada, and Mexico. During the 2016 presidentialcampaign, several prominent candidates from both parties…

quot;) Shared monopoly.means, they collude tobecome one Monopoly.TR = P. Q = 36Q – 3Q2MR = OTR – 36 – 64MR = MC36 – 64 = 1818 = 69Q =…

The following data show the total output for a firm when different amounts of labour are combined with a fixed amount of capital.Assume that the wage per unit of labour…

Question In a market based economy what is the role of prices transmitters/signals? How do prices guide economic decisions and allocated scarce resources? Explain the role prices play in balancing…

Question One.Scarcity is an economic problem where there are unlimited human wants yet there are limited resourcesto satisfy them. The world has insufficient resources to satisfy all the human…Microeconomics

At 200 units of the activity, Question Use the graph below to answer the following questions: a) At 200 units of the activity, marginal benefit is $__________ and marginal cost…

Question 4. You just purchased an existing business that produces solar panels according to the following production function: Q=K0.5L0.5. The business currently has 25 units of capital, which cost $1…

Equivalently, TC(Q)=20Q.The Question A perfectly price discriminating monopolist has constant marginal cost 20 . Equivalently, TC(Q)=20Q. The monopolist faces a demand curve P(Q)=150-2Q. The monopolist produces quantity Q= Producer surplus…

Question Game theory is used to determine production in an oligopoly firm. Using an oligopoly example, create a game with two players. Share your game with others in the class….

Question Coca-Cola has been focusing on selling more 7.5-ounce (222 ml) cans in displays near supermarket checkout lines. Previously, Coke had relied more heavily on 20-ounce (592 ml) bottles displayed…

Explain why under oligopoly conditions firms might wish to choose pricing and output strategies Question 1. Explain why under oligopoly conditions firms might wish to choose pricing and output strategies…

Question If DeShawn only pays $25,000 to purchase a new car even though he would have been willing to pay as much as $35,000 for the car, this indicates that…

2a through2f. Please show your calculations and your work. Consider the following table Question ease answer questions 2 a through 2f. Please show your calculations and your work. Consider the…

Question If a firm is willing to supply the 1,000th unit of a good at a price of $23 or more, we know that $23 is the Group of answer…

Question When a firm discovers a new pharmaceutical drug, it will have a patent. What will happen to the price of the drug when the patent runs out, and why?…

Question Where are the inflection points on the production curves (marginal product of labor curve and average product of labor curve) and cost curves (marginal cost curve and average variable…

Question In which of the following situations is adverse selection most likely to be a problem? Group of answer choices Buying tomatoes at the local farmers’ market Hiring a new…

Question For the question below, I don’t understand why clause 3 is true. When the firm is producing its last unit, shouldn’t the marginal cost still vary since the two…

Question A Pet shop operates in a perfectly competitive industry. The firm is currently producing at a point where market price equals its marginal cost. The Pet Shop’s total revenue…

may be positive, negative, or zero. b.are Question In the short run, monopoly profits: Select one: a. may be positive, negative, or zero. b. are positive if the monopolist’s elasticity…

Question Hello there, I have a really important assignment and I am struggling with questions number 1,5,6, and 7. I really need help with this, and I would really appreciate…

Question A typical firm in a perfectly competitive constant-cost industry is operating with an economic loss in the short run. When the industry returns to long-run equlibrium, what will happen…

emerges when average total cost is minimized if only one firm Question Natural monopoly Select one: a. emerges when average total cost is minimized if only one firm produces the…

Question hi there! i am doing an advanced microeconomic course and i was wondering if you could explain most affordable bundles and preferred bundles and how to find those on…

Question Are you able to explain how this answer is solved and how graphs are made for this question? Assume a firm in a monopolistically competitive industry is currently making…

Question The company that you may need to have invested $5 million in developing a new product but the development in a quick finished at a recent meeting is it…

