Microeconomics Answers

You are given a specific supply schedule
Qsx=20Px;where Qsx is the quantity supplied and Px is the price per unit.
a)derive the producer's supply schedule
b) derive the producer's supply curve
c) what things have been kept constant in the given supply function
d)what is the minimum price that this producer must be offered in order to induce him to start supplying good X to the market?

Suppose a firm produces 15 units of output per month and has a total variable cost of R5 000 per month. If its average fixed costs are R350,what are the total coat per month?

The assumption of consistent preferences implies that the indifference curves must:

The total utility gained from consuming additional units of a good will increase if:

Given the following demand function: Q=120 - 4P + 0.01M, where M is income and stands at $40,000 and the prevailing market price is $10. Calculate the consumer surplus in this market?Given the following demand function: Q=120 - 4P + 0.01M, where M is income and stands at $40,000 and the prevailing market price is $10. Calculate the consumer surplus in this market? What is the market's willingness to pay

Chileshe likes pork ribs (R) and chicken (c). Her utility function is (R,C) = 10R²C. Her weekly income is k90 which she spends exclusively on R and C. The price for a slab of ribs is k10 and that for a piece of chicken wing is k15
(a) derive the Marshall I an and hicksian demand functions for pork ribs and chicken wings.

(b) If the price of ribs falls to k5, algebraically and graphically show the income and substitution effects of this price change (Ribs are on the horizontal axis). Ensure to put the values on the graph showing both substitution and income effect

Given the following demand function: Q= 120-4P+0.01M, where M is income and stands at $400 and the prevailing market price is $10.
a) Calculate the consumer surplus in this market.
B) what is the market's willingness to pay.

Are there any ways in which Microsoft can reduce the undesirable effects of the law of
diminishing returns?

More generally, why would sellers who are interested in maximizing their profits ever decide to lower the price of the goods they are selling? Assume that each unit the firm sells costs the same to produce no matter how many units of the good it sells.

Suppose a firm finds that the marginal product of capital is 60 and the marginal product of labor is 20. If the price of capital is $6 and the price of labor is $2.50, describe how the firm should adjust its mix of capital and labor? What will be the result?