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Please I need more explanation about Microeconomics and Macroeconomics... The difference about them
I need to clearly understand them
a hyperbolic discounter is said to have time inconsistent preferences because:
Suppose the total product (Q) is given by the production function; [q = 4KL-0.5]
Where K= capital = 12 and L = unit of labour -36.
Calculate the average product of labour
A demand function is given as (D=25-2-1p). calculate the quantity demanded. (D) if the price of the product (p) is N6.00
Use one sentence to explain how a consumer will maintain his/her welfare (after consuming one commodity) if the marginal utility is less than the price of the commodity
C=100+0.50Y, Ip=100-20r, Mt=0.10Y, Ms=100-10r, M=80.
a. The IS–LM functions show the relationship between interest rates and real output, in the goods and services market and the money market.
The IS curve is defined by the equation Y = C + I + G + NX, so Y = 100 + 0.5Y + 100 - 20r - 80, Y = 240 - 40r. The LM curve is defined by the equation Mt = Ms, so 100 - 10r = 0.1Y, Y = 1000 - 100r.
b. If we assume an increase in Investments by 100 units, then the IS function will shift to the right.
c. The intersection of IS-LM functions defines four areas, and the behavior of the markets for goods and money for each area will change.
a. When the price of mayonnaise increased from $2.75 to $3.25, the consumer increased consumption from 36 six-packs to 44. What is the cross-price elasticity of demand for these two products? What does the calculated elasticity imply about the relationship between peanut butter and mayonnaise for this consumer?
Output AC. AFC. AVC. MC
1. 100. 40
2. 36
3. 36
4. 36
5. 12. 41
What are examples of fixed and variable costs in a fast food restaurant? How do you think a firm will be able to maximize their profits if the economy starts to go into a recession?
Explain the following through graph:
Does a change in price lead to a movement along the supply curve or a shift in the supply curve?
