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Microeconomics
What level of output yields minimum cost per unit of y
Microeconomics
Given the following information:
Quantity (units) TU1 TU2
0 0 0
1 40 20
2 60 36
3 76 45
4 86 51
5 94 53
TU(Total utility)
Assume that P1 = 4 naira per unit and P2= 10 naira per unit:
a. What quantities of q1 and q2 does the consumer buy at the equilibrium point
b. Calculate the total utility that he derives at that point.
c. Calculate the budget line or income of the consumer
d. this result on a graph
Quantity (units) TU1 TU2
0 0 0
1 40 20
2 60 36
3 76 45
4 86 51
5 94 53
TU(Total utility)
Assume that P1 = 4 naira per unit and P2= 10 naira per unit:
a. What quantities of q1 and q2 does the consumer buy at the equilibrium point
b. Calculate the total utility that he derives at that point.
c. Calculate the budget line or income of the consumer
d. this result on a graph
Microeconomics
Suppose the demand for commodity X is estimated as follows:
X=68-1.6Px + 0.6Py + 0.08M
Where:
X=quantity of commodity X
Px=N20 is the price of X
Py= N40 is the price of Y
M=N10,000 is the income of the consumer
Calculate:
1. The price elasticity of X
2. The cross-price elasticity of demand for X with respect to the change in the price of Y
3. The income elasticity of demand X .
Also interpret your result is in 1,2, and 3
X=68-1.6Px + 0.6Py + 0.08M
Where:
X=quantity of commodity X
Px=N20 is the price of X
Py= N40 is the price of Y
M=N10,000 is the income of the consumer
Calculate:
1. The price elasticity of X
2. The cross-price elasticity of demand for X with respect to the change in the price of Y
3. The income elasticity of demand X .
Also interpret your result is in 1,2, and 3
Microeconomics
Ketchup is a complement (as well as a condiment)
for hot dogs. If the price of hot dogs rises,
what happens to the market for ketchup? For
tomatoes? For tomato juice? For orange juice?
Microeconomics
if Qs = 500+50P and Qd = 125-25p find Q* and P*
Microeconomics
Explain and draw the diagram that shows how the supply of coal may be affected if the coal miners' labour union succeeds in forcing employees to provide full health/life insurance to all workers.
Microeconomics
Explain and draw the view that an increase in price will lead to an increase in quantity supplied, whilst an increase in supply will lead to a decrease in price
Microeconomics
Given the following information:
Quantity (units) TU1 TU2
0 0 0
1 40 20
2 60 36
3 76 45
4 86 51
5 94 53
TU(Total utility)
Assume that P1 = 4 naira per unit and P2= 10 naira per unit:
a. What quantities of q1 and q2 does the consumer buy at the equilibrium point
b. Calculate the total utility that he derives at that point.
c. Calculate the budget line or income of the consumer
d. this result on a ggraph
Quantity (units) TU1 TU2
0 0 0
1 40 20
2 60 36
3 76 45
4 86 51
5 94 53
TU(Total utility)
Assume that P1 = 4 naira per unit and P2= 10 naira per unit:
a. What quantities of q1 and q2 does the consumer buy at the equilibrium point
b. Calculate the total utility that he derives at that point.
c. Calculate the budget line or income of the consumer
d. this result on a ggraph
Microeconomics
Consider the following, showing price and quantity data for goods T and Z at four different points (A, B, C, &D)
GOOD T
Point Price(N). Quantity( kilos)
A: 5 200
B: 8 180
C: 9 150
D. 11 100
GOOD Z
Point: Price(N). Quantity(kilos)
A: 8 300
B: 10 200
C: 13 150
D: 15 120
Calculate
a. Estimate the arc cross-price elasticity of demand for commodity T with respect to changes in the price of commodity between:
I. Points A to B
II. Points C to D
b. Discuss your results in (I) and (II) of question (a) with respect to the relationship between each pair of goods
c. Calculate (the arc) own price elasticity of demand for commodity Z between points C and D
GOOD T
Point Price(N). Quantity( kilos)
A: 5 200
B: 8 180
C: 9 150
D. 11 100
GOOD Z
Point: Price(N). Quantity(kilos)
A: 8 300
B: 10 200
C: 13 150
D: 15 120
Calculate
a. Estimate the arc cross-price elasticity of demand for commodity T with respect to changes in the price of commodity between:
I. Points A to B
II. Points C to D
b. Discuss your results in (I) and (II) of question (a) with respect to the relationship between each pair of goods
c. Calculate (the arc) own price elasticity of demand for commodity Z between points C and D
Microeconomics
if u=q1 q2 and p1 = 2 Naira per kg, p2 = 5 naira per kg and y = p1 q1 + p2 q2.
calculate the quantities of q1 and q2 purchased by the consumer assuming that he was able to maximise his satisfaction if y=200 naira
calculate the quantities of q1 and q2 purchased by the consumer assuming that he was able to maximise his satisfaction if y=200 naira
