Microeconomics Answers

illustrate and briefly explain the relationship between marginal cost and average cost curves

use a well labelled diagram to show how production isoquant can be used to explain ;increasing return, constant return, decreasing return

distinguish between short run and long run production period

illustrate the short and long run equilibrium of monopolistic competition

If Gouda cheese and cheddar cheese are substitutes, then which of the following would increase the demand for cheddar cheese?

1. Market structures are referred as the competitive environment in which the buyers and sellers of the product operate. A market consists of all the actual and potential buyers and sellers of a particular product. Discuss thoroughly oligopolistic and perfect competitive market structure and give examples of each form of the market structure.
2. Differentiate between product market and labour market (Use diagrams that explain the interactions in the markets).

The population in country C decreases due to a lower birth rate.at the same time there is an increase in the cost of fertiliser which is used to grow vegetables.explain how the market for vegetables will be affected by these change.clearly indicate how the equilibrium price and equilibrium quantity will be affected by these change make use of a combination of diagrams and verbal explanation to explain your answer

With reference to the cross price elastic od demand , classify the following values and explain type of product by providing an example

Ec = -0.5

Ec =2.1

A decrease in the quantity of oranges supplied is illustrated by an upward or leftward shift to the entire supply curve/True or False?

does the doubling of wage rate cost demand for labour to be half.discuss