462 Answered Questions for the topic microeconomics

Microeconomics

10/23/15

Microeconomics: Consider a consumer that exhausts her income by purchasing units of various goods and services at the market prices.
If the consumer is a utility maximizer, then income will be allocated such that:     A.the marginal utilities of the goods and services purchased are equal   B.the prices of the goods of the... more
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Microeconomics

10/23/15

Microeconomics: A consumer exhausts his income on goods X and Y. If his income is $150, the price of good X is PX = $6, and the price of good Y is PY = $3,
then the algebraic expression for his budget constraint is:   A. Y = 25 - 0.5X   B. Y = 50 - 0.5X   C. Y = 150 - 0.5X   D. Y = 25 - 2X   E. Y = 50 - 2X   F. Y = 150 - 2X
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Microeconomics

10/21/15

Microeconomics:Consider an individual whose preferences are described by the utility function is U = X0.5Y0.5.
If she consumes 3 units of X and 4 units of Y, then some level of utility will be experienced. If the individual instead consumes 2 units of Y, how much of good X must she consume in order to... more
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Microeconomics

10/21/15

Microeconomics: Suppose an individual's preferences are described by the utility function U = X0.5Y0.5
    and consider the following three combinations (or bundles) of X and Y:Bundle A (5,5); Bundle B (3,7); Bundle C (4,6).Given the individual's preferences, the bundles ranked from most-preferred... more
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Microeconomics

10/21/15

Microeconomics: Fran likes fruit. If she consumes 1 piece of fruit, she obtains 6 units of utility, if she consumes 2 pieces she obtains 10 units of utility,
and if he consumes 3 pieces he obtains 12 units of utility. It follows that:     A.total utility is increasing at a decreasing rate and marginal utility is increasing   B.total utility is... more
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Microeconomics

10/21/15

Microeconomics: 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, holding all other factors constant   B.the demand for a good will rise as price is lowered, holding all other factors... more
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Microeconomics

10/21/15

Microeconomics question: 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 of utilityii. the utility derived from all bundles of goods and services iii. the utility maximizing bundle of goods and services a... more
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Microeconomics

08/03/15

In making an investment decision, a business firm is most interested in the:

nominal interest rate. real interest rate. nominal interest rate minus the real interest rate. the future supply of loanable funds.
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Microeconomics

04/26/15

elasticity of demand
how you believe consumer equilibrium (& utility) may be related to the concept of elasticity.  In other words, do you think that the elasticity of demand impacts the utility we get from... more
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Microeconomics

03/02/15

What is the total profit earned by the firm?
Given a perfectly competitive market structure at the profit-maximizing output level, a firm's average fixed costs are $3, total variable costs are $137, marginal revenue is $4, and the quantity... more
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Microeconomics

03/02/15

Which of the following statements is true?
a) Agricultural price supports increase consumer surplus. b) Agricultural price supports decrease producer surplus. c) Agricultural price supports benefit taxpayers by reducing food prices. d) All... more
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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
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Microeconomics

03/01/15

If total product is decreasing, marginal product is
increasing. above average product. negative. equal to average product. positive.
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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
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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
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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
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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
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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.
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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
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Microeconomics

02/27/15

While total product is increasing, marginal product is?
a) increasing. b) zero. c) negative. d) decreasing. e) positive.
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Microeconomics

02/10/15

A firm has a demand function given Q equals to 10+100p-p(squared).calculate thje point elasticity of demand when P equals to Ksh 10.is the demand elastic or in
A firm has a demand function given Q equals to 10+100p-p(squared).calculate thje point elasticity of demand when P equals to Ksh 10.is the demand elastic or inelastic? Explain your answer.
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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
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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
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Microeconomics

02/03/15

Assume the demand for watermelons is downward sloping. An increase in price from $2 per pound to $3 per pound
Assume oil is an input only in the production of petroleum jelly. Which of the graphs in the figure above depicts the resulting shift of the PPC?   A. could have been caused by an increase in... more
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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.
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