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Microeconomics
Demands differ from wants in that
A. wants require a plan to acquire a good but demands require no such plan.
B. demands are unlimited, whereas wants are limited by income.
C. wants imply a decision about which demands to satisfy, while demands involve
no specific plan to acquire the good.
D. demands reflect a decision about which wants to satisfy and a plan to buy the
good, while wants are unlimited and involve no specific plan to acquire the good.
A. wants require a plan to acquire a good but demands require no such plan.
B. demands are unlimited, whereas wants are limited by income.
C. wants imply a decision about which demands to satisfy, while demands involve
no specific plan to acquire the good.
D. demands reflect a decision about which wants to satisfy and a plan to buy the
good, while wants are unlimited and involve no specific plan to acquire the good.
Microeconomics
Consider the market for soft drinks in Canada, where there are over a thousand stores that sell soft drinks at any given moment. Suppose the health authority issues a public warning that consuming soft drinks is not good for health. Holding all other factors constant, what will be the effect on market? Draw a graph and explain.
Microeconomics
CARO Departmental stores sends sales reps to call on three kind of customers: Retail, Industrial and Professional. Sales revenue of $8,000 results from calling retail customer, $14,000 from calling Industrial customer and $20,000 from calling Professional customer. Each quarter a total of 3200hrs of sales reps time is available for calling on customer and $10,000 available on travelling expenses. Six hours of travel and selling are required to call on retail customer with $10 sales rep traveling expenses; 11hours for Industrial customer with $14 sales rep traveling expenses; and 25 hours for Professional customer with $25 sales rep traveling expenses. What is optimal customer mix for each quarter?
Microeconomics
The state of balance obtained by an end user of a product that refers to the number of goods and services they can buy given their existing level of income and the prevailing level of cost prices. where you find that, consumer will be in equilibrium when he is consuming two commodities in the market.
Microeconomics
1. With the aid of a demand and supply diagram, explain how the world price of
coffee might be expected to change by the end of 2013.
coffee might be expected to change by the end of 2013.
Microeconomics
The demand functions of two Duopolists are given as: P1 = 105 -2q1- q2
P2 = 35 -q1 - q2
and their respective cost functions are C1= 5q1^2 and C2 = q2^2
a) if Duopolist 1 increases its price by $2, what will be its effect on its profit and output levels?
b) If duopolies 1 reduces the price by $ 2, how much price reduction will be required by the Duopolist 2 to maintain his old level of output?
P2 = 35 -q1 - q2
and their respective cost functions are C1= 5q1^2 and C2 = q2^2
a) if Duopolist 1 increases its price by $2, what will be its effect on its profit and output levels?
b) If duopolies 1 reduces the price by $ 2, how much price reduction will be required by the Duopolist 2 to maintain his old level of output?
Microeconomics
Let Z = f(x,y) = 3x^3 - 5y^2 - 225x + 70y + 23. (i) Find the stationary points of z. (ii) Determine if at these points the function is at arelative maximum, relative minimum, infixion point, or saddle point.
Microeconomics
An individual consumer consumes two commodities X1 & X2. The utility function is U = X1^0.4 X2^0.6. The price of commodity one is P1 = Rs. 3.00, the price of commodity two is P2 = Rs. 4.00, the individual's income per period is Rs. 108. Determine the utility maximizing level of X1 & X2 and derive the fans curve for the two commodities.
Microeconomics
CARO Departmental stores sends sales reps to call on three kind of customers: Retail, Industrial and Professional. Sales revenue of $8,000 results from calling retail customer, $14,000 from calling Industrial customer and $20,000 from calling Professional customer. Each quarter a total of 3200hrs of sales reps time is available for calling on customer and $10,000 available on travelling expenses. Six hours of travel and selling are required to call on retail customer with $10 sales rep traveling expenses; 11hours for Industrial customer with $14 sales rep traveling expenses; and 25 hours for Professional customer with $25 sales rep traveling expenses. What is optimal customer mix for each quarter?
Microeconomics
The demand functions of two Duopolists are given as: P1 = 105 -2q1- q2
P2 = 35 -q1 - q2
and their respective cost functions are C1= 5q1^2 and C2 = q2^2
a) if Duopolist 1 increases its price by $2, what will be its effect on its profit and output levels?
b) If duopolies 1 reduces the price by $ 2, how much price reduction will be required by the Duopolist 2 to maintain his old level of output?
P2 = 35 -q1 - q2
and their respective cost functions are C1= 5q1^2 and C2 = q2^2
a) if Duopolist 1 increases its price by $2, what will be its effect on its profit and output levels?
b) If duopolies 1 reduces the price by $ 2, how much price reduction will be required by the Duopolist 2 to maintain his old level of output?