Question Determine whether each of the following topics would more likely be studied in microeconomics or macroeconomics. Microeconomics Macroeconomics The effect of a large government’s budget deficit on the economy’s…

Select Question The demand for the product of a typical perfectly competitive firm is Select one: a. downward sloping. b. upward sloping. c. perfectly elastic, horizontal d. perfectly inelastic, vertical…

Question Cutting Edge Pharmaceuticals Pty Ltd (a monopoly firm) has the following demand (average revenue) function: AR = 100 – Q The marginal cost of production is given as constant…

Question Explain why in each answer. 1. Suppose a firm’s profit is given by the equation p = -200 + 80Q – .2Q2. Which of the following is true? a)…

Question Which one is true for Evil Corp. that produced 100 million units of its product at an average cost of $6 last year, and in this year it expanded…

Predominance of Hicks’ Measure of CS over Marshall’s: Hick’s measure of measuring buyer’s surplus is better than Marshallian measure in the accompanyingways: 1. Hicks does not quantify utility…Microeconomics

Question A perfectly competitive firm is producing 50 units of output, which it sells at the market price of $23 per unit. The firm’s average total cost is $20. What…

Question Almia and Adjikistan are two open economies producing goods A and B. Many people in​ Almia, including the leading​ economists, are lobbying for trade. They feel that the country…

Question Which of the following is NOT a characteristic of a competitive market? Select one: a. There are many buyers and sellers with easy entry and exit b. Profit is…

Question There are six potential consumers of computer games,each is willing to buy only one game. Consumer 1 is willing to pay $40 for a game, consumer 2 is willing…

Question Question One Consider the market for snowmobiles in Wisconsin. There are two major producers, Avalanche and IceRunner. The demand for snowmobiles is characterized by the following equation: P =…

Question Assuming identical production functions and cost curves, the long-run equilibrium of a monopolistically competitive firm, as compared with that of a perfectly competitive firm, is such that, for the…

Question One way sellers can credibly signal that they have a high-quality product is to: Select one: a. sell very little of their product in order to create scarcity. b….

Question Suppose Canada produces only cars and trucks. The resources that are used in the production of these two goods are not specialized—that is, the same set of resources is…

Question Consider a market with two firms where the inverse demand function is given by p = 28 – 2q and where q = q1 + q2. Each firm has…

Question 1/ The incentive to cut costs is ________ for ________ prisons (as/than) it is for ________ prisons. Group of answer choices a. about the same; private; public b. smaller;…

Question You won a free ticket to see a concert by Eason Chan, a local pop singer. You cannot resell it (say, your photo ID will be checked at entrance)….

Question Qs 1) Are the yunas model and the yunan model the only formulas for economic development? Qs 2) How does the introduction of modern credit information systems impact certain…

Question Determine whether each of the following topics would more likely be studied in microeconomics or macroeconomics. -The effect of government regulation on a monopolist’s production decisions -The effect of…

Additional time costs $50 per hour.What Question A new machine comes with 100 free service hours over the first year. Additional time costs $50 per hour. What are the average…

Question True or False: A microeconomic topic would be measuring the effect of prices on corn production in the US. I think this is false, it is macro economics because…

Question 1- Why do you think that most modern countries’ economies are a mix of command and market types? 2- Can you think of ways that globalization has helped you…

Question 17. The fact that the PPF usually bows away from the origin implies that … a) as the production of any good increases, there is an increase in the…

1ECN 100 – Homework #3This homework covers the essentials of Chapter #3 in the textbook and the associatedlecture material. A basic notion in micro-economics is that Demand Exists – that…

Question Question 1.Cambonesia is a small exporter of bananas. Without trade, the price for bananas is $1,200 per tonne. The world price of bananas is $2,000 per ton. Currently, Cambonesian…

Question Looking at differences between a single firm within a perfectly competitive market and a monopoly, which of the following is true? a. A single firm within a perfectly competitive…

