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Microeconomics
I. U=(x y)=x^(1/3)y^(2/3) that subjected to budget constant 6x+3y=720 then find
1. MUx,
2. MUy,
3. MRSx,y
4.write equilibrium optimum condition.
II. Assume u function of a consumers is u=x^(2) + y^(2) then, Required.
1. MRSy,x
III. a consumers u function give as u=x^(4). y^(-2)
1. MUx,
2. MUy,
3. MRSx,y
1. MUx,
2. MUy,
3. MRSx,y
4.write equilibrium optimum condition.
II. Assume u function of a consumers is u=x^(2) + y^(2) then, Required.
1. MRSy,x
III. a consumers u function give as u=x^(4). y^(-2)
1. MUx,
2. MUy,
3. MRSx,y
Microeconomics
how producer surplus is made in a long run competitive market even if the producer is not making any profit ?
Microeconomics
Are the following statement true, false or uncertain. Explain briefly.
a. If a firm is a price taker, its marginal revenue is equal to market price.
b. If a firm's marginal revenue is below its marginal cost, an increase in production will usually decrease profits.
c. If the price of an input falls, a firm would increase the use of that input for two reasons: Overall production costs are now lower and the firm can substitute this input for other relatively more expensive inputs.
a. If a firm is a price taker, its marginal revenue is equal to market price.
b. If a firm's marginal revenue is below its marginal cost, an increase in production will usually decrease profits.
c. If the price of an input falls, a firm would increase the use of that input for two reasons: Overall production costs are now lower and the firm can substitute this input for other relatively more expensive inputs.
Microeconomics
Suppose we have a production function,
q = 10K^0.25 L^0.25 g^0.25 where g refers to the seating capacity of a restaurant which in the short run is fixed at g=36.
a. What is the total cost function, C(v,w,q) ?
b. What is the supply function, q (P,v,w)?
c. What is the profit function, (P,v,w)?
d. What is the demand for labor, L(P,v,w) and demand for capital, K(P,v,w)?
q = 10K^0.25 L^0.25 g^0.25 where g refers to the seating capacity of a restaurant which in the short run is fixed at g=36.
a. What is the total cost function, C(v,w,q) ?
b. What is the supply function, q (P,v,w)?
c. What is the profit function, (P,v,w)?
d. What is the demand for labor, L(P,v,w) and demand for capital, K(P,v,w)?
Microeconomics
A typical budget line is
A.
bowed in toward the origin.
B.
bowed out away from the origin.
C.
a positively sloped straight line.
D.
a negatively sloped straight line.
E.
a positively sloped straight line that intersects the origin.
A.
bowed in toward the origin.
B.
bowed out away from the origin.
C.
a positively sloped straight line.
D.
a negatively sloped straight line.
E.
a positively sloped straight line that intersects the origin.
Microeconomics
The only way for a consumer to maximize utility is to find the combination where the budget line is tangent to the highest attainable indifference curve.
A.
True
B.
False
A.
True
B.
False
Microeconomics
Income changes cause parallel shifts of the budget line.
A.
True
B.
False
A.
True
B.
False
Microeconomics
A curve showing different combinations of two products that give a consumer the same satisfaction is
A.
a paradox of value.
B.
an indifference map.
C.
a utility curve.
D.
total utility.
E.
an indifference curve.
A.
a paradox of value.
B.
an indifference map.
C.
a utility curve.
D.
total utility.
E.
an indifference curve.
Microeconomics
The substitution effect can be defined as:
A.
the change in consumption that results from a change in the relative price of goods.
B.
the change in consumption that results from increased effective wealth due to lower prices.
C.
the change in consumption that results from increased effective wealth due to getting a raise.
D.
the change in income that results from increased effective consumption due to lower prices
A.
the change in consumption that results from a change in the relative price of goods.
B.
the change in consumption that results from increased effective wealth due to lower prices.
C.
the change in consumption that results from increased effective wealth due to getting a raise.
D.
the change in income that results from increased effective consumption due to lower prices
Microeconomics
A budget constraint:
A.
is the same across all individuals with the same income constraints.
B.
is different for each individual with the same income constraints.
C.
is the same across all individuals with the same tastes and preferences.
D.
is different for each individual with the same tastes and preferences.
A.
is the same across all individuals with the same income constraints.
B.
is different for each individual with the same income constraints.
C.
is the same across all individuals with the same tastes and preferences.
D.
is different for each individual with the same tastes and preferences.
