Hi I am unsure on how to fill in the marginal utility when only given the value of one of the items could you

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.

Suppose that your grandmother is a generous woman who spends most of her days reading books to
the local kindergarten children and helping grow vegetables at the local primary school. When she is not volunteering, she enjoys two activities: going to the movies; and eating chocolate eclairs. She has determined that she should only spend $40 a month on these two things. Let her marginal utilities of
consumption be as represented in the following table and the price of chocolate eclairs be $2. If she ever -ts the same utili from s –ndin more on movies or eclairs assume she g- s to the movies. .-—.-
-E-—-
—n
-_—-_
——
—n
—n a) Fill in the table with your grandmother’s marginal utilities for movies and eclairs. (1 mark)
Microeconomics

What happens to demand if there is only a change in the price of a good?

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 that is at equilibrium and then a new event occurs, what are the steps to be taken to identify the new equilibrium point?

Name 3 reasons why one product might have inelastic demand?

Microeconomics

1 …

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 supplier? What is the nature of the product? How easy

would it be to start a similar firm or stop offering the product/service? How easy is it to attain information about the industry or product or service?

2. Are there any products that are sold in a market in which the seller is able to charge different prices to different consumers? How are the sellers doing this?

3. Suppose there are owners of one of two gas stations in a town of 5,000. The two gas stations are right across the street from each other. How would they react to changes in their competitors prices? What would cause them to increase or decrease prices? How would they get more business? Would their pricing strategy change if they were friends with the owner of the other station?

4. what is industry that is dominated by only 2-3 firms? What is the nature of the product? Would it be easy to begin offering the product or service? Do you feel that the prices of the products they are offering are fair?1. What is an industry that has only one significant supplier? What is the nature of the product? How easy would it be to start a similar firm or stop offering the product/service? How easy is it to attain information about the industry or product or service? ? Do you feel that the prices of the products they are offering are fair?

Microeconomics

A duopoly occurs when?A) two producers of a particular good compete in the same

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.

C) numerous producers of two goods compete in a competitive market.

D) two producers of two goods compete in an oligopoly market.

Microeconomics

A)…

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 profit if they collude to achieve

the cooperative outcome?

b) Describe the characteristics of an oligopoly.

c) What market structures other than oligopoly have the characteristic of one firm’s actions affecting the actions of its competitors? Explain your answer.

d) If firms in duopoly collude and operate as a monopoly, the industry produces more output compared to the Nash equilibrium. Is this statement true or false? Explain.
Microeconomics

1 Kennedy &amp

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 is currently

earning short-run positive economic profits.

(a) Using correctly labeled side-by-side graphs for the smoke alarm market and Kennedy Sons, indicate each of the following for both the market and Kennedy Sons.

(i) Price

(ii) Output

(b) In the graph in part (a) for Kennedy Sons, indicate the area of economic profits that Kennedy Sons is earning in the short run.

(c) Using a new set of correctly labeled side-by-side graphs for the smoke alarm market and Kennedy Sons, show what will happen in the long run to each of the following.

(i) Long-run equilibrium price and quantity in the market.

(ii) Long-run equilibrium price and quantity for Kennedy Sons.

(d) Assume that purchases of smoke alarms create positive externalities. Draw a correctly labeled graph of the smoke alarm market.

(i) Label the market equilibrium quantity as Qm.

(ii) Label the socially optimum equilibrium quantity as Qs.

(e) Identify one government policy that could be implemented to encourage the industry to produce the socially optimum level of smoke alarms.

Microeconomics

4) Consider the market for pizza which is in equilibrium Two events take place simultaneously The

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 zero net carbs (note: a recent health study advocates reducing daily carbohydrate intake).

What will happen to the equilibrium quantity and to the equilibrium price in the pizza market?

a) The equilibrium quantity exchanged will rise, and the effect on the equilibrium price is ambiguous

b) The equilibrium quantity exchanged will fall, and the equilibrium price will rise

c) The effect on the equilibrium quantity exchanged is ambiguous, and the effect on the equilibrium price is also ambiguous

d) The effect on the equilibrium quantity exchanged is ambiguous, and the equilibrium price will rise

e) The equilibrium quantity exchanged will rise, and the equilibrium price will rise

Microeconomics

In the architecture magazine market there are 500 magazines available monthly The value that people give to

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 use of resources ____.

