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Microeconomics

04/25/19

What are scarce goods?

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Microeconomics

04/25/19

Why does supply equal demand?

My question is simple: in theory, why should we expect the total quantity that firms want to sell to be (at least approximately) equal to the total quantity that consumers want to buy?As I... more

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Microeconomics Comparative Advantage

04/25/19

Intuition behind Comparative Advantange?

I already read and ask NOT about pp 52-54, *Principles of Microeconomics*, 7 Ed, 2014, by N Gregory Mankiw. I understand such numerical examples that corroborate Comparative Advantage, but how can... more

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Microeconomics

04/25/19

When the convexity assumptions fail?

We constantly assume convexity in economics. Convexity of production sets, convexity of preferences etc. Is there literature that addresses when convexities fail? For example, is there any... more

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Answers •1

Microeconomics Monopoly Economies Of Scale Consumer Surplus

04/25/19

Can a monopoly INCREASE the market surplus compared with a competitive market?

Monopolies are often blamed for DWLs(Dead Weight Losses), while competitive markets believed to work without DWLs (assuming zero taxes/subsidies and zero externalities). But I think I found an... more

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Answers •1

Microeconomics

04/25/19

Why is elasticity not defined simply as the slope of the graph?

It makes more intuitive sense to me: as I increase the quantity, this is how much the price changes. Why is a much more complex formula used that takes into consideration the current quantity and... more

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Microeconomics

04/25/19

What can I do with a degree in microeconomics?

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Microeconomics

04/24/19

What is it about certain business types that seem to restrict how much large they can grow?

For example, I've never heard of a large lawn-mowing corporation. Phone and computer repairers seem to consist mostly of 1 or two man operations. Wedding planners and photographers seem exclusively... more

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Microeconomics Price Industrial Organisation

04/24/19

Why do low-budget films charge the same amount at the box office as super-high budget films?

In most occurrences, lower production costs translate into lower sales costs. Obviously there are other factors that influence price, including perceived value (affected by advertising),... more

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Microeconomics

04/20/19

When do supply and demand curves shift?

Let's assume that the price of apples has risen and that the quantity of apples sold during the last couple of weeks has decreased. From that, we can infer that the supply curve must've shifted to... more

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Microeconomics Government & Politics Political Science

04/20/19

What does the US Economic Development Administration do?

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Answers •1

Microeconomics Economics

04/19/19

How does an increase in the cost of raw materials affect the marginal costs of producing an item?

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Answers •1

Microeconomics

04/16/19

Destruction in Exchange Economies?

I am reading about exchange economies and ran across something that is counter intuitive.How is it that in an exchange economy with no production that a person can make himself/herself better off... more

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Microeconomics Elasticity

04/16/19

Why absolute value in elasticities and marginal rate of substitution?

This is a point I find very confusing and very hard to justify to students. Depending on the books, one finds many different conventions regarding the sign of elasticities and marginal rate of... more

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Answers •2

Microeconomics Utility Consumer Theory

04/16/19

The relationship between the expenditure function and many others!?

I dont understand the relationships between Hicksian demand, walrasian demand (marshallian), the expenditure function and the indirect utility function (including the value function V(b)). I have... more

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Microeconomics Preferences Mathematical Economics

04/16/19

Are homothetic preferences monotonic?

I'm trying to understand intuitively what a homothetic preference is, and I am still not quite there. I understand the definition, that a homothetic preference implies that the slope of the... more

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Microeconomics Profit Maximization

04/15/19

Why are firms taken to be profit-maximizing? Shouldn't that make them risk-neutral?

Intro texts normally explain that insurance firms (casinos, etc.) "work" by diversifying risk from many clients. Unsaid, then, seems to be that risk is bad for both firm and client.But why should a... more

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Microeconomics History Economic Thought

04/15/19

Isoquant creator?

I was wondering if anyone had an idea about the first author to have mathematically computed an isoquant or at least the first occurrence of a drawn isoquant ? My best guess would be F. Edgeworth... more

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Microeconomics

04/15/19

If We have Two goods, X and Y whcih are procued with Cobb_Douglas Technologies How can we construct the Edgeworth Box, Contract Curve and The Production Possibilities Frontier

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Answers •1

Microeconomics

04/14/19

What is a subsidy and can you provide an example?

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Answers •1

Microeconomics Wages Unemployment Firm

04/14/19

Why do firms losing money almost always reduce labor costs via layoffs instead of pay cuts?

At least in the United States, firms seem to almost always reduce labor costs via layoffs rather than pay cuts. Pay cuts are so rare that they're literally... more

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Answers •1

Microeconomics Macroeconomics

04/12/19

What are the differences between microeconomics and macroeconomics?

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Answers •1

Microeconomics Micro Data

04/11/19

In simple terms: what are the implications of homothetic and nonhomothetic consumer preferences?

I am looking for a simple explanation of the implication of having homothetic/nonhomethetic preferences in relation to consumers' preferences when consuming goods.

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Answers •1

Microeconomics Producer Theory

04/11/19

Are There Giffen Inputs?

I am studying for my candidacy exams and I came across this question on a previous exam. The question is in the TFD (True, False, Debatable) section of the exam. The claim is: "There are no Giffen... more

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Microeconomics Business Macroeconomics

04/09/19

Is business economics micro or macro or both?

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Answers •1

What are scarce goods?

Why does supply equal demand?

Intuition behind Comparative Advantange?

When the convexity assumptions fail?

Can a monopoly INCREASE the market surplus compared with a competitive market?

Why is elasticity not defined simply as the slope of the graph?

What can I do with a degree in microeconomics?

What is it about certain business types that seem to restrict how much large they can grow?

Why do low-budget films charge the same amount at the box office as super-high budget films?

When do supply and demand curves shift?

What does the US Economic Development Administration do?

How does an increase in the cost of raw materials affect the marginal costs of producing an item?

Destruction in Exchange Economies?

Why absolute value in elasticities and marginal rate of substitution?

The relationship between the expenditure function and many others!?

Are homothetic preferences monotonic?

Why are firms taken to be profit-maximizing? Shouldn't that make them risk-neutral?

Isoquant creator?

If We have Two goods, X and Y whcih are procued with Cobb_Douglas Technologies How can we construct the Edgeworth Box, Contract Curve and The Production Possibilities Frontier

What is a subsidy and can you provide an example?

Why do firms losing money almost always reduce labor costs via layoffs instead of pay cuts?

What are the differences between microeconomics and macroeconomics?

In simple terms: what are the implications of homothetic and nonhomothetic consumer preferences?

Are There Giffen Inputs?

Is business economics micro or macro or both?

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