292 Answered Questions for the topic microeconomics

Microeconomics

02/24/21

Monopoly monopolistic competition and perfect competition

do the firms in monopoly monopolistic competition and perfect competition spends any kind of money to advertise their products?
Microeconomics

02/22/21

What types of Elasticities of Demand can affect the willingness to buy a product?

Hint: This is relevant to Olevel / Alevel / IGCSE/ GCE/ AQA Economics
Microeconomics Economics Opportunity Cost

02/21/21

How do you calculate opportunity cost of attending college when given tuition, books and working time?

If college tuition is $2,000 this semester, books cost $400 and you can only work 10 hours rather than 40 during a 15 week semester, what is your opportunity cost of attending college?

02/16/21

Write a story using the following terms

NeedWant Incentive Opportunity Cost Trade-Off Scarcity Land Capital Labor Entrepreneur Good ServiceProductivity ... more
Microeconomics

02/15/21

Microeconomics question

1.    What is absolute advantage? What is comparative advantage?2.    Under what conditions does comparative advantage lead to gains from trade?3.    Is it possible to have a comparative advantage... more
Microeconomics

02/14/21

Utility Maximization Subject to the Budget Constraint

Suppose a consumer buys two goods, X and Y, and his utility function is given by U (X,Y) = XY + 10Y. The prices of the 2 goods X and Y are given by PX = $1 and PY = $2. The consumer has an income... more
Microeconomics

02/14/21

Accounting Profit and Economic Profit

Walter used to work as a high school teacher for $40,000 per year but quit in order to start his own painting business. To invest in his painting business, he withdrew $20,000 from his savings,... more

02/08/21

The labor productivity

An employee produces 15 parts during a in which he made $90 what is the labor productivity? a) $1350b) $90c)$0.167d)$5e)$6
Microeconomics Economic

02/05/21

What is the reason for the shortage for bus drivers? How can you fix the shortage for bus drivers?

According to a news report on WFDD Radio, there is a shortage of school bus drivers for the Winston-Salem-Forsyth County School District. The current pay rate for school bus drivers in that area... more
Microeconomics

01/26/21

Microeconomics assignment urgently need

Malaysia’s Gas Supply-demand GapThe gap between supply and demand for gas in Malaysia is set to grow in 2013 when contracted production declines, according to Datuk Dr. Abdul Rahim Hashim,... more
Microeconomics Economics Macroeconomics

01/22/21

Employment Rate

If the total population in a country is 200 million, the number of unemployed is 15 million, the number of employed people is 45 million and the number of voluntary unemployed is 90 million, what... more
Microeconomics Economics Macroeconomics

01/22/21

Level of gross national product and domestic income level

Answer the relevant questions about an economy with the following information.a. Gross Domestic Product = 8,000b. Net External Factor Revenues = 500c. Gross Investments = 1,400D. Net Investments =... more
Microeconomics Economics Macroeconomics

01/22/21

Price Elasticity of Demand

Since it is known that the Price Elasticity of Demand for a good is -1.4, if there is an increase of 28% in the demanded quantity of this good, what% is the change in Total Revenue?
Microeconomics Economics Macroeconomics

01/14/21

What would the equilibrium graphs look like?

what would the possible graphs look like for this article? i don't know how to graph them or label... more
Microeconomics

01/13/21

based on market demand and total expenditure

Hatta Enterprises has developed a new product. The market demand for this product is given as follows:QD = 240 - 4Pi. If the product is priced at $40, estimate the price elasticity of demand? Is... more
Microeconomics Economics

12/17/20

Create a normal form game for two firms called GM and P&W, respectively.

Prior to regulation by the federal government, many folks believed that the tobacco industry was characterized by a prisoner's dilemma in that tobacco firms all spent lots of money on advertising... more
Microeconomics Economics Macroeconomics

11/21/20

NAFTA effects between the U.S. and Mexico

From 2010- present, Who won the trade and who lost. What were the effects of trade relationship between the U.S. and Mexico – emphasis is given to import- export activities between the two... more

11/20/20

Economics effects due to NAFTA

From 2010- present, how has peoples lives been effected by NAFTA (The North American Free Trade Agreement ). What are the benefits for Mexico and the United States? What did were the New Trade... more

11/10/20

How can you tell what a firm's AFC (average fixed cost) is when given a graph showing ATC (average total cost) and AVC (average variable cost)?

How can you tell what a firm's AFC (average fixed cost) is when given a graph showing ATC (average total cost) and AVC (average variable cost)? How can you find AFC and FC given a cost structure... more
Microeconomics Economics

11/01/20

How do you tell if a firm should continue to produce or shut down when given costs?

You are the owner of an ice cream shop that earns a profit most of the year except during the cold winter months. During the month of December, your rent and other fixed costs amount to a total of... more

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