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Microeconomics
Page 2
Questions (1,554)
The short-run cost function of a firm is as follows:
TC = 200 + 5Q + 2Q2 Where TC = Total Cost Q = Physical units of the product
9 answers
asked by
Shiv
8,879 views
What do the points along a production possibilities curve represent?
3 answers
asked by
Arisha
135 views
Price elasticity is unit elastic at the midpoint of a linear, downward-sloping demand curve.
a.True b.False
2 answers
asked by
Rosa
1,089 views
Ever Kleen Pool Services provides weekly swimming pool maintenance in Atlanta. Dozens of firms provide this service. The service
2 answers
asked by
Anonymous
926 views
Suppose that Neptune Music has the copyright to the latest CD of the heavy Iron Band. The market demand curve for the CD is
4 answers
asked by
Jay
1,063 views
Suppose that the price of product X rises by 20 percent and the quantity supplied of X increases by 15 percent. The coefficient
3 answers
asked by
Kevin
3,044 views
Consider the problem of a rational consumer with an experienced utility function given by 8*x^(1/2)+m. Let p=$1 p/unit denote
2 answers
asked by
Jenney
498 views
The Ali Baba Co is the only supplier of a particular type of Oriental carpet. The estimated demand for its carpets is Q= 112,000
7 answers
asked by
Long Weekend
2,037 views
describe the significance of supply and demand to a small business owner.
1 answer
asked by
Anonymous
404 views
A consumer has $100 to spend on two goods X and Y with prices $3 and $5 respectively. Derive the equation of the budget line and
2 answers
asked anonymously
100 views
what is diminishing marginal utility mean?
2 answers
asked anonymously
114 views
Example: A consumer has $100 to spend on two goods X and Y with prices $3 and $5 respectively. Derive the equation of the budget
2 answers
asked anonymously
141 views
• Change in quantity demanded vs change in demand
2 answers
asked by
111
140 views
The law of diminishing marginal utility states that at some point, a person's marginal utility from additional consumption
2 answers
asked anonymously
145 views
What is Trade -off in economics?
2 answers
asked by
111
63 views
the price of the good, which is a normal good, is $4. If there is an increase in consumer incomes, which way will
2 answers
asked by
111
110 views
Opportunity cost
A. only is considered for goods in short supply. B. is the value of the next best alternative as a result of
2 answers
asked by
111
127 views
As the price of a good or service increases, consumers will purchase a lower quantity of that good or service due, in part, to
2 answers
asked by
Eric23
183 views
Briefly explain the value of an indifference curve to the economist
2 answers
asked by
Siya
81 views
Briefly describe the term indefference curve
2 answers
asked by
Siya
68 views
The demand functions of the 3 commodities: A, B and C are given as QdA = 20 - 3PA + PB + pc, QdB = 30 + PA - 5PB and QdC = 15 +
4 answers
asked by
kiru
273 views
What is the quantity of goods and services that sellers are willing and able to sell known as?
A. inflation B. demand C. supply
4 answers
asked anonymously
76 views
Suppose that a competitive firm faces a total cost function c(q)=450+15q+2q^2, and the industry price is 115$ per unit of
4 answers
asked by
monica
110 views
A shoe manufacturer notices the following relationship between the number of workers employed and quantity of shoes produced in
4 answers
asked by
monica
92 views
Indicate if each newspaper headline below deals with a microeconomics (micro) or a macroeconomics (macro) issue.
Pepsi to
4 answers
asked by
Anonymous
2,376 views
4= Assume Mr. Abebe spends all his daily income of birr 100 on food, and he purchases bread and coffee. The price of a loaf of
5 answers
asked by
Mo Amein
477 views
You are the manager of a firm that receives revenues of $40,000 per year from product X and $90,000 per year from product Y. The
4 answers
asked by
anonymous
4,385 views
Why marginal product capital is down ward sloping?
1 answer
asked by
Zed smart
49 views
Suppose that a competitive firm faces a total cost function c(q)=450+15q+2q^2, and the industry price is 115$ per unit of
1 answer
asked by
monica
114 views
A country can use all its resources to produce Product A and Product B. If you know the opportunity cost of producing Product A
3 answers
asked anonymously
195 views
What term best describes the individual decisions people make in an economy?
(1 point) Responses microeconomics microeconomics
2 answers
asked anonymously
119 views
If a firm's fixed costs are larger than its variable costs, does this mean the firm should shut down operation in the short run?
1 answer
asked by
Dj
97 views
C) Calculate and interpret price elasticity of demand at the equilibrium point.
6. When price of tea in local café rises from
2 answers
asked by
Fituma Furgasa Worku
65 views
3. The market for lemon has 10 potential consumers, each having an individual demand
curve P = 101 - 10Qi, where P is price in
2 answers
asked by
Fituma Furgasa Worku
87 views
which of the following states the law of supply and demand?
1 answer
asked by
dfghjk
124 views
Suppose you are the marketing manager for the Fruit of the Loom. An individuals' inverse demand for Fruit of the Loom women's
1 answer
asked by
Steve
1,086 views
Two goods are complements when a decrease in the price of one good
a. decreases the quantity demanded of the other good. b.
3 answers
asked by
chris
3,169 views
A profit-maximizing firm in a competitive market is currently producing 100 units of output. It has average revenue so $10,
4 answers
asked by
jenny
5,514 views
1. Suppose that the firm operates in a perfectly competitive market. The market price of his product is $10. The firm estimates
4 answers
asked anonymously
132 views
just need help in reviewing my answers...they are all true/false questions..THANKS!!!
1. A principal-agent problem occurs when
3 answers
asked by
Sarah
740 views
Two identical firms compete as a Cournot duopoly. The demand they face is P = 100 - 2Q. The cost function for each firm is C(Q)
4 answers
asked by
Chris
1,588 views
5. A drug company has a monopoly on a new patented medicine. The product can be made in either of two plants. The costs of
3 answers
asked by
Dana
991 views
how does opportunity cost affect people's wants and need's?
33 answers
asked by
nothing
283 views
Suppose a typical firm’s marginal cost in a perfectly competitive industry is given by MC=10+ 0.001Q and there are 1000
1 answer
asked by
hak
118 views
Assume that there are 1000 identical firms each with the marginal cost function of MC=10 + 2Q and the market demand function for
3 answers
asked by
hak
129 views
Discuss the laws of variable proportions and returns to scale in relation to technology and cost curves of firms and explain the
1 answer
asked anonymously
83 views
4. . Discuss the laws of variable proportions and returns to scale in relation to technology and cost curves of firms and
1 answer
asked by
bejuk
91 views
8. A rational consumer spends all of her income on two goods: Apple and Banana.
Suppose the last dollar spent on Apple increased
2 answers
asked by
Fituma Furgasa Worku
70 views
How does a change in demand affect price and quantity
2 answers
asked by
Ashley
48 views
In a hypothetical country, the population is expected to increase by 25% following recent legislation relaxing the barriers that
1 answer
asked by
Somebody23
132 views
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Parent Categories (13)
Business
Business and Economics
Business/Economics
Business/Finance
Calculus
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Economics
Economics and Business
Game Theory
Industrial Economics
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Mathematics