Question Table 2 shows Media Cable’s the demand table, total revenue, and marginal revenue at each price. Media Cable’s marginal cost per cable package is $75.45. What is the profit…

Question Hi I need some help with my Micro economics homework. (Shifting Production Possibilities) Determine whether this would cause the national economy’s PPF to shift inward, outward, or not at…

Question given that tc function in the short run is tc=100+50q-12q^2+q^3 were tc is the total cost and q is the level of output, determine the total fixed cost function,…

Question QUESTION 1 Discuss the long – run average cost curve of a firm and how it represents returns to scale. Substantiate the answer with the aid of diagram. QUESTION…

Question I need to review for microeconomics 101 from UW Madison. I only want to review homework which deal with numerical calculation. So, I would love to know the homework…

Question What are the positive and negative economic effects of rent control? Question 4 — Rent Control (40 points) Let the demand and supply functions for one-bedroom rental housing in…

Question More than a decade ago, the Cambonesian government began stockpiling wheat because it introduced a minimum price policy where the state would purchase any resulting surplus from the nation’s…

Question Caterpillar Tractor, one of the largest producers of farm machinery in the world, has hired you to advise it on pricing policy. One of the things the company would…

Question A recent report on climate change was in the news a lot in the last year (see for example https://www.washingtonpost.com/energy-environment/2018/10/08/world-has-only-years-get-climate-change-under-control-un-scientists-say/?utm_term=.02cdd9903964 ). Guidance in the UN report for slowing climate…

Question 1. Explain why the characteristics of comparability and consistency are important in financial reporting? 2. What are the two key principles that are the foundation of the accrual basis…

Question The Deering Manufacturing Company’s short- run average cost function in 2012 was AC = 3 + 4Q Where AC is the firm’s average cost (in dollars per pound of…

Question Microeconomics / Macroeconomics Theory questions. State whether the following statements are True or False and Explain your answer. P.S They are not linked to each other. The introduction of…

Question Once you have identified the market structures and provided answers to the questions above, now it is time to think of a potential Blue Ocean strategy for a firm…

Question The market for lobsters is perfectly competitive. Total cost for a firm that harvests q lobsters is given by TC = 800 + 1q2. The market demand for lobsters…

Over the last thirty years, the housing prices in the UK have increased in real terms by nearly three per cent a year. This is in contrast to other countries…

Running head: Coffee industry and today’s economics demands Coffee industry and today’s economics demands In APA Format AbstractThe beginning of 1999 saw a rapid fall in the prices of coffee…

Agricultural development would make Biofuel’ s production little higher. However, farmers would be in a position to produce higher amount of corps. Biofuel demand would also be increased as it…

For example, when a 20% increase in vehicles results from a 20% increase in investment on manufacturing equipments, then the firm could be experiencing constant returns to scale. Question three…

Pricing strategies Insert Insert DISCUSSION 7 Pure competitive market structure is an example of the four main types of market structures. Agricultural products e.g. wheat, corn, milk, eggs, are examples…

Podcast Summary-Planet Money: Trash The podcast talked about recycling business, the difference between recyclables and trash, and the connections of recycling business to the fluctuations in petroleum prices down to…

The Micro-economics Concepts Illustrated Through an Article Through the article,&nbsp.‘Supply vs. Demand: Why Is Housing Hurting?’ of October 18, 2011, posted on the Wall Street Journal, the author, Mr. Nick&nbsp.Timiraos,&nbsp.questions…

Price Elasti of Demand al affiliation: Price Elasti of Demand Prince elasti of demand is a measure used in economics to show the relationship linking an alteration in the quantity…

People specialize in the production of goods and services — or more existentially, as dictated by their environment, heredity, and/or fate in order to alleviate human suffering [their own existence…

Microsoft is leader in the operating systems market having dominated the market since 1990s. More than 90% of the personal computers in the world arerun through Microsoft’s Windows operating system….

