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Microeconomics

Explain the term ‘opportunity cost’.

Microeconomics

What is econometrics

Microeconomics

A firm's production function is described by the following equation 𝑸=𝟏𝟎,𝟎𝟎𝟎𝑳−𝟑𝑳 𝟐 where L stands for the labor units. (20 points).

a) Draw a graph for this equation. Use the quantity produced on the y-axis and the labor units on the x-axis.

b) What is the maximum production level?

c) How many units of labor are needed at that point?

Microeconomics

The mathematical functions of ** supply** and

The **Supply** function is: **Qs = 2100 + 344P;**

The **Demand** function is: **Qd = 3660 – 324P**;

The **Equilibrium Price** is **P**.

a) Determine the **Equilibrium Price**, **P**.

b) Mathematically determine the equilibrium **Supply** and **Demand volume** for broilers in this market. Show all calculations.

Microeconomics

how to do opportunity cost

Microeconomics

Explain causes of monopoly

Microeconomics

Find equilibrium price and quantity if;

P:8+1/3Qs

P:44-1/5Qd

Microeconomics

The following are two distinct demand functions: 𝑞1=24−0.2𝑃1 and 𝑞2=10−0.05𝑃2. The average cost AC=40+35/q. What price the firm will change without discrimination?

Microeconomics

What is the marginal cost of the third unit

Microeconomics

What is the differece between icc and pcc