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what is implicit cost



The market for lemon has 10 potential consumers, each having an individual demand curve p=101-10Qi, where p is price in dollars per cup and Qi is the number of cups demanded per week by the ith consumer. Find the market demand curve. What is the quantity demanded by each consumer and in the market as a whole when lemon is priced at p=$1/cup?
You have been appointed as an economic advisor to the principle of bright sparks college,a firm operating in the market for tertiary education.over past 18 months the following simultaneous changes have been noticed in the market for tertiary education:
- A decrease in consumer income
- An increase in the cost of providing tertiary education services.
Explain,with the aid of a graph, the impact of the above changes on the equilibrium price and equilibrium quantity in the tertiary education
( Seven marks for a graph and 8 for the explanation)
suppose that the world price of cotton is $250 a ton, pakistan does not trade internationally and the equilibeium price of cotton in pakistan is $150 a ton .pakistan begins to trade internationally. how does the price of cotton in pakistan change
Suppose that the world price of cotton is $250 a ton, Pakistan does not trade internationally, and the equilibrium price of cotton in Pakistan is $150 a ton. Pakistan then begins to trade internationally.
a.Howdoes the price of cotton in Pakistan change?
b.Howdoes the quantity of cotton produced in Pakistan change?
c.Howdoes the quantity of cotton bought by Pakistan change?
d.DoesPakistan export or import cotton and why?



Draw the diagram
The market price in a perfect competetive industry is P =RM 10. Suppose that the total cost function of an individual firm in the industry is given by: TC= 100+ 5Q+ 0.02Q²

a) at what price and output would the firm maximize its profit?
b) what is the firm total profit at the profit maximizing price?
If firms in a competitive industry incur an economic profit, what happens to supply, price, output, and economic profit in the long run?
Explain graphically how indifference curve analysis can be used to derive a demand curve?
) The table below gives the utility from pens and pencils.
Quantity of pens Total utility from pens Quantity of pencils Total utility from pencils
0 0 0 0
1 90 1 70
2 155 2 120
3 200 3 150
4 225 4 165
5 240 5 174
6 246 6 176
(i) If the consumer has an income of $4, pens cost $1, and pencils cost $.20, which of the combinations maximizes the consumer's utility?
(ii) If the consumer has an income of $4, pens cost $1, and pencils cost $.20, what is the consumer's total utility when he or she maximizes utility?
I. Explain graphically how indifference curve analysis can be used to derive a demand curve?
II. If firms in a competitive industry incur an economic profit, what happens to supply, price, output, and economic profit in the long run? Explain
III. What is the relationship between the marginal revenue curve and the demand curve for a single-price monopolist?
IV. Explain the Law of diminishing return and why is it applicable especially in agriculture sector?
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