A) is inefficient

B) is efficient

C) it would be more efficient if people will buy more magazines

D) it would be more efficient if people value magazines more

Microeconomics

Attached is my assignment for my AB224

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 the
combination.
The point will be above the current PPF curve where 800 = 5000
b) 6000-5000 = 1000…
Economics

Price discrimination leads to a (higher/lower) price for consumers with a

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 R
AQ
where
80 , MR – A (PQ )
AQ
p. AQ
AP
AQ
A Q
= P + Q.
AP
AQ
We can luitey . AP
AR
= p
14 P
AQ
and Q. AP
p
AQ
Ed s…
Microeconomics

A firm can be the sole seller of a product but still not be a monopoly if A the firm is not making

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 large

C. the product has many close substitutes

D. the market price is high

E. the cost of production is high relative to price

Firms leave a monopolistically competitive industry when:

A. other firms enter

B. average total cost is greater than marginal revenue

C. price is equal to marginal cost

D. marginal revenue exceeds marginal cost

E. average total cost is greater than price

Microeconomics

Someone explain this to me please Let’s assume that we have a firm that produces 2 products Skilly

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 assured us that there are no places to save money. We are at our profit maximizing quantities of each product. We are as efficient as any firm could possibly be, so do not just say lower costs or increase sales. Explain all your answers. If you cannot explain why you are taking an action then you are just guessing.

Microeconomics

1 Multiple linear regression analysis determines thea true value of the population slope

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 between the dependent variable and many independent variables.

d. true value of the population intercept.

2.Suppose you wish to explain student midterm scores by time taken to complete the exam and you are concerned that the marginal effect of time taken differs depending on the amount of time taken in a quadratic manner. You could control for this possibility by estimating the population regression function

a. Midterm Score = β0 + β1 ∙ Time Taken + ε.

b. Midterm Score = β0 + β1 ∙ Time Taken2 + ε.

c. Midterm Score = β0 + β1 ∙ Time Taken + β2 ∙ Time Taken2 + ε.

d. Midterm Score = β0 + β1 ∙ Time Taken + β2 ∙ Time Taken2 + β3 ∙ Time Taken3 + ε.

3.Outliers are potentially problematic because they

a.result in biased estimates.

b.skew the data to the right.

c.skew the data to the left.

d.result in larger estimated standard errors.

4.One can deal with potential outliers by

a.dropping them from the data set.

b.including a dummy variable equal to 1 if the observation is an outlier.

c.performing Weighted Least Squares.

d.dividing the value of outlier by the sample mean.

5.Suppose you are estimating salary as a function of age, education, hours of work and the number of young children and you are concerned that the salary functions differ for men and women. You could test this possibility by performing a

a. t-test for individual significance

b.t-test for joint significance

c.Chow test.

d.subset test.

Microeconomics

Which of the following statements is false?In Schumpeter’s view creative destruction could

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 in perfect competition being the best model of ideal efficiency.

In Schumpeter’s view, creative destruction pushes entrepreneurs to develop new products to gain monopoly power

In Schumpeter’s view, creative destruction results in a state of perpetual disequilibrium.

Microeconomics

28) Refer to Figure 125 If output in this

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 be illustrated by area

A)1.

B)2.

C)3.

D)4.

E)3+4.

The diagram below shows the demand and supply curves in a perfectly competitive market.
P 3
Supply = MC
Price
Competitive
Market Price
P2
P
Demand = MB
0
Quantity
FIGURE 12-5
28) Refer to Figure 12-5. If output in this market were Of, and the price were still P2, the loss in consumer surplus
relative to the competitive equilibrium would be illustrated by area
A) 1.
B) 2.
C) 3.
D) 4.
E) 3 + 4.
Microeconomics

A shipping company has two major categories of freight manufactured items and semimanufactured raw materials

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 Q is tons of freight moved. The total cost function for the firm is TC=20+4(Q1+Q2)

What are the profit-maximizing levels of price and output for the two freight categories if the firm price discriminates?

