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Microeconomics
Citizens of the Nation-of-Blessed (NOB) on average consume a representative basket of goods and services annually. The value of the goods and services in the basket was Ghs 4,000 in the year 2012. In years 2013, 2014 and 2015 the cost of the same representative basket of goods and services, valued at the prices prevailing in the corresponding years, was Ghs5,000 , Ghs 6000, and Ghs 6,600 respectively.
a) Based on the above information, construct the consumer price index (CPI) series for NoB using year 2012 as the base or reference year.( Hint:note that the CPI=100.0 IN 2012).
b) What is the annual inflation rate, as measured by percentage in the CPI, in NoB for the years 2013, 2014, and 2015?
c)
a) Based on the above information, construct the consumer price index (CPI) series for NoB using year 2012 as the base or reference year.( Hint:note that the CPI=100.0 IN 2012).
b) What is the annual inflation rate, as measured by percentage in the CPI, in NoB for the years 2013, 2014, and 2015?
c)
Microeconomics
Your friend has decided to decrease the price of orange juice in his juice shop. What could be the incentive for his decision?
Microeconomics
Demand is P=12-(Q/2) and supply is P=Q/4, what is the equilibrium price and quantity?
Microeconomics
You are given the following cost functions:
TC = 100 + 60Q − 3 Q2 + 0.1 Q3
TC = 100 + 60Q + 3 Q2
TC = 100 + 60Q
a) Compute the average variable cost, average cost, and marginal cost for each
function.
b) In each case, indicate the point at which diminishing returns occur. Also indicate
the point of maximum cost efficiency (i.e., the point of minimum average cost).
Page 5 of 7
c) For each function, discuss the relationship between marginal cost and average
variable cost and between marginal cost and average cost. Also discuss the
relationship between average variable cost and average cost.
TC = 100 + 60Q − 3 Q2 + 0.1 Q3
TC = 100 + 60Q + 3 Q2
TC = 100 + 60Q
a) Compute the average variable cost, average cost, and marginal cost for each
function.
b) In each case, indicate the point at which diminishing returns occur. Also indicate
the point of maximum cost efficiency (i.e., the point of minimum average cost).
Page 5 of 7
c) For each function, discuss the relationship between marginal cost and average
variable cost and between marginal cost and average cost. Also discuss the
relationship between average variable cost and average cost.
Microeconomics
Consider a two player game with payoff matrix
L R
X
Y
Z
3, θ 0, 0
2, 2θ 2, θ
0, 0 3, −θ
where θ ∈ {−1, 1} is a parameter known by Player 2. Player 1 believes that θ = −1
with probability 1/2 and θ = 1 with probability 1/2. Everything above is common
knowledge.
(a) Write this game formally as a Bayesian game.
(b) Compute the Bayesian Nash equilibrium of this game.
(c) What would be the Nash equilibria in pure strategies (i) if it were common
knowledge that θ = −1, or (ii) if it were common knowledge that θ = 1?
L R
X
Y
Z
3, θ 0, 0
2, 2θ 2, θ
0, 0 3, −θ
where θ ∈ {−1, 1} is a parameter known by Player 2. Player 1 believes that θ = −1
with probability 1/2 and θ = 1 with probability 1/2. Everything above is common
knowledge.
(a) Write this game formally as a Bayesian game.
(b) Compute the Bayesian Nash equilibrium of this game.
(c) What would be the Nash equilibria in pure strategies (i) if it were common
knowledge that θ = −1, or (ii) if it were common knowledge that θ = 1?
Microeconomics
Suppose a firm has a fixed cost $100 and profit of of $150. what is the producer surplus?
Microeconomics
a company offers its customers a discount of £d per unit on
Household Goods (h). To be eligible for this discount, customers must pay an annual fee
a) Assuming strictly convex preferences, indicate with the use of an indifference curve
drawn within the axes below the fee £X which would make an individual indifferent
to the offer.
b) If the individual did become a customer at that fee and purchased h* units per year,
what would be the annual value, £dh*, to her of the discount? Show that this value is
greater than £X and explain your results
Household Goods (h). To be eligible for this discount, customers must pay an annual fee
a) Assuming strictly convex preferences, indicate with the use of an indifference curve
drawn within the axes below the fee £X which would make an individual indifferent
to the offer.
b) If the individual did become a customer at that fee and purchased h* units per year,
what would be the annual value, £dh*, to her of the discount? Show that this value is
greater than £X and explain your results
Microeconomics
A policy analyst has shown that the price elasticity of demand for salt is 0.85 while that of visitation to the national parks is 2.1.
i) Argue whether this scenario is feasible
ii) By what percentage the demand for these two commodities change, if as a result of a tax policy the prices are increased by 8 percent? (3mks)
i) Argue whether this scenario is feasible
ii) By what percentage the demand for these two commodities change, if as a result of a tax policy the prices are increased by 8 percent? (3mks)
Microeconomics
Look at Figure 3.3. Explain why the poverty rate for persons did not rise as rapidly as did the number of poor persons from 1989 to 1993.
Microeconomics
Alpha Company is a competitive price-taker firm that is currently producing 100 units of output (Q=100). At the current level of production, the firm has Marginal Revenue of (MR=) $12, Marginal Cost of (MC=) $8, and Average Total Cost of (ATC=) $10. Use this information in responding to the following two requests.
1.1. At this level of output (Q), calculate the dollar value of the firm's profit (or loss). Defend/Explain how you calculated that amount.
1.1. At this level of output (Q), calculate the dollar value of the firm's profit (or loss). Defend/Explain how you calculated that amount.
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#340153 on Dec 2023
#340153 on Dec 2023