Microeconomics Answers

Explain the term ‘opportunity cost’. 

What is econometrics

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? 

The mathematical functions of supply and demand for broilers in the local market are given below:

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.

how to do opportunity cost

Explain causes of monopoly

Find equilibrium price and quantity if;

P:8+1/3Qs

P:44-1/5Qd

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?

What is the marginal cost of the third unit

What is the differece between icc and pcc