Microeconomics

Average product A is a standard unit of measure for output B tells us how much output changes

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 marginal product

E. is constant

A competitive firm should shut down when price is:

A. below the minimum of AFC

B. equal to MC

C. below the minimum of AVC

D. above the AVC but below ATC

E. above ATC

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 large

C. the product has many close substitutes

D. the market price is high

E. the cost of production is high relative to price

A firm can exercise price discrimination only when it

A. has market power over a product

B. has a lot of competitors

C. produces homogeneous products

D . has no fixed costs

E. has very few buyers

A monopoly will maximize profits by producing an output at which:

A. MRD

B. ATC = MR

C. MC=P

D. MC=MR

E. TC=TR

A monopoly’s marginal revenue curve:

A. slopes upward

B. lies above the marginal cost curve at all points

C. is horizontal

D. Is vertical

E. lies below the average revenue curve

All of the following are true of a monopoly except

A. high barriers to entry exist

B. it has market power

C. it is a price maker

D. it is a single seller

E. there are many close substitutes for its product

Average revenue is __ Price

A. equal to

B. less than

C. greater than

D. 1 divided by

E. marginal revenue times

The purpose of patents and copyrights is to

A. give government a role in the economy

B. create monopolies

C. grant advantages to a privileged few

D. promote innovation

E. destroy competition

Microeconomics

The reason a monopoly produces less than a competitive industry with identical costs is that A in a

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 for production

B. there is not enough information to answer this question

C. competitive firms’ marginal revenue equal marginal cost, so the industry produces at the point at which demand and marginal cost cross instead of the point at which marginal revenue and marginal cost cross

D. monopolies are usually regulated industries, and the government limits production

E. production costs are always higher for monopolies than for competitive firms

A firm seeks to differentiate its products from others so as to

A. motivate employees by producing a unique product

B. maximize profits

C. sell more than its competitors

D. be proud of its product

E. minimize production costs

Advertising may do some of the following except:

A. mislead consumers into thinking one product is better than another

B. inform consumers of how a product is different from others

C. persuade individuals to continue buying a product even when they do not need it

D. inform consumers of a products existence

E. persuade people to try a product

Collusion is most likely to occur when

A. there are many firms in an industry

B. firms participate in a market sporadically

C. firms compete and interact over a long period of time

D. it is difficult to obtain information about other firms

E. firms have very little information about each other

If a monopolistically competitive firm is in long-run equilibrium, then

A. ATC=MR

B. AFC=MR

C. P=ATC and PMC

D. P=ATC and P=MC

E. d=AR and AR = MR

Firms leave a monopolistically competitive industry when

A. other firms enter

B. average total cost is greater than marginal revenue

C. price is equal to marginal cost

D. marginal revenue exceeds marginal cost

E. average total cost is greater than price

In oligopoly, any action by one firm causes

A. no reaction by other firms

B. a reaction by other firms

C. a profit gain by other firms

D. a profit loss by other firms

E. a loss of market share by other firms

Product differentiation is

A. the ability of consumers to determine differences in different units of the same product

B. the existence of varying degrees of differences among similar items

C. the spin-off of one product line from another

D. an attempt by salespeople to make the products they sell appear different from products others sell

E. the opposite of production

Microeconomics

Does the protection of one domestic industry tend to

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 advantage for trade?

Microeconomics

Table 23Quantity ofNumber of

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 the number of bracelets that can be assembled per week by various numbers of workers. If the price per bracelet in a perfectly competitive product market is $5, how many workers would the firm employ if the weekly wage rate is $375?
Microeconomics

Refer to Exhibit 64 Suppose the firm has fixed cost of $30 What is the total cost if output is 5 units?

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. $50

E. $62

Refer to exhibit 6-4. if the output price is $14, the profit-maximizing output level is __units

A. 2

B. 5

C. 3

D. 4

E. 6

Refer to exhibit 6-5. Which of the following statements is not true?

