293 Answered Questions for the topic microeconomics

Microeconomics

03/02/15

Using the table below, what is the firm's optimal output level?

Output     Price     Total Cost 0             1750     $1000 1             1700     2,000 2             1650     2,800 3             1600     3,500 4             1550     4,000 5            ... more
Microeconomics

03/01/15

If total product is decreasing, marginal product is

increasing. above average product. negative. equal to average product. positive.
Microeconomics

03/01/15

Assuming the firm is a profit maximizer, what are the firm's total profits?

  Given a perfectly competitive market structure, a firm's total fixed costs are $195, average variable costs are $4, marginal revenue is $6, and the quantity demanded is 65.      a) $145 b)... more
Microeconomics

03/01/15

Assume that marginal revenue equals rising marginal cost at 100 units of output.

  At this output level, a firm's total fixed cost is $400 and its total variable cost is $600. If the price of the product is $3 per unit and the firm produces at its optimal level, the firm will... more
Microeconomics

02/27/15

In the table below, if for an output of 11 units the average variable cost is $52,

Total Output     Total Cost 0                     $100 2                       196 4                       212 6                       310 8                       430 10                    ... more
Microeconomics

02/27/15

In the table below, when total output is 8 units, the average variable cost is

Total Output       Total Cost 0                       $100 2                       196 4                        212 6                        310 8                        430 10                    ... more
Microeconomics

02/27/15

Assume that one laborer produces 6 units of output, two laborers produce 14 units, three produce 20 units, and four produce 24 units.

If the cost is $20 per laborer and fixed costs are $100, the average total cost at 24 units of output is   a) $7.50. b) $45. c) $4.17. d) $20. e) $180.
Microeconomics

02/27/15

If marginal product is 8 units and average product is 4 units, the next worker will cause

a) marginal product to decrease. b) average product to increase by 4 units. c) marginal product to decrease by 4 units. d) marginal product to decrease by 2 units and average product to increase by... more
Microeconomics

02/27/15

While total product is increasing, marginal product is?

a) increasing. b) zero. c) negative. d) decreasing. e) positive.
Microeconomics

02/03/15

Assume that at the current market price of $4 per unit of a good, you are willing and able to buy 30 units.

  Last year at a price of $4 per unit, you would have purchased 20 units. What has most likely happened over the last year?   A. Supply has decreased. B. Quantity supplied has increased. C.... more
Microeconomics

02/03/15

A freeze in Peru causes the price of coffee to skyrocket. Assuming coffee and tea are substitutes, which of the following will happen?

A. The quantity demanded of coffee will increase, and the quantity demanded of tea will increase. B. The quantity demanded of coffee will increase, and the demand for tea will increase. C. The... more
Microeconomics

02/03/15

The city of Austin can buy roads or light rail. If 10 miles of roads cost $1 million and 2 miles of light rail cost $10 million,

what is the city's opportunity cost of 1000 miles of roads?   A. $10 million B. 2 miles of light rail C. 20 miles of light rail D. $50 million E. Both [A] and [C] are correct.

01/03/15

Need help with inflation / interest rate problem?

I was doing a homework problem on how inflation would affect savers and borrowers, but I don't get how savers would be hurt if they receive a fixed-interest-rate. Suppose that I'm a saver and have... more
Microeconomics Business Economics Finance

12/02/14

Economics Question: Finding Marginal Costs and Benefits

You are selling your 1996 Mustang. You have already spent $1000 on repairs. At the last minute, the transmission dies. You can pay $600 to have it repaired, or sell the car “as is.” A.) What is... more
Microeconomics

10/27/14

Allocate production among two firms

1. Beta Inc. has two production facilities in two different towns that use labor to produce its final product. The marginal product of labor at plant 1 is MPL1 = 100/L1 and MPL2 = 50/L2. A. Beta... more
Microeconomics

06/25/14

how to calculate the domestic price of a good. given the world price, tariff, supply, demand and elasticity of demand.

Need help answering this question asap. 
Microeconomics

05/02/14

What are the steps to be done?

Suppose that a worker in Agland can produce either 10 units of organic grain or 2 units of incense per year, and a worker in Zenland can produce either 5 units of organic grain or 15 units of... more

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