Can any business afford to be socially responsible

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 significantly changing. Business men and women of today may like or dislike some of these changes. however these changes exist and must be faced by the business people in the world today. The microeconomics principle that this paper is based on is the principle of social responsibility. This paper is a detailed report of a research project to determine if any business affords to be socially responsible. This is a compelling topic since business ethics and the social responsibility are two aspects of a business that go hand in hand, thus a business person will have to tackle the aspect of social responsibility in the running of the business.
Literature review
This research report uses scholarly sources, as well as books, to draft a detailed report, and as sources of references. The sources were immensely helpful and helped us to come up with solutions that concerned the topic at hand (Rachael, 2007 p2858). The sources gave compelling evidence and sample case that all came at handy in the research. All sources had the same theme of corporate social responsibility and all had the same view point on the same (Rachael, 2007 p2859).
Method
This research was carried out by reading reports of projects carried out on corporate responsibility. this included the book by Jean Brick. The research was majorly carried out in the internet where we found many sources with detailed reports on social responsibility. Internet resources that are relevant to this research project include a website by the brotherhood of St. Laurence on cooperate social responsibility among others. However, this document, by brotherhood, provide detailed arguments on the social responsibility of the cooperate world.
Discussion
The research was carried out for several days. This period was used to read the various reports that touched on the business and social responsibility. The research found out that social responsibility is a key factor that affects business functionality and productivity. All businesses should be socially responsible (CPA Australia, 2006 p11).
Companies are judged by the way they conduct themselves in the context of pursuing their business aims and objectives (Brotherhood of St. Laurence, 2006 p2). In this respect, a business deals with the environmental and social issues that influence its business operations. These issues also play significant roles, in how the society will perceive the business, which also affect the company, in a positive or negative manner (CPA Australia, 2011 p5).
The sources gave relevant case examples of businesses that have been affected either positively or negatively by the social aspect of their business (London Greenpeace, 2011 p1). Cooperate social responsibility is an elusive notion. It raises several questions as to what ways and to whom the companies are accountable care needs to be taken when analyzing the various viewpoints that people present about the role of corporations in social matters (Brotherhood of St. Laurence, 2006 p2).
A basic approach is one that would focus only on one social aspect, and exclude other aspects. This is unlikely to produce results that shed light to the complexity of the to0tal contributions that the companies bring to the society (Brotherhood of St. Laurence, 2006 p2). A much better approach would be one that the companies are judged according to their total economic contributions and the way that these companies manage environmental and social issues that are relevant to their business. this approach has proven to be more meaningful and productive (Brotherhood of St. Laurence, 2006 p3).
This report, therefore, concludes that a business cannot afford not to be socially responsible as this can make it damage its reputation in the society it is based in. This will finally prove to be a fatal impact on the business productivity. Businesses are, therefore, advised to embrace their social responsibilities for better performance in the achievement of business goals.

References
Brotherhood of St. Laurence. "Supplementary material to the Australian Government Corporations and Markets Advisory Committee ." Corporate Social Responsibility, February, 2006: 1-3.
Retrieved from: http://www.camac.gov.au/camac/camac.nsf/byHeadline/PDFSubmissions_2/$file/BSL_CSR_CAMAC.pdf
CPA Australia. "Corporate Social Responsibility ." Corporations and Markets Advisory Committee, March, 2006: 1-17.
Retrieved from: http://www.camac.gov.au/camac/camac.nsf/byHeadline/PDFSubmissions_2/$file/CPA_CSR.pdf
CPA Australia. "Recent trends and future developments in the promotion of responsible business practices ." The social responsibility of corporations, June 2011: 2-8.
Retrieved: http://www.cpaaustralia.com.au/cps/rde/xbcr/cpa-site/social-responsibility-of- corporations-report.pdf
London Greenpeace. "Beyond McDonalds." Whats Wrong with the Body Shops, 2011: 1.
Retrieved from: http://www.mcspotlight.org/beyond/companies/bs_ref.html
Rachael A.T. “Corporate Social Responsibility in Australia: Constructing Reputation.” Journal of Proceedings 2007 Australia and New Zealand Marketing Academy Conference (ANZMAC), 2007: 2854-2865.