A. fixed costs equal total costs when output equals zero

B. the output closes to the profit-maximizing level is Q3

C. profits is the same at Q1 as it is at Q4

D. profit is equal to zero when output equals zero

E. marginal cost is less than marginal revenue at Q2

Refer to exhibit 6-5. The output level most likely to maximize profits is

A. zero

B. Q1

C. Q3

D. Q2

E. Q4

Exhibit 5-3 shows Allison’s total utility from consuming yogurt. Which of the following is true?

A. the marginal utility of the second cup of yogurt is 1 unit of utility

B. the marginal utility of the third cup of yogurt is 20 units of utility

C. the marginal utility of the fourth cup of yogurt is 1 unit of utility

D. the marginal utility of the fourth cup of yogurt is 21 units of utility

E. the marginal utility of the first cup of yogurt is 0

Microeconomics

Business cycles areSelect one a irregular variations that don’t follow any regular

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 that occur every few years but are not regular or periodic.

d. expansions and contractions in economic activity that occur over long periods of time (50 to 100 years).

Microeconomics

Could you please review my homework I am unsure how to draw the indifference curves Suppose

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, and that they share the same CRS technology with which they produce beer and cheese. However, tastes differ in the two countries: consumers in Belgium have a strong preference for cheese, and consumers in Denmark have a strong preference for beer. Will there be trade? What would you expect the pattern of trade to look like? Do you think we can still talk about comparative advantage in this case? Why or why not?

Belgium and Denmark would still trade. Neither of the countries have a comparative advantage since they both have 100 units of capital and labor and have the same CRS technology. Their Production Possibilities Frontier would be identical and the opportunity cost of producing beer and cheese in both coutriees is the same due to the same level of technology. There is however a difference in pfererence since consumers in Belgium have a strong preference for cheese and consumers in Denmark have a strong preference for beer. This means that the relative price of beer is higher in Belgium and the relative price of cheese is higher in Denmark. This would mean that Belgium would export cheese and import beer and Denmark would export beer and import cheese.

Microeconomics

1 Credit unions are a banks that give large amounts of commercial loans b banks that hold stocks as

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.

e.none of the above.

2.The true measure of the annual interest rate on a bond, calculated by equating the current bond price with the present value of all future payments, is called the

a. current yield.
Microeconomics

3) The steel industry must be protected from cheap foreign imports If steel does not receive (tariff) protection

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 the number of jobs available to Americans. Explain why the person making this statement is ill informed about economic principles. What is the flaw in their reasoning?

Microeconomics

Problem 2 (6 points) A local ice cream has total costs of production given by the equation TC=50010q+5q 2 The

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 the equation QD=175 – (1/2)*P. 24. If the competitive market price of the output is $50, how many units (qSR) will this firm produce? 25. Given a competitive market price of $50, how many firms (NSR) are in this market? 26. Assuming the ice-cream industry is perfectly competitive, what output (qLR) would be produced by the firm in long-run equilibrium? d) What would be the long-run equilibrium price (PLR)? (2 points) 27. How many firms (NLR) will be in the industry in long-run equilibrium?

Microeconomics

MICROECONOMICSElasticity deals with change and the degree of response to change For

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 work outdoors. The weather changed only slightly and this may cause very little response from you as you decide whether to remain outdoors or not. But if it starts to rain heavily, you may be more responsive and decide to go inside.

Now, think about a product you purchased recently at the grocery store or at the Mall. The next time you go to purchase this item, let’s say you find out that the price has increased by X dollars. How would you respond to this price increase? Would you say this item is Relatively Elastic, Relatively Inelastic, or Unitary Elastic? Explain using the Determinants of Price Elasticity of Demand. Make sure to analyze it using an economic perspective.

Surname1
Student’s name
Tutor’s name
Unit
Date
Determinants of Price Elasticity of Demand
Consumer products are responsive to price changes within the economy. Cakes are among the
most…
Economics

1 …

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, Presentville or Futureville, will experience greater growth?

· Why?

