Microeconomics Answers

what is the effect on the market price and output of hamburgers with reference to an increase in the income of consumers

A firm faces the production function below and can buy L at Php240 a unit and K at Php4 a unit.

A. If it has a budget of Php 16,000 what combination of K and L should it use to maximize output?

Q = 2K 0.2 L 0.6

The market demand curve for microwaves is Q = 260 - 3P.

The market supply curve for microwaves is Q = 20 + P.

The equilibrium price of a microwave is 60 (Enter only a number. Do NOT enter any symbols.)

The equilibrium quantity of microwaves is 80 (Enter only a number. Do NOT enter any symbols.)

Suppose the government gives firms a $20 subsidy for every microwave sold. After the subsidy is imposed:

The price consumers pay for a microwave after each microwave is subsidized is  (Enter only a number. Do NOT enter any symbols.)

The price firms receive for a microwave after each microwave is subsidized is   (Enter only a number. Do NOT enter any symbols.)

The quantity of microwaves exchanged in the market after each microwave is subsidized is   (Enter only a number. Do NOT enter any symbols.)

Analyse agricultural legislation which governs non-marketing agricultural activities in south africa

using the latest budget statement for kenya june 2021,identify micro and macro aspects in relation to economic development and responses to economic shocks(exchange rates,prices and pandemics)

(ii)              Given the following Cobb Douglas Utility function u(x₁, x₂) = x₁^cx₂^d.What is Marginal Rate of Substitution MRS x₁, x₂ ?

Which of the following would NOT constitute a barrier to entry?

a. Economies of scale.

b. Control of essential factors of production.

c. Control of distribution outlets.

d. Well-established brand loyalty.

e. No restrictions on imports.

Discuss how you would ensure that an Ordinary Least Squares regression meet the BLUE requirement. (17marks)

1.    Given the following production function Q = 20L²K and the unit prices of labor and capital to be Birr 48 and 12 respectively, then

a. What combination of labor and capital maximizes output with a cost of Birr 720?

b. What is the maximum output?

c. Show the output maximizing condition graphically.

1.    Given the following production function Q = KL² and the unit price of labor and capital to be Birr 15 and 10 respectively, then

a.   What combination of labor and capital minimizes the cost of producing 384 units?

b.   What is the minimum cost?

c .Show the cost minimizing condition graphically?