Microeconomics Answers

Which oligopoly model(s) has the same results as a competitive model?

A firm's demand curve is P = 1 - 2Q. The firm has a current price of R1000 and it sells 100 units per day. What is the firm's price elasticity of demand?

Mr. A and Mr. B have the following respective demands

P^a= 25- 5X

P^b= 11- X

a. Graph them on separate graphs

b. Mr A has no X's while Mr. B has 10 X's. What are the marginal and total values at this quantity? Using either method discussed in the chapter, determine how much each will have after trade? What will be their marginal values at this quantity?

Why do some firms use lots of capital and not much labour, while others use not much capital and lots of labour?

two markets for substitute goods:

Q^s₁ = 2P₁

Q^S₂=-10+2P₂

Q^D₁=20-P₁+P₂

Q^D₂=40-2P₂+P₁

FIND THE EQUILIBRIUM PRICE AND QUANTITY OF THE TWO GOODS

which industries are highly competitive, give local examples

(a) The demand (D) and supply (S) equations for a commodity (X) are given by:- D = 2000 – 20P S = -500 + 30P, where P = Price (R) per unit (i) Find the equilibrium price and quantity and show on a suitable diagram.

Do film festivals likely experience economies of scale or diseconomies of scale in the long run using long run atc to explain

When a film festival opens after the pandemic, is it a short run or long run

chapter 10 externalities Mankiw problems and solutions