· How does a societies’ choice between consumer goods and capital goods affects its potential for economic growth?

Goods for the future
Future
curve
Current
curve
O
Goods for the present
(a)
Presentville
Microeconomics

In the market for apples demand is P=803Qd and supply is P=20+Qs However due to a quota on the production of

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 20. Graph this market, labeling all relevant values (you should label the quota quantity, what the quantity would be without the quota, the marginal benefit at the quota quantity, and the marginal cost at the quota quantity), and shade deadweight loss.

Microeconomics

The following is a graph of Albert’s Sweet Potato Farm located in Bensenville Arkansas which is a perfectly

Question

The following is a graph of Albert’s Sweet Potato Farm located in Bensenville, Arkansas which is a perfectly

competitive firm.

Answer the following questions based on this graph:

a. What is the profit maximizing price for this firm? Profit maximizing output?

b. Will Albert’s Sweet Potato Farm earn a profit?

c. If Albert’s Sweet Potato Farm is earning a profit, how much profit is being earned?

d. What is the amount of marginal revenue? Average revenue?

e. What is the amount of average total cost (ATC)?

f. How much total profit is being earned by Albert’s Sweet Potato Farm? Total cost?

g. What are the characteristics for a perfectly competitive firm?

Microeconomics

Determining whether the market structure of Johnson &amp

Johnson (company) operates is perfectly competitive,

Question

Determining whether the market structure of Johnson Johnson (company) operates is perfectly competitive,

monopolistic competitive, oligopolistic, or monopolistic. Justify your response (MBA 502)

Microeconomics

Could you please check my homeworkConsider two countries Portugal and England that produce

Question

Could you please check my homework

Consider two countries, Portugal and England, that produce

two goods, wine and cheese, with only one factor of production, Labor. In Portugal, one unit of labor can produce 2 units of wine or 1 unit of cheese. In England, one unit of labor can produce 2 units of wine or 4 of cheese. There are 100 units of labor in Portugal, and 100 in England. Countries share the same tastes, and there is perfect competition.

1. Fill in the following table:

2. Which country has a an absolute advantage in wine? In cheese? Which country has a comparative advantage in wine? In cheese?

· England has an absolute advantage in cheese

· Portugal has a comperative advantage in wine

· England has a comperative advantage in cheese

Microeconomics

I want microeconomics topic summary done in 12 hours the topic is your choice I need any recent topic summary

Question

I want microeconomics topic summary done in 12 hours. the topic is your choice. I need any recent topic summary

with:

1) NO Plagiarism

2) APA format 1 and a half page

3) good grammer

I have attached the checklist too. please be quick and answer the question.

Running head: MONOPOLY 1 Monopoly
Student’s Name
Institution MONOPOLY 2
Introduction Monopoly is a market where firms have complete power, and there is no competition at
all. In this occurs in a…
Economics

A centrally planned economy is also called a market economy true or face a

Question

a centrally planned economy is also called a market economy:

true or face

a

college student faces no opportunity cost if her parents pay her college tuition and her living expenses:

true or false

the production possibilities curve is immovable, meaning it is fixed regardless of the availability of resources:

true or false

a microeconomic model must be much smaller in size than a macroeconomic model:

true or false

a mixed system is an economy with only private industries:

true or false

a model gives the most realistic description of the real world:

true or false

a change in the quantity supplied is reflected by a shift of the supply curve:

true or false

Microeconomics

1

If firms that remain in a perfectly competitive market over the long-term must make zero

Question

1. If firms that remain in a perfectly competitive market over the long-term must make zero

profit, why do firms choose to remain in the market?

