Microeconomics Answers

A bag contains 8 blue balls and 5 black balls .2 successive draws of 3 balls are made without replacement .find the probability that the first drawing will give 3 black balls and the second 3 blue balls.സ

Discuss the characteristics of data flowing from the agencies involved in compilation of
agricultural data.

State the various uses of factor analysis for conducting research in social sciences.
Discuss the methods for estimating the parameters of a factor model.

Discuss with appropriate theoretical justification Gordon’s contention that ‘the optimal
size of fishery is one which maximizes sustainable resource rent’.

What are the main problems in international policy coordination? How are they solved?

What are the main problems in international policy coordination? How are they solved?

Explain Arrow’s Impossibility Theorem.

A certain town in Kerala obtains all of its electricity from one company, South Electric. Although the company is a monopoly, it is owned by the citizens of the town, all of whom split the profits equally at the end of each year. The CEO of the company claims that because all of the profits will be given back to the citizens, it makes economic sense to charge a monopoly price for electricity. Do you agree with the CEO’s argument? What are the social costs of monopoly power?

Two firms, a and b, produce and sell wine. The demand for
a's wine is given by the equation,
Qa = 200 - Pa + Pb:
In this equation, the price of a's wine is Pa per bottle, and the price of b's wine is
Pb per bottle. a has a marginal cost of MCa = $20 per bottle, and a fixed
cost of FCa = $6000. The demand for b's wine is given by the equation,
Qb = 9000 - 100Pb + 40Pa:
b has a marginal cost of MCb = $10 per bottle, and a fixed cost of FCb =
$10;000. The two firms compete by simultaneously selecting prices.

1) Are the bottles of wine produced by a and b, homo-
geneous products or heterogeneous products? Your answer must reference the two firms
demand functions.

Beer and Tutoring.png
The table above shows Nathan's marginal utility per dollar for math tutors and beer each week. Each unit of beer costs $2.00 and each unit of tutoring costs $10.00. If Nathan has $50.00 to spend each week:

How many hours of tutoring will he buy?

How many units of beer will he buy?