471 Answered Questions for the topic microeconomics

Microeconomics

03/31/17

what is the equilibrium condition and quantityi n the market
The demand for pocket calculators is given by the functions: p=72-1/2Qd and the supply is given by the  function 120=Qs-p where Qd= quantity demanded Qs= quantity supplied and p=price. what is the... more
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Microeconomics

03/01/17

Suppose that the price of a product increased from $18 to $22, and the quantity demanded decreased from 63 to 57. What is the value of the PED
I need help with microeconomics
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Microeconomics

10/23/16

How do I mathematically prove the following statement is false?
In terms of purchasing power, a fifty percent tax on the price of goods X and Y is equivalent to a fifty percent reduction in income
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10/12/16

Utility Maximization
maximize U= e(x1+ In x2)^1/3
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Microeconomics Economics

04/26/16

Relative price
if the relative price of one unit of good x is 5 units of good y, then it follows that the absolute price of good x can be _ and the absolute price of good y can be _   Its economics but I'm... more
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Microeconomics

02/09/16

Define the price elasticity of demand? What information does it provide? How is it calculated?
it's about microeconomics
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Microeconomics

01/13/16

Comparative Advantage and Trade
I am having a hard time figuring out the math   Kneeland has 60 workers. Each worker can produce 4 widgets or 4 wadgets. Each resident in Kneeland currently consumes 2 widgets and 2 wadgets.... more
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Microeconomics Mircoeconomics

12/19/15

The market demand schedule
I am not fulling understanding this question. Does anyone have any suggestions? Each of 10 firms in a given industry has the costs given in the top table, below. The market demand schedule is... more
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12/10/15

Identify goods/services which are related to insurance company.
Identify goods/services which are related to Insurance company. What are some of the key determinants of demand for this and related goods/services ? I didn't find if someone can help me
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Microeconomics

12/08/15

Fixed and variables
Classify each of the following as fixed or variable costs and give a brief explanation for your classification. If you think the costs could be partially fixed and partially variable, give your... more
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Microeconomics

11/28/15

microeconomics:Like a perfectly competitive firm, if a monopolist wants to know how much it will save by reducing its per-period output by one unit,it will
Evaluate its:    A.marginal cost function   B.marginal product function   C.average product function   D.average variable cost function   E.average total cost function
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Microeconomics

11/28/15

Microeconomics: Consider a monopoly whose total cost function is TC = 20 + 10Q + 0.3Q2
and whose marginal cost function is MC = 10 + 0.6Q. The demand function for the firm?s good is P = 120 - 0.2Q. The firm optimizes by producing the level of output that maximizes profit or minimizes... more
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Microeconomics

11/20/15

MICroeconomics: The average product of labor (APL) is:
The average product of labor (APL) is:   A.total output divided by the number of workers employed   B.the change in total cost attributed to the increased output from employing an additional... more
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Microeconomics

11/20/15

Microeconomic: The law of diminishing marginal product (or returns) states that:
The law of diminishing marginal product (or returns) states that   A: as more and more of a variable input, such as labor, is employed to a short-run production process, beyond a point output... more
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Microeconomics

11/20/15

Microeconomics Please Help
Your farm sells vegetables through a Community Supported Agricultural program, in which families purchase an annual share of vegetables for a price of $500. There are many farms in your area... more
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Microeconomics

11/19/15

Microeconomics: Suppose a firm?s production function is Q = 2K0.5 L0.5. Its level of capital is fixed at 4 units, the price of labor is PL = $8 per unit,
and the price of capital is PK = $10 per unit. Given this information, the firm?s total cost (TC = TFC + TVC) function is:   A.TC = 10 + L2/2   B.TC = 10 + L2/4   C.TC = 10 + Q2/2   D.TC =... more
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Microeconomics

11/19/15

Microeconomics: The total variable cost (TVC) incurred by a firm will depend upon:
A.the amount of output produced   B.the prices of its variable inputs (e.g., the hourly wage rate that workers are paid)   C.the production techniques that are used (i.e., its short run... more
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Microeconomics

11/19/15

Given this information, the firm?s total cost (TC = TFC + TVC) function is:
Suppose a firm?s production function is Q = 2K0.5 L0.5. Its level of capital is fixed at 4 units, the price of labor is PL = $8 per unit, and the price of capital is PK = $10 per unit. Given this... more
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Microeconomics

11/18/15

The law of diminish marginal products (or returns) states that:
A. as more and more of a variable input, such as labor, is employed to a short-run production process, beyond a point output will increase at an increasing rate   B. as more and more of a... more
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Microeconomics

11/18/15

The distinction between the long run and the short run for a firm is that:
A.in the long run no inputs are fixed whereas in the short run at least input is fixed   B.in the long run all inputs are fixed whereas in the short run at least one input is fixed   C.in the... more
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Microeconomics

11/18/15

microeconomics:If a production process undergoes a technological improvement then:
A.a given amount of output may be produced with fewer inputs   B.a given amount of inputs will yield more output   C.total variable cost and average variable cost will be reduced at all... more
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Microeconomics

11/18/15

microeconomics:Which of the following is correct regarding the relationship between the marginal product of labor and the average product of labor?
A. if marginal product is greater than average product, then average product will be increasing   B. if marginal product is less than average product, then average product will be... more
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Microeconomics

11/18/15

Microeconomics: The average product of labor (APL) is:
A.total output divided by the number of workers employed   B.the change in total output attributed to employing an additional worker   C.the change in total output attributed to producing an... more
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Microeconomics

11/18/15

Microeconomics:Consider a firm?s per-period (e.g., hourly) production process. If it employs 1 unit of labor, then 10 units of output will be produced
if it employs 2 units of labor, then 16 units of output will be produced; and if it employs 3 units of labor, then 20 units of output will be produced. It follows that:   A.total output is... more
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Microeconomics

11/18/15

Microeconomics: The distinction between the short run and the long run for a firm is that:
A. in the short run all inputs are fixed whereas in the long run no inputs are fixed B. in the short run all inputs are variable whereas in the long run all inputs are fixed C. in the short run... more
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