Microeconomics

P a b l o I s a n a r t I st who has a very unique style of painting

It is so unique that no one can

Question

t h e Herald Sun Newspaper, a study by the Centre for International Finance found that Australian monopolies perform better compared to monopolies elsewhere. Surprisingly, the research found that companies with monopoly power in Australia were three times more likely to invest in research and development than companies in competitive markets. Which of the following are valid explanations for the existence of monopolies?
Microeconomics

Suppose that in the United States producing a car takes 10 000 hours of labor andproducing a shirt takes 2

Question

Suppose that in the United States, producing a car takes 10,000 hours of labor and

producing a shirt takes 2

hours of labor. In China, producing a car takes 40,000 hours of labor

and producing a shirt takes 4 hours of labor.

a. What is the opportunity cost of producing 1 car for the United States? Repeat the

same computation for China.

b. What is the opportunity cost of producing 1 shirt for the United States? Repeat the

same computation for China.

c. Which country has a comparative advantage in producing cars?

d. Which country has a comparative advantage in producing shirts?

e. Can these countries benefit from trade? Explain.

f. If they trade, which country would export which product?

g. What are the range of prices the countries would trade?

Microeconomics

The demand for tylenol a chemical sold in a perfectly competitive market is given by Q = 200 2P where the

Question

the demand for tylenol, a chemical sold in a perfectly competitive market, is given by Q = 200 – 2P, where the

quantity is measured in pounds. the private marginal cost is MC = 20 + 0.75Q, but producing this chemical also leads to an external marginal damage of MD = 5 + 0.25Q.

What is the equilibrium price and quantity of this good if the externality is ignored?

Microeconomics

I need help understanding how to do the following problem regarding microeconomics and indifference curves

Question

I need help understanding how to do the following problem regarding microeconomics and indifference curves:

(1) For the following utility functions sketch indifference curves for all of them and give the equation of the indifference curves corresponding to utility level k when possible (this is when you can express x2 as a function of x1).

(a) u(x1,x2) = min{x + 3y,max{2x,x + y}}

Microeconomics

This is a homework for my Advanced Microeconomics class! There are 16 questions (most of them are short) It does

Question

This is a homework for my Advanced Microeconomics class! There are 16 questions (most of them are short). It does

not have to be long explanation. Just some graphs and simple explanations are okay. Please help, final is next week _.

MONOPOLY, PRICE DISCRIMINATION AND MONOPOLISTIC COMPETATION.
1.) MC price
ATC Quantity
CONSUMER SURPLUS DEADWEIGHT LOSS
PM D
MC
PRODUCER PC
SURPLUS
MR QUANTITY The elasticity rule applying in…
Economics

A Calculate marginal cost If the

Question

A.Calculate marginal cost. If the

price of a barrel in the market is $20, how many barrels will the firm produce?

b. Suppose the price in the market falls to $12 per barrel. How many barrels will this firm produce in order to maximize profits?

c. Suppose an improvement in technology shifts total costs down by $8 at every level of production. How much will the firm produce and what will profits be at a price of $20 and at a price of $12?

Microeconomics

Topic Market Structures

Part One:

Determine what type of firm and market structure. Is it a

Question

Topic: Market Structures

Part One:

Determine what type of firm and market structure. Is it a

monopoly, oligopoly or monopolistic competitive. What characteristics (a minimum of 3) does the company have that proves the market structure? List and describe briefly

  • Samsung

Part Two:

Draw a graph showing the market structure you have stated in Part One, the graph needs to be inserted within the paper. You should find information about the profits of the company. The graph should reflect the firms current earnings but does not need to be number specific.

Microeconomics

What happens to the dry bulk shipping and shipbuilding markets when world commodity exports are hit by a strong

Question

What happens to the dry bulk shipping and shipbuilding markets when world commodity exports are hit by a strong

decline in commodity prices? How would this affect the shipping freight rate and output level in the short term and the long term?

What would happen to the ship building market? what is the relationship between the shipping and shipbuilding markets?