“In the absence of government intervention, a monopoly is free to set any price it chooses and will usually set the price that yields the largest possible profit” (Stigler). Microsoft…

AbstractThe objective of this paper is to provide answers to the following questions: 1. What is Economics? 2. What do you expect from this class? 3. Provide an example of…

This paper focuses on the costs of a rise in minimum wage, the benefits of a rise in minimum wage and finally the effect of a rise in the minimum…

A detailed research plan has already been made so as to have blue print of what should and should not be done in the process of research. A detailed search…

Should monetary and fiscal policymakers try to stabilize the economy Intro: One of the most debated of all microeconomics policyis if monetary and fiscal policymakers try to stabilize the economy….

In the initial stages, there are a large number of small firms starting production at about the same time. It is likely that all the small firms have similar costs…

Can any business afford to be socially responsible? Unit: Group number: Introduction Few persons would deny today that the social, political, economic and many other aspects concerning modern culture are…

I consider venturing into any activity that builds up my indispensable qualities as a business economist. The activities and qualities that are illustrated by this document manifest the degree of…

The Impact of an Exercise Tax on demand, supply, price and quantity demanded An exercise tax shifts the producers demand curve down with a similar quantity as that of the…

Microeconomics: Recession and Restaurant Dining The economic recession that hit the nation in 2009 has had adverse effects on restaurants. The supply of goods and services in restaurants was reduced…

On the other hand, when the rate of increase in economic growth fell by 2%, rate of increase in airborne pollutants fell by only 1%. This indicates that the increase…

Some Thoughts of the Article Some Thoughts of the Article The Article entails some fundamental aspects of macro and micro economics. Whereby, macro economics refers to a branch of economics…

Elasti Paper Complementary products are those that are in most cases used together. A case in point is motor vehiclesand gasoline. A motor vehicle cannot operate without gasoline. On the…

Question Give the definition of externality and indicate why externalities can result in a failure to achieve equality between social marginal cost and social marginal benefit. Demonstrate your answer graphically…

Question 28) Refer to Figure 12-5. If output in this market were Q3, and the price were still P2, the loss in consumer surplus relative to the competitive equilibrium would…

What is an industry that has only one significant supplier? What is the nature of the product? How easy Question 1. What is an industry that has only one significant…

Question Suppose the marginal product of labor is 8 and the marginal product of capital is 1. Further suppose that the wage rate is $10 and the price of capital…

Question if a tax is levied on the sellers of flour, then: a )buyers will bear the entire burden of the tax. b) sellers will bear the entire burden of…

Question Bintu and Juba can both produce Bowls and Cups. Who is the low marginal cost producer of Bowls? of Cups? If Bintu wants to trade one Cup to Juba,…

Question Skilly Wigglers Fixed Costs $2 million Variable Costs $2 million Revenue $3 million Juniper Jumpers Fixed Costs $2 million Variable Costs $2 million Revenue $5 million The accountants have…

Question 4) Consider the market for pizza, which is in equilibrium. Two events take place simultaneously: – The price of cheese increases, and – It is discovered that pizza contains…

Question Problem 2. (6 points) A local ice cream has total costs of production given by the equation TC=500-10q+5q 2 . The market demand for ice cream is given by…

Question In a market characterized by a single seller and many buyers, will a seller’s initiative to improve the quality of its product at a higher cost of production be…

Question A firm can be the sole seller of a product but still not be a monopoly if: A. the firm is not making profits B. the firm is not…

Question Price discrimination leads to a (higher/lower) price for consumers with a (more/less) elastic demand. From Rule of Thumb for pricing :Marginal eavenue can be expressed on –4 RAQwhere80 ,…

Question Sketch the diagram for a monopoly with an upward-sloping marginal cost curve that is earning economic profits. Suppose the government imposes a tax on each item the monopoly sells….

