Microeconomics Answers

A firm faces the demand schedule q = 400 - 2p - p². What price does it need to charge to sell 100 units?

If a firm's demand function is P = 100 - q, what quantities need to be sold to bring in a total revenue of £100

what is the income elasticity of flower demand

Explain why indifference curves are negatively sloped, asymptotic and never intersect each other. Show and decribe a satisfaction maximizing choice associated with two products, an insurance policy on X-axis and a house purchase on Y-axis. Suppose insurance policy gets cheaper, how will the equilibrium shift and which curve will emerge from this shift? What if the income of the consumer keeps on increasing every year and commodity on X axis gets inferior from normal?

Briefly discuss the factors that determine demand for a commodity? Why does supply and demand behave differently in short run and long run for oxygen cylinder during this pendamic, explain with the concept of elasticity?

İf the supply curve is q = 3 + 1.5p, what is the producer surplus if the price is 12?

Why can a monopolist incur profit in long run and increase it by segmenting its market by charging different prices in each segment but a perfect competitor fails to do the same explain with the help of graphs and suggest two measures to regulate exploitation by a monopolist

Which of the following would illustrate diseconomies of scale?

The wage rate of labor is Rs. 6 and price of capital is Rs. 2. The marginal product of labor is 16 while marginal product of capital is 4. Can a firm be operating at equilibrium?     

The first principle of economics in Chapter 1 is that people face trade-offs. Use a production possibilities frontier to illustrate society's trade-off between two "goods"-a clean environment and the quantity of industrial output. What do you suppose determines the shape and position of the frontier? Show what happens to the frontier if engineers develop a new way of producing electricity that emits fewer pollutants.

When buyers in a monopolistic competitive market take the selling price as given, they are said to be