Microeconomics

An individual seller in a competitive market A has control over the price but no control over the quantity

Question

An individual seller in a competitive market:

A. has control over the price but no control over the quantity

it sells

B. has control over the quantity it sells but no control over the price

C. has no control over the quantity it sells or the price

D. has control over both the quantity it sells and the price

If a market has a monopoly, that market has:

A. no firm

B.one firm

C. a large number of firms

D. a few firms

For a firm in the competitive market, marginal revenue is always equal to
Microeconomics

Hello I have these 2 questions with answers and I would like to have the detailed explanationThank you

Question

Hello I have these 2 questions with answers and I would like to have the detailed explanation

Thank you

1) 8-60

If accounting profits for a firm are 20% of output, and the opportunity cost of financial capital is 8% of output,

then what do the firm’s economic profits equal?

a) 6% of output

b) 8% of output

c) 12% of output

d) 10% of output

Correct answer : c)

2) 8-64

In a perfectly competitive market setting, which of the following would be a true statement?

a) Market price automatically sets itself exactly at equilibrium.

b) Wage rates trend toward marginal revenue product levels.

c) Wage rates mirror marginal revenue product levels exactly.

d) Market price rarely trends toward the equilibrium value.

Answer : b)

Microeconomics

1 The marginal revenue product of an input is determined by multiplying the marginal physical product of an

Question

1. The marginal revenue product of an input is determined by muiplying the marginal physical product of an

additional unit of input by the input’s cost.

True

False

2. Financial markets, which are sources of financial capital, include banks, bond markets and stock markets.

True

False

3. Human capital only increases when workers have college degrees.

True

False

Microeconomics

Construct a graph with a typical monopoly’s average marginal and demand curves on it Identify the profit

Question

Construct a graph with a typical monopoly’s average, marginal and demand curves on it. Identify the profit

maximizing output and price, total revenue, cost and profits.

MC
Profit man output = (*
The intersection of MRZMC
ATE
profit man price z p* is
defined on the demand curve
ATCH
TR= Q* pt. an area 0Q*8p*
Te = Q* ATC an area Data Are#
IT = TR-TC am D, ATCX a….
Microeconomics

When a firm has maximized profits

it has also minimized total costs

.the marginal product of each

Question

When a firm has maximized profits,

it has also minimized total costs

.the marginal product of each

input is also maximized

.the marginal physical product is greater than the input price for all inputs.

its marginal cost is zero.

Microeconomics

4) A firm operating in a monopolistically competitive market faces demand and marginal revenue

Question

4) A firm operating in a monopolistically competitive market faces demand and marginal revenue

curves as given below:

P = 14 – 0.1Q MR = 10 – 0.2Q

The firm’s marginal cost curves is:

MC=-10+.4Q

where P is in dollars per unit, output rate Q is in units per time period, and marginal cost MC is in dollars.

a. Determine the price and output rate that will allow the firm to maximize profit or minimize losses.

Microeconomics

Microeconomics assignment Need completed by Tuesday

Question

Microeconomics assignment. Need completed by Tuesday.

BU224 Unit 4 Assignment Template:
Name:
Course Number:
Section Number:
Unit Number:
Date: -4
– ———————————-General Instructions for all…
Economics

As you can see I have already filled in some information but I really filled in as much as I could figure out Im

Question

As you can see, I have already filled in some information but I really filled in as much as I could figure out. Im

having a hard time computing the rest and figuring out how to solve for them.

What will profit or loss be per unit? loss or profit?

per firm?

will this industry expand or contract in the long run?

Assume that the following cost data are for a purely competitive producer:
Total Product
Average Fixed
Average
Average Total
Cost
Variable Cost
Cost
Marginal Cost
0
na
0.00
0.00
na
60.00
45.00
105.00
45.00
2
30.00
S
42.50
72.50
40.00
20.00
S
40.00
60.00
35.00
4
15.00
S
37.50
52.50
30.00
12.00
S
37.00
49.00
35.00
6
10.00
S
37.50
47.50
40.00
7
8.57
S
38.57
47.14
45.00
8
7.50
S
40.63
48.13
55.00
6.67
43.33
50.00
65.00
10
6.00
S
46.50
S
52.50
$
75.00
Microeconomics

Hi Can you please help me to answer these questions? I am thinking these are right anwers 1 A 2 B 3 D

Question

decreases the demand faced by that firm

4. Oligopolies often create:

A. productive efficiency.

B. allocative efficiency.

C. welfare loss.

D. None of these

E. All of these

5. Current anti-trust legislation limits:

A. only vertical mergers.

B. only horizontal mergers.

C. both vertical and horizontal mergers.

D. only monopolies.

E. both monopolies and monopolistic competitors.

Microeconomics

I’m writing a position paper that has to support a particular point of view concerning a topic in microeconomics

Question

I’m writing a position paper that has to support a particular point of view concerning a topic in microeconomics.