Question Table 23 Quantity of Number of Bracelets Labor Per Week 0 0 1 200 2 360 3 480 4 560 5 600 Refer to Table 23. The table shows…

Why? If you have been Question What happens to demand if there is only a change in the price of a good? Why? If you have been given a market…

Question Average product: A. is a standard unit of measure for output B. tells us how much output changes when input changes C. equals Q/L D. is another name for…

Sons operates in a perfectly competitive market for smoke alarms. Kennedy amp Sons is currently Question 1. Kennedy Sons operates in a perfectly competitive market for smoke alarms. Kennedy Sons…

Question 1.Credit unions are: a.banks that give large amounts of commercial loans. b.banks that hold stocks as part of their asset portfolio. c.issuers of checkable deposits. d.all of the above….

Microeconomics class- Unit 3. Please highlight answers. Need this ASAP. QUESTION ONE a) No, because it is unattainable. Meaning there are no resources to produce thecombination.The point will be above…

Question A shipping company has two major categories of freight: manufactured items and semi-manufactured raw materials. The demand functions for these two classes of goods are P1=100-2Q1 and P2=80-Q2 where…

Question Refer to Exhibit 6-4. Suppose the firm has fixed cost of $30. What is the total cost if output is 5 units? A. $80 B. $104 C. $30 D….

Question 3) The steel industry must be protected from cheap foreign imports. If steel does not receive (tariff) protection, foreign imports will drive American producers out of business, thus reducing…

Question The reason a monopoly produces less than a competitive industry with identical costs is that: A. in a competitive industry there are more firms, which leaves more money available…

Question Using a supply and demand and a typical firm diagram, illustrate the impact of a flood on the market for contractors once the flood has receded. NOTE: Assume the…

What is the cooperative outcome? Would the firms make more economic profit if they collude to achieve Question a) What is the cooperative outcome? Would the firms make more economic…

Refer to figure 1.6, Present Choices and Future Locations of Production Possibilities Question 1. Refer to figure 1.6, Present Choices and Future Locations of Production Possibilities Curves: · Which economy,…

Question Hi I am unsure on how to fill in the marginal utility when only given the value of one of the items. could you please explain this table. Thanks….

Question Which of the following statements is false? In Schumpeter’s view, creative destruction could reveal oligopoly as superior in efficiency to perfectly competitive firms In Schumpeter’s view, creative destruction results…

Question Business cycles are Select one: a. irregular variations that don’t follow any regular pattern. b. variations in economic activity that occur regularly each year. c. variations in economic activity…

Question 1.Multiple linear regression analysis determines the a. true value of the population slope coefficient. b. linear relationship between the dependent variable and exactly one independent variable. c. linear relationship…

Question Discuss price discrimination and offer two explanations for why businesses benefit from using price discrimination. Also provide two explanations for disadvantages that businesses can encounter when using price discrimination….

Question The marginal revenue product of labor in a cement factory is MRPL = 80 – 1.5L, where L = the number of workers at the cement factor. If the…

Question A duopoly occurs when? A) two producers of a particular good compete in the same market. B) a producer of two goods sells the goods in a monopoly market….

harm another and why does comparative advantage matter more Question Does the protection of one domestic industry tend to harm another and why does comparative advantage matter more than absolute…

QUIZ – Chapter 111. When a purely competitive industry is in long-run equilibrium, which statement is true?A. Average total cost is less than marginal costB. Price and average total cost…

Question In the market for apples, demand is P=80-3Qd and supply is P=20+Qs. However, due to a quota on the production of apples, the actual number of apples produced is…

Question In the architecture magazine market, there are 500 magazines available monthly. The value that people give to these magazines per month exceeds the opportunity cost of producing them. The…

Question Could you please review my homework. I am unsure how to draw the indifference curves. Suppose that Belgium and Denmark both have 100 units each of capital and labor,…

Question MICROECONOMICS Elasticity deals with change and the degree of response to change. For example, if it is drizzling outside, you may continue to play golf, swim, or do yard…