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Microeconomics
Explain the following statement: “When firms choose output quantities, there is a first
mover advantage, and when firms choose prices, there is a second mover advantage”
mover advantage, and when firms choose prices, there is a second mover advantage”
Microeconomics
“Alcohol, tobacco, and gasoline have inelastic demand, so the buyers of these items pay most of the tax on them.” Show and explain this statement with the help of hypothetical demand and supply graph.
Microeconomics
Movement along a fixed demand curve in response to a change in Px is referred as
Microeconomics
Suppose that consumers' incomes increase 12 percent, which results in a 0.6 percent increase in consumption of farm goods at current prices. What is the income elasticity of the demand for the farm?
Microeconomics
You work as a tutor for Econ. You sell your services at $12/hr., and you can only tutor one person at a time. Suppose you currently have 5 clients. If it cost you on average $14/hr to tutor the first student, in order to increase profits you should.
A. Get rid of some clients
B. Find more clients
C. Continue to see the same number of clients
D. we need more information to answer
E. raise the price
A. Get rid of some clients
B. Find more clients
C. Continue to see the same number of clients
D. we need more information to answer
E. raise the price
Microeconomics
If an industry’s long run average total cost curve has an extended range of constant returns to scale:
A. Both relatively small and relatively large firms can be viable in the industry. B. Only relatively small firms can be viable in the industry. C. Short run production costs will increase. D. Production will be dominated by large firms.
Microeconomics
The Cobb–Douglas production function is
y=Z1^aZ2^b a>0, b>0
show that the MP1 = ay/z1, MP2 = by/z2
What is the MRTS21? How does it vary with: (a) y; (b) z2 /z1?
y=Z1^aZ2^b a>0, b>0
show that the MP1 = ay/z1, MP2 = by/z2
What is the MRTS21? How does it vary with: (a) y; (b) z2 /z1?
Microeconomics
Fixed Proportions Technology (Leontief)
(a) Process 1 uses at least b11 units of z1 and b12 units of z2 to produce one unit of output.
Draw the isoquant for y = 1, and distinguish between the technical and output-efficient
(z1, z2) points. Suppose that at least yb11 units of z1 and yb12 units of z2 are required to
produce y units of output, so that the production function for process 1 is
y = min [ z1 / b11, z2/b12]
Draw the isoquant map for the process. What does the economic region look like?
(a) Process 1 uses at least b11 units of z1 and b12 units of z2 to produce one unit of output.
Draw the isoquant for y = 1, and distinguish between the technical and output-efficient
(z1, z2) points. Suppose that at least yb11 units of z1 and yb12 units of z2 are required to
produce y units of output, so that the production function for process 1 is
y = min [ z1 / b11, z2/b12]
Draw the isoquant map for the process. What does the economic region look like?
Microeconomics
An efficient outcome maximizes?
Microeconomics
Sinalo Bhacela has R200 per week available to spend on beer and cigarettes. Beer costs R10 per bottle and cigarettes cost R40 per packet. Suppose John buys 8 bottles of beer and 3 packets of cigarettes and that his marginal utility from beer is then 20 utils and that from cigarettes 35 utils. Is he in equilibrium? If not, should he buy more beer or more cigarettes? Explain.
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#340153 on Dec 2023
#340153 on Dec 2023