Microeconomics Answers

. Elaborate the term Elasticity of Supply and explain any three factors that determines elasticity of supply 

An American producer of steel produces and sells his products on two geographic regions: at home (H) and abroad (F). Demand on those markets is different. Also production costs in those two regions are different. Demand function on the home market is: PH = 260 – 0,1QH , and on the foreign market is PF = 240 (illimited amount can be sold for the price 240 dollars). Cost function on the home market is: CH = 1000 + 0,4Q2 H , and on the foreign market: CF = 5000 + 0,25Q2 F .

a. The products can not be exported due to high custom duties . Calculate amount of production and prices on home and foreign market to maximise profit. What will be profit? b. The company can export without limits and transport costs are low. Answer now the question from point a. c. Now suppose that transport costs are 16 dol. per ton. Answer the question from point a.

Elaborate the term Total Revenue and Marginal revenue also calculate TR and MR in the given table 

If SAB were to introduce a rewards programme whereby employees who performed

Once an opportunity has been identified,defined and assessed as realistic and objective,the availability of resources needs to be evaluated. what is the next step in the entrepreneurial process?

In the summer of 2012, due to plentiful lobsters, the price of lobster in Maine fell to $1.25 a pound, which was 70% below normal and nearly a 30-year low. According to the Massachusetts Lobstermen's Association, "Anything under $4 a pound, lobstermen can't make any money. At least 30 boats announced that they would stay in port until the price rose. However, Canadian and other U.S. fishers continued to harvest lobsters. Why did some lobster boats stop fishing while others continued?

The statistics department of an appliance manufacturer has estimated that the demand function for their brand (brand X) automatic washer (number purchased annually) is as follows:

Q_X=197,000-100P_X+50P_Y+0.1Y+0.02A+10,000P_L

D. Determine the consumer and producer surplus given equilibrium condition. What is the most that consumers would be willing to pay for 100,000 of brand X automatic washer?

E. Suppose that the government imposes a price ceiling for this washer valued at $800.

How large is the shortage?

Deadweight loss to society?

Determine the full economic price consumers have to bear because of the price ceiling.

Determine the new consumer and producer surplus.

Explain the essential difference between perfect competition and monopolistic competition

The BNU1501 online class had 19 students that have joined online. The 4 students dropped out in the first hour of the class. The 9 students joined the class after 2hrs and 15 students dropped out after 2h30ms and 2 joined before the class ends. How many students were left by the time the class ends?

[1] 15

[2] 2

[3] 9

[4] 11

If 𝑥 is the number of pens you buy and 𝑦 is the price of each pen, write an equation expressing the total cost (𝑍) when buying pens.

[1] 𝑍 = (𝑥 + 𝑦)

[2] 𝑍 = 𝑥𝑦2

[3] 𝑍 = 𝑥𝑦

[4] 𝑍 = 𝑥 ÷ y