Microeconomics Answers

Suppose in winters demand of dry fruits increases. Further supply of dry fruit increases due to favorable environmental condition. Explain with the help of demand and supply curve, how price and quantity will respond

The below table contains the information about the total utility a consumer gets from consuming water.

Chocolate

1

2

3

4

5

Total Utility

30

55

65

65

30

Find marginal utility.

Plot total utility and marginal utility curve by using above information.

Explain the relationship between the total utility and marginal utility.

Use a graph to explain the effect of an imposition by the government of a maximum price in the face mask market

The consumer's utility is given by u(x,y)=16x-3√√x+y. The price of good 2 is normalized to 1. Find the change in consumer's surplus if the price of good 1 changed from 10 to 5.

consider market in which demand and supply equations are given by the following equations.

Qd = 400- 20P

Qs = 40P - 200

calculate equilibrium price and quantity

consider market in which demand and supply equations are given by the following equations :

Qd = 400- 20P

Qs = 40P- 200

calculate the equilibrum price

given the utility function U=150X+40X2-X3, derive average and marginal utility functions, Find the value of X at which total utility is maximum, and the value of X at which average utility is maximum?

If the production function is given by f(x1, x2) = min{x1, x2} +

min{x3, x4}, what is the minimum cost of producing one unit of output?

49. A firm in a competitive market that seeks to maximize profits should employ workers to the point where:

c) the value of the marginal product of labor equal to the wage as the marginal cost of the factor

d) the marginal product of labor equal to wage

Which one is correct c or d?

The consumer's utility is given by u(x,y)=16x-3√√x+y. The price of good 2 is normalized to 1. Find the change in consumer's surplus if the price of good 1 changed from 10 to 5.

Answer: 18.35