Microeconomics Answers

Suppose that the market for unskilled labour is a competitive market and can be described as by the following demand and supply curves:
D= 60,000-5,000W
S= 5,000W-35,000
W is wage rate per hour for labour, D and S are demand and supply for unskilled labour, both measured in hours.

Calculate the equilibrium rate and quantity of labour employed and draw a diagram to illustrate your answer

A local pizzeria sells 500 large pepperoni pizzas per week at a price of $20 each. Suppose the owner of the pizzeria tells you that the price elasticity of demand for his pizza is -3, and he asks you for advice. He wants to know two things. First, how many pizzas will he sell if he cuts his price by 10%? Second, how will his revenue be affected?

If he cuts his price by 10%, his sales will increase to___ pizzas, and his total revenue will increase to $____

One July, the United States sold aircraft worth $1 billion to China and bought aircraft worth only $19,000 from China. During the same month, however, the United States bought $83 million worth of men’s trousers, slacks, and jeans from China but sold only $8,000 worth of trousers, slacks, and jeans to China. Using what you have learned about how trade is determined by comparative advantage, answer the following questions.
a. Which country has the comparative advantage in aircraft production? In production of trousers, slacks, and jeans?

Indirect utility function v(p1,p2 :m) =m/min (p1,p2)
What is expendicture function, demand function and ditet utility function

Suppose a firm's demand curve is P = 100 - Q. Find MR when Q = 10.

Ben has individual demand curve P = 8 - Q, while Ana has individual demand curve P = 8 - 0.5Q. If they are the only two in the market, find the market demand curve as P = A - BQ.

What is A?
What is B?

If P = 200 - 4Q, find the revenue-maximizing quantity.

If P = 200 - 4Q, then the price elasticity of demand at P=80 is?

cost of attending a private college for one year is $6,000 for tuition, $2,000 for room, $1,500 for meal, and $500 for books and supplies. The student could also have earned $15,000 by getting a job instead of attending college and 10 percent interest on expenses he or she incurs at the beginning of the year. Calculate the explicit, implicit, and the total economic costs of attending college.

"The pricing of pharmaceutical products can be controversial. A recent example is EpiPen
produced by Mylan which is used to treat anaphylaxis. The retail price of an EpiPen is
$300, while industry sources estimate that it costs around $30 to produce each unit (i.e.
one dose). Despite this high price, Mylan sells 1 million units a year."

Based on the above information, I have been told to solve the following question:

"Assume Mylan's indirect demand function is linear: P = a – bQ, where Q is measured
in millions of units. Using the definition of the point elasticity of demand, the elasticity
you calculated in part 1 and the unit sales of EpiPen, find the values of “a” and “b” in the
above equation."

I have already found the Elasticity in Part 1, it was found to be -0.9, but I am unsure on how to proceed.