342 Answered Questions for the topic microeconomics


Write a story using the following terms

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


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


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


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


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


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 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


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


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


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


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


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


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

International Economics - Biased Growth

We're under the standard trade model, we have two goods (X and Y), and two countries that engage in free trade. Each country exports the goods in which it has Comparative Advantage and imports the... more
Microeconomics Economics Macroeconomics


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


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


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


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


Answer true or false, with a brief explanation.

Answer true or false, with a brief explanation.1. Monopolies are always bad for consumers.2. The supply curve of a monopolist is upward sloping.3. Monopolies charge the highest price a consumer is... more
Microeconomics Economics Optimization


Find the demands for goods X and Y for agent

Agent B's preferences are given by:U (x,y) = y - ((x)^(-2))/2Which are quasi-linear preferencesBudget constraint is -> x*p +y = 10(Since p= price of good x, and Price of good y is normalized to... more

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