Microeconomics Answers

suppose the average product of 6 workers is 150 units of a good and that of 7 workers is 170 units.the margenal product of the seventh worker equals

If demand became zero with a slight rise in the price , what would you call such a demand?

Assume we observe that the equilibrium price of a certain good has DECREASED significantly over the past 5 years, with virtually NO CHANGE in the equilibrium quantity. Which of the following is the most likely explanation? Over the past 5 years:

1.both supply and demand have decreased.

2.demand has increased but supply has decreased.

3.both supply and demand have increased.

4.supply has increased but demand has decreased.

The market for CDs is in equilibrium. Then an increase in the supply of CD players leads to a decrease in the price of CD players and, simultaneously, a technological innovation reduces the cost of manufacturing CDs. The equilibrium price of CDs will

Given the nature and effects that the Russia and Ukraine war had on economic development discuss using neocolonialism theory. and advice on how should policy makers respond to these shocks?

if the elasticity of demand is 1.6 and a firm increases the price of its product by 10% ,it would expect its total revenue to

Assume a linear demand function of the form:

Qd = 120 - 5P and a linear supply curve of the form:

Qs = -30 + 10P

Using these demand and supply functions, answer the following questions.

If the price elasticity of demand for tractors priced between $4,000 and $6,000 is -0.75 (using the mid-point method), what will be the percentage change in quantity demanded when the price for tractors falls from $6,000 to $4,000?

A consumer’s utility function over goods X and Y is U(X,Y)=XY + 10Y. Suppose this

consumer has an income of $110, the price of good Y is $2, and the price of good X

is $1. What is the optimal consumption bundle (X*,Y*) for this consumer?

A firm has the following total cost function 𝑻𝑪 = 𝟏𝟎𝟎𝒒 − 𝟓𝒒² + 𝟎. 𝟓𝒒^3.

a. Find the average cost function.