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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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Microeconomics Business Economics Business Practices

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

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

11/19/15

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

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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Microeconomics

10/27/15

Price Elasticity of demand

If P=80-.4Q what is the price elasticity of demand?

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Microeconomics

10/24/15

Consider a consumer who maximizes utility subject to a budget constraint. If her income increases, then:

A. the budget constraint will shift inward, the consumer will move to a new equilibrium along a lower indifference curve, and the level of total utility will increase B. the budget constraint... more

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Microeconomics

10/23/15

Any bundle of goods located outside (versus inside) of a consumer's budget constraint:

Any bundle of goods located outside (versus inside) of a consumer's budget constraint: i. is unobtainable, given the consumer's incomeii. implies the consumer is not spending all of his or her... more

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Microeconomics

10/23/15

Fran likes fruit. If she consumes 1 piece of fruit, she obtains 5 units of utility, if she consumes 2 pieces she obtains 12 units of utility, and if he consumes

Fran likes fruit. If she consumes 1 piece of fruit, she obtains 5 units of utility, if she consumes 2 pieces she obtains 12 units of utility, and if he consumes 3 pieces he obtains 20 units of... more

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Microeconomics

10/23/15

One component of the consumer choice model is an individual's utility function. The utility function alone may be used to identify

One component of the consumer choice model is an individual's utility function. The utility function alone may be used to identify: i. the bundles of goods and services that yield the same level... more

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Microeconomics

10/23/15

In microeconomics the term 'utility' references the:

In microeconomics the term 'utility' references the: i. relative scarcity of a good or service ii. usefulness of a good or service iii. satisfaction derived from consumption of a good or... more

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Microeconomics

10/23/15

A long-standing hypothesis regarding consumer preferences is given by the law of diminishing marginal utility, which states that

A long-standing hypothesis regarding consumer preferences is given by the law of diminishing marginal utility, which states that: A.the quantity of a good demanded will rise as price is lowered,... more

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Microeconomics

10/23/15

Microeconomics: Consider a consumer who maximizes utility subject to a budget constraint. If her income decreases, then:

A.the budget constraint will shift inward, the consumer will move to a new equilibrium along a lower indifference curve, and the level of total utility will decrease B.the budget constraint... more

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Microeconomics

10/23/15

Microeconomics: If a consumer were to purchase units of goods X and Y such that MUY/PY > MUX/PX ,

then total utility could be increased by purchasing: A.more of Y and less of X B.more of X and less of Y C.less of Y only if its price decreases D.more of X only if its price... more

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Comparative Advantage and Trade

The market demand schedule

Identify goods/services which are related to insurance company.

Fixed and variables

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

Microeconomics: Consider a monopoly whose total cost function is TC = 20 + 10Q + 0.3Q2

MICroeconomics: The average product of labor (APL) is:

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,

Given this information, the firm?s total cost (TC = TFC + TVC) function is:

The law of diminish marginal products (or returns) states that:

The distinction between the long run and the short run for a firm is that:

microeconomics:If a production process undergoes a technological improvement then:

microeconomics:Which of the following is correct regarding the relationship between the marginal product of labor and the average product of labor?

Microeconomics: The average product of labor (APL) is:

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

Microeconomics: The distinction between the short run and the long run for a firm is that:

Price Elasticity of demand

Consider a consumer who maximizes utility subject to a budget constraint. If her income increases, then:

Any bundle of goods located outside (versus inside) of a consumer's budget constraint:

Fran likes fruit. If she consumes 1 piece of fruit, she obtains 5 units of utility, if she consumes 2 pieces she obtains 12 units of utility, and if he consumes

One component of the consumer choice model is an individual's utility function. The utility function alone may be used to identify

In microeconomics the term 'utility' references the:

A long-standing hypothesis regarding consumer preferences is given by the law of diminishing marginal utility, which states that

Microeconomics: Consider a consumer who maximizes utility subject to a budget constraint. If her income decreases, then:

Microeconomics: If a consumer were to purchase units of goods X and Y such that MUY/PY > MUX/PX ,

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