For Applying University of California

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 pursuance of my career. I developed an exceptionally strong interest in Business Economics which I made a decision to major in during my further education. Born in a middle class family where my parents gathered a lot of effort to raise me up, I quickly inferred the need for finance from this experience. As it is said, necessity is the mother of invention, and so I got interested in economics. My father’s insufficient knowledge and skills in financial control were my earliest cues to pursue economics to professional level. He ran a small business for selling fashion clothes, food factory – selling deep-fried flour sticks and grilled potatoes. His investment performed poorly in the stock markets during the financial crisis (downturn). Then his investment failed totally not long after. Key knowledge learnt here was about microeconomics and macroeconomics. I learnt how the limited knowledge on these fields impacted negatively my father’s investments. …
I also worked as an Exhibition promoter at Adecco Company where I learnt how culture affects the buying patterns. I developed strong communications skills during my work as an exhibition promoter. Before I joined the Adecco Company, I had gone for an internship at China Resource Vanguard Co. Ltd where I carried out database building and management while also doing research for the market. Prior to Adecco Company, I participated in several volunteer works while at Anza College. I volunteer for International Student Volunteer (ISV) where I helped and counseled senior students. I learnt, by dealing with the students, the skills of interacting with people both of my age and my seniors. I volunteered for Red Cross where I helped in planting of trees in the green society project and in packing food and other materials for the needs. As a volunteer in running for a Concession Stand in Flea in Flea Market at De Ana College, I learnt the skills of being a leader, organizing and managing teamwork. At St. Joan of Arc Secondary School, I volunteered to teach the handicap to do easy jobs. I also participated in selling flats for volunteer organizations to raise funds. At St. Joan of Arc Secondary School, I volunteered to teach children in the underdeveloped country to learn Basic English and Chinese. In addition, I counseled senior citizens about finance, housing and daily life. I have participated in several student organizations and activities. First, at De Anza College, I took part in the President of Japanese Cultural Club (JCC) with lots of interest. I learnt about Japanese culture, I was a member of track and field varsity for sports activities. a member of cross cultural partners (CCP)

The Impact of an Exercise Tax on Demand Supply Price and Quantity

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 tax. This means that there is a decrease in the quantity that buyers in the market demand. An increase in quantity demanded leads to a surplus in the quantity of the supply available in the market as the available buyers have low capability of exhausting the amount of cigarettes available in the market. On the other side, the excise tax will lead to an increase in the price of cigarettes with the same proportion as the amount of the tax. In addition to that, the prices that the producers receive from the sale of cigarettes will decrease by the same margin as the size of the tax (Varian 227).
Factors that affect the Price Elasticity of Demand
There are several factors that affect the price elasticity of demands. One of these factors is the level of prices. Expensive goods such as cars have high elasticity of demand as a result of the sensitivity to price changes. On the other hand, the price elasticity of demand for inexpensive good such as match boxes rarely changes the demand by a significant amount. Another factor that affects the price elasticity of demand is the income level. The elasticity of demand for any product is less in groups with higher income levels as compared to the low income levels. This is as a result of the fact that the impact of prices changes is bigger to the poor people than the rich (Varian 320).
The availability of close substitute is another factor that affects the elasticity of demand. Demand for a product with many substitutes for example Pepsi is more elastic as compared to that with a few or no close substitutes such as salt. Lastly, the nature of a commodity is another factor that affects price elasticity of demand. Necessity goods such as vegetables have inelastic demand while comfort goods such as refrigerators have elastic demand. Luxurious commodities such as cars have more elastic demand than the comfort goods (Varian 323).
The Combination purchased to Maximize Utility
For a consumer to maximize utility he must be at the consumer equilibrium condition. Economists express this condition by equating all of the marginal utilities per dollar that the consumer spends in buying a certain commodity.

MU is the marginal utility
Prices of A, B, and C are $2, $3, and $1 respectively.
1st 2nd 3rd
4th 5th 6th
7th
As seen from the above calculation, there is no single equation where the marginal utility per dollar is at equilibrium hence there is no combination where the consumer has the option of maximizing the utility. However, the consumer is closer to maximizing the utility in the seventh combination (Varian 434).
Works cited
Varian, Hal R., and Jack Repcheck. Intermediate microeconomics: a modern approach. Vol. 7. New York: WW Norton, 2010.

