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
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
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
Suppose a consumer buys only 2 goods - x and y and has an utility function given by U(x,y) Give an example of a utility function U(x,y) that exhibits increasing marginal rate of substitution.
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
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
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
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?
How are the curves of total productivity, average productivity, and marginal productivity related to the curves of total cost, average cost, average variable cost, and marginal cost?
This is an intermediate microeconomics question.
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
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
How do you think about collusion in a economics game theory problem?
What is the difference between oligopoly and monopolistic competition?
What is the difference between monopolies and monopolistically competitive markets?
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
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
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