Microeconomics Answers

Given the following total revenue (TR) and total cost(TC) equations, determine the output rate that would result in a breakeven(i.e.,zero profit) situation for a firm
TR = 51Q - Q^2
TC = 625 + Q

Given the following function that relates total revenue (TR) to output (Q),

TR = 20Q - 2Q^2
determine
a. The marginal and average cost functions.
b. The Marginal revenue function
C. The rate of output for which marginal revenue is zero.
d. if there is any connection between your answer to parts (a) and (c)? Explain

Guwahati Tyres, a small producer of automobile typres, has the following production function:
Q=100K0.5L0.5.
During the last production period, the firm operated efficiently and used input rates of 100 and 25 for capital and labor respectively.
a.) What is the marginal product of capital and marginal product of labor based on input rates specified?
b.) If the price of capital was Rs.20 per unit what was the wage rate?
C.)for the next production,the price per unit of capital is expected to increase to Rs.25, while the wage rate and the labor input will remain unchanged under the terms of the labor contract with the labor union. if the firm maintains efficient production, what input rate of capital will be used?

Given the production function
Q = AKaLpNb
where Q is the rate of output and K, L, and N represent inputs of capital, labor, and land, respectively, determine
a. The specific conditions (i.e., values of a, p\ and b) under which returns to scale would be increasing, constant, and decreasing.
b. The equation for the marginal product function for each input

A firm has determined that it can produce 100 units of output with any of the following input combinations:
Capital Labor 20 1 16 2 12 3 11 4 9 6 7 9 5 13
a. What is the marginal rate of technical substitution between 3 and 4 units of labor? what is it between 5 and 7 units of capital?
b. can the marginal product of labor be determined from this data ? Explain
c. Assuming there are constant return to scale, what output rate will be produced if capital is 24 and labor is 6 ?

In one production period, a firm produced an output rate of 1,000 using 50 units of capital and 40 units of labor. In a later period, output was 1,500 units, the capital input was 60 units, and the labor input was 45 units. The base period input prices are r = 5 and w = 10. Determine total factor productivity in each period and the Percentage of change in that productivity between the two periods.

Develop a hypothetical table for coffee that show quantity demanded at various prices and supply of coffee at these prices. Draw a demand curve and supply curve and show an equilibrium price at which market is cleared of its supplies

Explain the price elasticity of demand of -0.12 for consumer product?

Difference between microsoft and macroeconomics end itself illustrations with examples

Illustration of macroeconomics