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Microeconomics
1. Maximize U(x,y)=xy subjected to Px=2, Py=8 and M=160
Microeconomics
Maximize U(x,y)=xy+x+2y subjected to Px=2, Py=5 and M=51
Microeconomics
Maximize U(x,y)=xy+x+2y subjected to Px=,Py=5 and M=51
Microeconomics
Given the production function Q = L0.75 K0.25
1. If the fixed quantity of capital in the short run is 10000units, estimate SR product function
2. Find the value of L that maximize SR product function
Good luck
1. If the fixed quantity of capital in the short run is 10000units, estimate SR product function
2. Find the value of L that maximize SR product function
Good luck
Microeconomics
“The demand curve is always downward sloping”. Discuss how far you do agree with
this statement.
Microeconomics
Using appropriate diagram(s), explain how a decrease in the price of the fresh tomatoes
would affect the demand of canned tomatoes.
Microeconomics
Qd=31000-2p and Qs=14p+110000 illustrate graphically
Microeconomics
If a 10% increase in income causes a 20% increase in the quantity demanded for a good or service. It can be concluded that
A. the good or service is a necessity.
B. the price elasticity of the good or service is greater than one.
C. the good or service is a luxury good.
D. the income elasticity of the demand for the good or service is negative
Microeconomics
Suppose the total utility function of a consumer is given by TU(x) = 2x
2
. What is the marginal
utility of X? With step?
2
. What is the marginal
utility of X? With step?
Microeconomics
Explain the substitution and income effects of a price rise for a normal good using a diagram
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#331389 on Nov 2022
#331389 on Nov 2022