The topic I choose is below., along with the objectives and assignment requirements.

  • The pros and cons of global trading partnerships

OBJECTIVES: This assignment has three major objectives. The first is to increase your familiarity with an issue of economic policy and the arguments that surround that issue. The second is to increase your familiarity with sources of information. The third is to help you improve an important intellectual skill: writing a clear and convincing argument supported by reliable evidence.

ASSIGNMENT: must deal with a matter of economic policy or practice encountered in the operations of the individual, firm, or market.

*Please note I submitting my tutor’s work as my own, I am only asking for some help with completing and understand my topic and assignment. – Thank you ahead of time.

Microeconomics

Are the goods that businesses offer for free to consumers also free to society?Yes because

Question

Are the goods that businesses offer for free to consumers also free to society?

Yes, because

the individual consumer does not have to pay for them.

Yes, because the marginal benefit is greater than the marginal cost.

No, because scarce resources were used to produce the free goods.

No, because society does not assign a value to free goods.

Microeconomics

Number of Apples 1 2 3 4 5 6 7 8 9 10Total Utility 7 13 18 22 25 27 28 28 27 25Marginal Utility

Question

Number of Apples 1,2,3,4,5,6,7,8,9,10

Total Utility: 7,13,18,22,25,27,28,28,27,25

Marginal Utility:

7,6,5,4,3,2,1,0,-1,-2

a)at what point does diminishing marginal utility set in?

b)If apples were freely given away at zero cost, how many apples would she choose to consume?

c) if janet is at her maximum utility from apple consumption, what will happen to her level of utility if she consumes an additional apple?

Microeconomics

In graph form how do I calculate the profit maximizing level of output and the shutdown prices in the short/long

Question

In graph form, how do I calculate the profit maximizing level of output and the shutdown prices in the short/long

term run and the supply curve?

Widgets
Fixed Variable
Total
Average | Average | Marginal , Price
Profits
Produced
Costs
Costs
Costs
Variable
Total
Cost
= MR
Cost
Cost
O
25
0
25
0
0
0
10
-15
25
8
33
8.00
33.00
8.00
10
-23
25
15
40
7.50
20.00
7.00
10
-20
25
23
45
7.67
16.00
8.00
10
-15
25
32
57
8.00
14.25
9.00
10
-17
25
42
67
8.40
13.40
10.00
10
-17
25
53
78
8.83
13.00
11.00
10
-18
25
65
90
9.29
12.86
12.00
10
-20
25
78
103
9.75
12.88
13.00
10
-23
25
92
117
10.22
13.00
14.00
10
-27
Microeconomics

Issues in Liner Shipping explains the nature and the pricing methods in container shipping namely average cost

Question

Issues in Liner Shipping, explains the nature and the pricing methods in container shipping, namely average cost

pricing, marginal cost pricing, and price discrimination. In each of the following situations, identify the most relevant pricing method(s) and justify your answer.

a) The liner shipping company has substantial market power in the region it serves but demand for container shipping is low.

b) Demand for container shipping is high but there are a number of competitors in the market offering similar services.

Microeconomics

Need help with the first part (1)

Question

Need help with the first part (1).

Consider the following production function:
f (21, $2) =2142
1-a
1. Solve the cost minimization problem of the firm.
2. Show that for a = 0.5 the cost function of the firm is given by c(y) = 2 (w1w2)
y.
Microeconomics

Hi i need some help with this question Thank you so much When making economic decision which

Question

Hi, i need some help with this question. Thank you so much.

When making economic decision which

of the following statements is most accurate toward achieving the best resu?

A) Total benefit should exceed total cost

B) Marginal and marginal benefit must be equal

C) Marginal benefit should always outweigh marginal cost

D) Restrictions on trade can maximize utility

Microeconomics