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Microeconomics
A consumer’s utility function is:
U = 20 XY
Where U is the consumer’s utility, X is the amount of good X consumed per month, and Y is the amount of good Y consumed per month
(a ) If the consumer is consuming 5 units of good Y per month, what is the marginal utility of good X?
(b ) Can you answer question (a ) without knowing how many units of good X the consumer is consuming?
( c ) Is this utility function realistic? What “law” does it violate?
U = 20 XY
Where U is the consumer’s utility, X is the amount of good X consumed per month, and Y is the amount of good Y consumed per month
(a ) If the consumer is consuming 5 units of good Y per month, what is the marginal utility of good X?
(b ) Can you answer question (a ) without knowing how many units of good X the consumer is consuming?
( c ) Is this utility function realistic? What “law” does it violate?
Microeconomics
Discuss reasons why only a few countries worldwide practiced the Planned Economic System.
Microeconomics
Price (£) Quantity demanded (millions per year) Quantity supplied (millions per year)
16 140 20
32 120 60
48 100 100
64 80 140
80 60 180
(e) If income rises and demand, as a result, rises by 20 million units at each level, what will be the new equilibrium price?
16 140 20
32 120 60
48 100 100
64 80 140
80 60 180
(e) If income rises and demand, as a result, rises by 20 million units at each level, what will be the new equilibrium price?
Microeconomics
A linear demand curve is given by Q_D=225-12P
Graph the demand curve. Be sure to clearly indicate the vertical intercept.
Now assume the price of good is $10, calculate the following
The quantity demanded
The amount paid
The consumer surplus
The total willingness to pay
On your graph in part 1, clearly illustrate part 2 (i.e. indicate the quantity demanded, amount paid, consumer surplus and total wiliness to pay
Graph the demand curve. Be sure to clearly indicate the vertical intercept.
Now assume the price of good is $10, calculate the following
The quantity demanded
The amount paid
The consumer surplus
The total willingness to pay
On your graph in part 1, clearly illustrate part 2 (i.e. indicate the quantity demanded, amount paid, consumer surplus and total wiliness to pay
Microeconomics
Illustrate the following demand curves on the figure below. Draw all demand curves relative to D0
1. The pizza delivery business in this town is very competitive. I’d lose half my customers if I raised the price by as little as 10%. Label this demand curve D1.
2. I owned both of the two Jerry Garcia autographed records in existence. I sold one on eBay for a high price. I sold the second one for less, but not by that much. Label this demand curve D2.
3. My economics professor has chosen to use the Acemoglu textbook for class. I have no choice but to buy this textbook. Label this demand curve D3.
1. The pizza delivery business in this town is very competitive. I’d lose half my customers if I raised the price by as little as 10%. Label this demand curve D1.
2. I owned both of the two Jerry Garcia autographed records in existence. I sold one on eBay for a high price. I sold the second one for less, but not by that much. Label this demand curve D2.
3. My economics professor has chosen to use the Acemoglu textbook for class. I have no choice but to buy this textbook. Label this demand curve D3.
Microeconomics
In a market for apples, a consumer purchases 30 pounds when the price of apples is $1 per pound and the consumer's income is $5,000 per month. When the price of apples increases to $2 per pound, without any change in the consumer's income, she decides to purchase only 15 pounds of apples. Suppose, after a given period of time, the consumer's income falls to $3,000 per month. Her consumption of apples also decreases to 10 pounds.
1. Using the information above, illustrate the difference between a change in quantity demanded and a change in the demand for apples. Make sure to clearly indicate the various points.
Microeconomics
You are given a firm under perfect competition. The firm has two plants. It is faced with the problem of allocating a given total output between the two plants that it owns.
(a) How should the firm allocate its total output among the two plants.
(b) Graphically illustrate the allocation.
(a) How should the firm allocate its total output among the two plants.
(b) Graphically illustrate the allocation.
Microeconomics
If the demand curve for comic books is expressed as Q=50,000/p, then compute the price elasticity of demand.
Microeconomics
A consumer’s utility function is:
U = 20 XY
Where U is the consumer’s utility, X is the amount of good X consumed per month, and Y is the amount of good Y consumed per month
(a ) If the consumer is consuming 5 units of good Y per month, what is the marginal utility of good X?
(b ) Can you answer question (a ) without knowing how many units of good X the consumer is consuming?
( c ) Is this utility function realistic? What “law” does it violate?
U = 20 XY
Where U is the consumer’s utility, X is the amount of good X consumed per month, and Y is the amount of good Y consumed per month
(a ) If the consumer is consuming 5 units of good Y per month, what is the marginal utility of good X?
(b ) Can you answer question (a ) without knowing how many units of good X the consumer is consuming?
( c ) Is this utility function realistic? What “law” does it violate?
Microeconomics
Suppose the market for good X has an effective price floor. Then market demand suddenly falls. What impact does this have on the dead weight loss (social cost) caused by the price floor in the market, ceteris paribus?
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#339914 on Dec 2023
#339914 on Dec 2023