Microeconomics Recession and restaurant dining

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 tremendously during this recession. The response that restaurant chains had as a result of reduced spending by the consumers was to reduce its expansions (Sexton 109). Some units were closed, and many employed persons got laid off in the workplace. Many reports indicate that fast food restaurants increased the menu options as a result of the changing economy.
In the recession, many casual dining restaurants faced a shift in the demand for their products. It became cheaper for people eat from home, rather than at these restaurants. At fast-food restaurants, the case was somewhat different. Many drive-through restaurants made an increase in their sales with a rise in demand for fast food. There are aspects of supply and demand that caused these changes. One of these aspects includes the income most of the consumers earned (Sexton 112). The income during the recession was fixed, but the price of foodstuffs sky rocketed. This reduced the demand for most consumers, with many preferring fast food restaurants. Another aspect was the nature of the goods. Casual dining restaurants offered meals that were above the consumers pay grade, thus. the decrease in demand, in many casual restaurants (Sexton 116).
The recession did change many dining habits. Mine, for example, had to be reduced to buying foodstuffs, and cooking from home. It was cheaper to do this as compared to dining in restaurants. Some of the determinants that come into play in such a scenario include the income an individual receives. If the income demands that the desire of goods and services should be reduced, one has to comply with such demands (Sexton 120). The high standards of living require an individual to adapt, thus. giving up of luxuries to consume the most basic requirements. These cause a change in dining habits especially during a recession (Sexton 122).
In conclusion, it is fundamental to recognize the intricate role restaurants play in society. Dining in restaurants is convenient for all time-strapped consumers. It will continue to generate profit in the economy provided the recession is addressed, and societies get back to spending the right amount of money in restaurants.
Work Cited
Sexton, Robert L. Exploring Microeconomics. New York: Macmillan Publishers, 2012. Print.

Microeconomics Homework

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 in the rate of airborne pollutants is higher when the rate of economic growth increases. On the other side, when the rate of increase in economic growth falls, the rate of airborne pollutants also fall but at a lower rate.
b) The situation is inefficient since the consumers are not getting what they actually desire. Hence this is allocatively inefficient. The cafeteria should allocate its resources towards producing roast turkey.
d) The relationship between the tax rate and tax revenue when taxes are less than 80% is a direct one. hence the slope will be positive. The relationship between tax rate and tax revenue when taxes are greater than 80% is indirect and hence the slope will be

Some thoughts of the article

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 that deals with the study of aggregate behavior of an entire economy. Whereby, issues such unemployment, price changes, National income, gross national product, growth rate and inflation issues are scrutinized. However, inflation and unemployment issue tend to be a more critical due to their adverse impact in an economy. Inflation entails a persistent rise in services and commodity while unemployment is an economic situation where people who are willing and able to work can’t find a job. Therefore, to address these problems, government should to utilize tools for monetary and fiscal policy. Monetary policies tool entails utilization of discount rates and reserve requirements to control inflation and stabilize the economy. On the contrary, fiscal policies tool entails application of taxes as well as control of government expenditure to achieve certain economic goals (Taylor amp. Weerapana, 2008).
On the contrary, Micro economics refers to a branch of economics that involves the study of decisions made by individuals and firms regarding the scarce resource. Whereby, in micro economics, consumers aims to maximize their utility despite having scarce resource aims to maximize their profits while at the same time minimizing their cost. However, due to limited resources, both firms and individuals experience opportunity cost. Whereby, they have to decide the best alternatives to forgo given the fact that resources are limited (Mankiw, 2011). Normally, in micro economics, the prices of goods and services are determined by market forces of supply and demand as well as government regulations. Therefore, both individuals and firms should take into consideration the issues of tax and government regulations when making their decisions (Chandra, 2005).
References
Chandra, P. (2005). Fundamentals of financial management. New Delhi: Tata Mcgraw-hill Book Co.
Mankiw, N. G. (2011). Principles of economics. Mason, Ohio: Thomson South-Western.
Taylor, J. B., amp. Weerapana, A. (2008). Microeconomics. Boston, Mass: Houghton Mifflin.

Elasticity paper

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 other hand, gasoline would not make much sense if motor vehicles were not there. Therefore, the two products are complements of each other.
Products are said to be complementary if when the price of one decrease (or increases) the demand of a related product increases (or decreases). For example, motor vehicles are complementary to gasoline because when the prices of motor vehicles increase, the demand of gasoline reduces. This is because fewer people will be willing and able to buy motor vehicles and thus have a direct influence on the number of vehicles consuming gasoline.
On the other hand, substitute products are those products that can be used in place of each other. For example, in a meal such a supper, a family may decide to each vegetable with either chicken or beef. In this case therefore, chicken is a substitute for beef and, or it can be said that beef is a substitute for chicken.
Products are said to be substitutes if the increase in price of one product leads to increase in demand for a related product, and vice versa. For example, if the price of beef increases, the demand for chicken will increase as more people will find chicken affordable as compared to beef. On the other hand, if the price of beef decreases, the demand for chicken would reduce as more people will find beef to be affordable.
Reference
Lindeman, J. B. (2002).nbsp.Microeconomics. Hauppauge, NY: Barrons.

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

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 …

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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