Microeconomics Answers

a jua kali artisan produces specially designed leather belts. the demand curve for the belts is a follows
price ksh quantity of belts
1500 200
2000 100
calculate the arc elasticity of demand and interpret

consider a consumer who consumes the normal goods x1 and x2.suppose the price of x1 reduces,use an appropriate diagram to illustrate the effect of this price changes.while separating the income and substitution effect

suppose that the demand equation for delmonte, amonopolist is given by p=400-20Q cost equation is given by TC=500+20Q2.find the profit maximizing price and output for the monopolistic

we are using the same equation as we previously did
The demand function for product X is: Qd = 600 – 20Px + 0.02Y – 5Pr
The supply function is: Qs = –300 + 10Px
Where:
Qd = the quantity of X demanded
Qs = the quantity of X supplied
Px = the price of product X
Y = the average consumer income
Pr = the price of the related product R

If Y = R35 000 and Pr = R20, draw the precise demand curve for
product X.

What is the combination of goods that yield maximum satisfaction to the consumer?

A firm has total revenue of $50 million ,fixed cost of $60 million,and variable cost of $40 million.What does the firm do (a) in the short run?(b) in the long run?

John Scott has R200 per week available to spend on beer and cigarettes. Beer cost R10 per bottle and cigarettes cost R40 per packet. Suppose John buys 8 bottle 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 ?

Paul Mabaso'"s average utility from the consumption of 8 chocolate is 25 utils per slab. If the marginal utility of the 9th slab is 20 utils, will his average utility increase, decrease or stay constant if he consumes 9 slab ?Explain. What will happen to his total utility ?

Is product X a normal or an inferior good? Explain

Is Nigeria associated with positive or normative economy?