Learn more about our help with Assignments: Microeconomics
Search & Filtering
Microeconomics
The winning heights (meters) for the Olympic pole vault for 1948-1996 were analyzed using the two trend-projection models. The estimated equations were
PV, = 4.295 + 0.142t
PV, = 4.289(1. 033)t
where PVt is the forecasted winning height.
a) on average, how much has the winning height increased from one Olympics to the next ? What has been the percentage increase?
b) Forecast the winning height for 1976 to 1996.
c) The winning heights for 1979 and 1996 were 5.45 and 5.90 meters, respectively. Is there an explanation for the large differences between the forecasted and the actual values for 1996?
PV, = 4.295 + 0.142t
PV, = 4.289(1. 033)t
where PVt is the forecasted winning height.
a) on average, how much has the winning height increased from one Olympics to the next ? What has been the percentage increase?
b) Forecast the winning height for 1976 to 1996.
c) The winning heights for 1979 and 1996 were 5.45 and 5.90 meters, respectively. Is there an explanation for the large differences between the forecasted and the actual values for 1996?
Microeconomics
Given that co = R50 million, Ī = R230 million, G = R300 million, c = ¾, T = R100 million and YF = R3 000 million the equilibrium level of output and income is ____ and in order to reach the full-employment level of income, government spending must increase by
Microeconomics
Why can’t a perfectly competitive firm influence industry price?
Microeconomics
Discuss in detail how economics as a social science addresses the phenomena of scarcity,opportunity cost and decision on what how and for whom to produce
Microeconomics
Data from 20 cities were used to estimate the demand for face-lifts. The resulting regression equation was
Qd = 50.000 - 0.001P + 0.002/ R2 = 0.55
(5.42) (-2.34) (2.00)
where Qd is face-lifts per 1,000 population per year,P is the price in rupess,I is income in rupees,and the t-statistics are shown in parentheses,.
(a) In determining statistical significance of the coefficients,what number should be used for degrees of freedom ?
(b) which of the coefficients are statistically significant at the 5 percent level ?
(c) The mean value of P and I are Rupees 5,000 and Rs. 20,000, respectively. Computer the point price elasticity of demand.
(d) what is the predicted demand at the mean values of the independent variables?
Qd = 50.000 - 0.001P + 0.002/ R2 = 0.55
(5.42) (-2.34) (2.00)
where Qd is face-lifts per 1,000 population per year,P is the price in rupess,I is income in rupees,and the t-statistics are shown in parentheses,.
(a) In determining statistical significance of the coefficients,what number should be used for degrees of freedom ?
(b) which of the coefficients are statistically significant at the 5 percent level ?
(c) The mean value of P and I are Rupees 5,000 and Rs. 20,000, respectively. Computer the point price elasticity of demand.
(d) what is the predicted demand at the mean values of the independent variables?
Microeconomics
The demand equation for a product is given by
P = 30 - 0.1q^2 .
(a)At what point price is demand inelastic?
(b)at what price is demand unitary elastic
P = 30 - 0.1q^2 .
(a)At what point price is demand inelastic?
(b)at what price is demand unitary elastic
Microeconomics
Q: Given the demand equation,
Q = 12,000 - 10P^2
a. For this equation, write the expression for the point price elasticity of demand as a function of P
b. over what range of prices is the demand inelastic ?
Q = 12,000 - 10P^2
a. For this equation, write the expression for the point price elasticity of demand as a function of P
b. over what range of prices is the demand inelastic ?
Microeconomics
Unique foods operates three plants in the world. Summary data for each is shown below
Plant
UK USA Canada
Total Fixed Cost(TFC) 1,00,000 2,00,000 4,00,000
Variable Cost Per Unit (AVC) 10 8 5
Output price per unit (P) 20 22 18
Capital / Labor Ratio (K/L) 2:1 3:1 4:1
Output rate (Q) 22,000 16,000 33,000
Determine the profit elasticity for each plant
Plant
UK USA Canada
Total Fixed Cost(TFC) 1,00,000 2,00,000 4,00,000
Variable Cost Per Unit (AVC) 10 8 5
Output price per unit (P) 20 22 18
Capital / Labor Ratio (K/L) 2:1 3:1 4:1
Output rate (Q) 22,000 16,000 33,000
Determine the profit elasticity for each plant
Microeconomics
A company manufactures two models of cars, a luxury model and an economy model; the resources requirements for both cars are given below:
Luxury Model Economy Model Total Availability resources
Resources I 10 3 100
Resources II 5 5 60
The unit profit per luxury model is $200 and $150 dollar per economy model
(a) How many luxury and economy models should the company manufacture in order to maximize the profit ?
(b) Discuss the usefulness of linear programming to manager.
Luxury Model Economy Model Total Availability resources
Resources I 10 3 100
Resources II 5 5 60
The unit profit per luxury model is $200 and $150 dollar per economy model
(a) How many luxury and economy models should the company manufacture in order to maximize the profit ?
(b) Discuss the usefulness of linear programming to manager.
Microeconomics
Koonj manufacturing has collected the following data on quantity sold and price
Period 1 2 3 4 5 6 7 8 9 10
Quantity 2800 3300 2400 3300 3600 2600 2000 3000 3800 3200
Price 100 80 140 60 80 140 180 80 60 100
(a) use the least squares regression technique to estimate the linear relationship between quantity and price.
(b) Evaluate the strength of the relationship between quantity and price by computing the t-statistics and R^2
Period 1 2 3 4 5 6 7 8 9 10
Quantity 2800 3300 2400 3300 3600 2600 2000 3000 3800 3200
Price 100 80 140 60 80 140 180 80 60 100
(a) use the least squares regression technique to estimate the linear relationship between quantity and price.
(b) Evaluate the strength of the relationship between quantity and price by computing the t-statistics and R^2
