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Microeconomics
Suppose the demand and supply functions for milk are given by the equations:
QD=200/P
30=-QS+5P
- Calculate the equilibrium price and quantity of milk
- Suppose the government introduces a per unit tax of $12, calculate the new equilibrium price and quantity
- Produce a relevant sketch of answer (1) and (2)
- calculate the share of tax born by the producer and the consumer
- How much is the tax yield?
- what is the fraction of tax borne by the consumer and the producer?
- calculate the arc price elasticity of demand for (1) and (2) and interpret the results. What pricing policy is recommended?
Microeconomics
Suppose that the total utility function of a consumer is given by TU(x,y) = 3x2 y and the prices of X and Y are 1 Birr and 2 Birr per unit, respectively. If the income of the consumer is 600 Birr and if he spends all of his income on the consumption of commodities of X and Y, find the optimum amount of X and Y that the consumer will consume at equilibrium and find MRTSx,y.
Microeconomics
Suppose that the total utility function of a consumer is given by TU(x,y) = 3x2 y and the prices of X and Y are 1 Birr and 2 Birr per unit, respectively. If the income of the consumer is 600 Birr and if he spends all of his income on the consumption of commodities of X and Y, find the optimum amount of X and Y that the consumer will consume at equilibrium and find MRTSx,y.
Microeconomics
Which one of the following statements is incorrect? Under perfect competition
- A. marginal revenue is always equal to the price of the product.
- B. average revenue is always equal to the price of the product.
- C. average revenue is always equal to marginal revenue.
- D. marginal revenue is always equal to marginal cost.
Microeconomics
Which one of the following is not a requirement for or a characteristic of perfect competition?
A. all market participants should have perfect knowledge of market conditions.
- B. the good must be homogeneous.
- C. there should be no government intervention.
- D. every firm must have the power to set its price
Microeconomics
Which one of the following is not a requirement for or a characteristic of perfect competition?
- A. all market participants should have perfect knowledge of market conditions.
- B. the good must be homogeneous.
- C. there should be no government intervention.
- D. every firm must have the power to set its price
Microeconomics
A firm's marginal revenue (MR)
- A. is equal to ΔTR/ΔQ.
- B. is equal to the total revenue divided by the quantity sold.
- C. is equal to the price of its product multiplied by the quantity sold
- D. is equal to (TR – TC)/Q.
Microeconomics
Suppose a consumer consuming two commodities X and Y has the following utility function X0.4 Y0.6. If price of good X and Y are 2 and 3 respectively and income constraints birr 50.
A/ Find the quantities of X and Y which Maximize utility
B/ Find the MRSxy
Microeconomics
A large city has nearly 500 restaurants, with new ones entering regularly as the population grows. The city decides to limit the number of restaurant licenses to 500. Which characteristics of this market are consistent with perfect competition and which are not?
Microeconomics
When price of tea in a lacal cafe rises from Br.10to15 per cup, demand for coffee rises from 3000 cups to 5000 a day despite no change in coffe price
A. Determine cross price elasticity of demand
What kind of realtion exists between the two good?why?
A. Determine cross price elasticity of demand
What kind of realtion exists between the two good?why?
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#339914 on Dec 2023
#339914 on Dec 2023