Microeconomics Answers

The market supply curves and market demand curves for books are given as follows:

Supply curve: P = 0.000002Q 

Demand curve: P = 11 – 0.00002Q

The short-run marginal cost curve: MC = 0.1 + 0.0009Q

The equilibrium quantity of books is

Which of the following will definitively lead to an increase in the equilibrium quantity of a good?

an increase in demand and an increase in supply

an increase in supply and a decrease in demand

a decrease in supply and a decrease in demand

a decrease in demand and an increase in supply

I need each answer please I am only getting one answer if not can you separate the answers. Thank you. Consider a firm with the following production function 𝑸 = 𝟓𝟎𝟎𝟎𝑳 − 𝟐𝑳 𝟐 

a. How many units of labor are needed at that point.

b. Obtain the function of marginal product of labor (𝑀𝑅𝐿).

c. Graph the production function and the 𝑀𝑅𝐿.

If cost = 1500 + 200Q - Q2 + Q3, then how much is TFC?

Consider a firm with the following production function 𝑸 = 𝟓𝟎𝟎𝟎𝑳 − 𝟐𝑳 𝟐 

a. How many units of labor are needed at that point.

b. Obtain the function of marginal product of labor (𝑀𝑅𝐿).

c. Graph the production function and the 𝑀𝑅𝐿.

In a competitive market, supply and demand decrease simultaneously. The effect on equilibrium quantity is

If the demand for motor vehicles decreases due to a drop in consumer income, and if, at the same time, increases in factor prices cause the supply of motor vehicles to decrease, the price of motor vehicles will

A technological advancement for Good A will shift the _________ curve of Good A to the _________, leading to a ___________in the equilibrium price.

A firm operates in aperfectly competitive market . The market price of it's product is 4 birr and the total cost function is given by TC=1/3Q^3-5Q^2+20Q+50,Where TC is the total cost and Q is the level of output

A. What level of output should the firm produce to maximize it's profit ?

B. Determine the level of profit at equilibrium ?

C. What minimum price is required by the firm to stay in the market ?

The Organisation of Petroleum Exporting Countries (OPEC) is an example of which

form of market structure? Discuss its characteristic features.