153 Answered Questions for the topic microeconomics

Opportunity cost

If your tuition is $5,000 this semester, your books cost $600, you can only work 20 rather than 40 hours per week during the 15 weeks you are taking classes and you make $15 per hour, and your room... more

Utility Function

The utility function is u (x1; x2) = 5 min(x1; x2) + 2x2. Suppose that the constraints are as follows: I>= p1x1 + p2x2; x1>= 0; x2 >= 0 where I is income, p1 is the price of good 1 and... more


A loss is when a company revenue is less than its


Economics - Competitive Industry

What would happen in a competitive industry - at both the firm and the market level - in each of the following cases?a. Firms in the industry are able to lower their marginal -and average- costs... more


What are the four types of unemployment mentioned in general?

Explain unemployment. In terms of how an economy works, one thing leads to another. There are different reasons why people are unemployed; they may not even be looking for work.


Given in description

Suppose that, at the market clearing price of natural gas, the price elasticity of demand is -1.2 and the price elasticity of supply is 0.6. If, initially, the price was 10 percent below... more


What do inflation rates measure?


An economically efficient level of smoking:

a. means people would not smokeB. occurs at the market equilibriumC.would have to account for all costs but would be greater than zeroD. would have to increase to provide more jobs for farmers and... more


There is no age requirement to purchase a computer but there is one to buy tobacco and alcohol. Of the reasons for limiting a market, economists rely on which to justify this

a.These goods are immoral when consumed by the young b.These goods have external costs when consumed by the young c. Young consumers have inadequate information d.Government is necessary to... more


Which of the following gave workers a reason to form early unions

A. Dangerous working conditions B. High taxes C. Increased use of technology D. Foreign competition


find equilibrium level of income

C = 100 + .9ydT = 100I = 150G = 200Yd = Y- Y


I have a question on Microeconomics

The Law of Demand reflects the relationship between price and Quantity Demanded. That relationship is associated with an  increase in price and a subsequent increase in quantity... more


Why you shouldn’t blame consumers for Labor Conditions?

Hi, So I have a group project for my economic class and my teacher asked us to defend consumers for Labor Conditions and I really don’t have any idea how should I do this and for what reasons... more


Basic Economics help

A corporation has 1,000 shares of preferred stock and 4,000 shares of common stock. The preferred stock has a prior claim to an annual $8 dividend. If the annual profits to be distributed for the... more


Monopoly and Taxes (Nicholson Exercise)?

Hello I'm working through **Microeconomic Theory : Basic Principles and Extensions** of Nicholson and Snyder 10e, for an exam and I fail to get how to answer this question (p.517) :> A specific... more


Consumers affect which goods and services are produced because they

Consumers affect


The Gains from forming a Free Trade Area or Customs Union Part 1

Suppose Two countries have identical demands for a product. Call it textiles. One is much better at producing Textiles. Suppose Demand is give as P = 40- (1/25) P The Supply Curve for... more


I know the answer when it is price elastic, but what changes when it is price inelastic? Please explain and which option is it?

Which of the following statement is correct?A) Demand is more price inelastic than supply and consumers bear a larger portion of the tax burden.B) Demand is more price inelastic than supply and... more


Import and Export - Microeconomics

If the world price is lower than the domestic autarky price of a good, then when the economy opens up to trade, the country will become an ______ of the good and the price of the good in the... more


Inelastic tax burden. Microeconomics

Which of the following statement is correct?A) Demand is more price inelastic than supply and consumers bear a larger portion of the tax burden. B) Demand is more price inelastic than supply and... more
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