Microeconomics Answers

For every two boxes of strawberries that she consumes, Millicent insists on having one pitcher of cream. She does not, however, insist on consuming the same amount every week. Her utility functions is U = min{s1, 2c1}min{s2, 2c2}, where s1 and s2 are the number of boxes of strawberries she consumes this week and next week and c1 and c2 are the number of pitchers of cream she consumes this week and next. Strawberries cost $2 a box and cream costs $1 a pitcher. She has a present value of $100 to spend on these goods in the next two weeks. The weekly interest rate is 1%. How many boxes of strawberries will she consume this week?

How would you relate the mangememt of your family with economics

If a firm is producing in the long run using capital and labor inputs, how the least cost 

combination of the inputs will be determined? Show graphically and mathematically.

What is the law of diminishing marginal product?(3 marks)

a. In which stages of production it manifest.

b. What is the logical justification for the law of diminishing marginal

“Since there are no close substitutes for the monopoly's product, the monopoly can charge 

any price it wishes”.Is it a true or false statement? Give your reasons

Give at least 6 examples of comparative advantage and 6 examples of absolute advantage here in the Philippines using your own words.