Ask Question, Ask an Expert

+61-413 786 465

[email protected]

Ask Microeconomics Expert

Economics


Home >> Microeconomics

Assignment for Microeconomics

Students should insert their last two student numbers in Cell A1 in Excel to generate their own data, and then answer to the following questions:

1. Draw the demand curve using the quantity and demand data of chicken provided in rows 3 and 4 of the Excel.

2. Draw the supply curve using the quantity and supply data of chicken provided in rows 3 and 5 of the Excel.

3. Write the demand curve equation of chicken where Y is the dependent variable, b is the slop of demand curve, and X is the independent variable.

4. Write the supply curve equation of chicken where Y is the dependent variable, b is the slop of demand curve, and X is the independent variable.

5. Calculate the market equilibrium point for Chicken? Determine excess supply area on the figure and explain what the area tells us?

6. What is the opportunity cost of consuming additional one chicken?

7. What is the opportunity cost of paying additional one dollar for chicken?

8. If the price of beef meat goes up, what happen for the market equilibrium point, price and quantity of chicken? Explain your answer.

9. If the IT technology is applied to nurture chickens in aviculture, what happen for the market equilibrium point, price and quantity of chicken? Explain your answer.

10. Assume that intersection between the first quantity (cell B3 in Excel) and the first demand (cell B4 in Excel) is called point A, the second quantity (cell C3 in Excel) and the second demand (cell C4 in Excel) is called point B, the third quantity (cell D3 in Excel) and the third demand (cell D4 in Excel) is called point C, and so on. We will have 6 points from A to F. Assume that we have the same fashion for intersection between quantity and supply so that the first quantity (cell B3 in Excel) and the first supply (cell B5 in Excel) is called point I, the second quantity (cell C3 in Excel) and the second supply (cell C5 in Excel) is called point J, the third quantity (cell D3 in Excel) and the third supply (cell D5 in Excel) is called point K, and so on. We will have 6 points from I to N.

Calculate the elasticity of demand for chicken at point C when price move from point B to point C? What is the relation between changes in price and total expenditure at point C?

Calculate the elasticity of supply for chicken at point M when price moves from point L to point M? What is the relation between changes in price and total expenditure at point M?

Calculate consumer surplus? Interpret your result.

Calculate producer surplus? Interpret your result.

Attachment:- Assignmnet-of-Microeconomics.rar

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M92762200

Have any Question?


Related Questions in Microeconomics

Question show the market for cigarettes in equilibrium

Question: Show the market for cigarettes in equilibrium, assuming that there are no laws banning smoking in public. Label the equilibrium private market price and quantity as Pm and Qm. Add whatever is needed to the mode ...

Question recycling is a relatively inexpensive solution to

Question: Recycling is a relatively inexpensive solution to much of the environmental contamination from plastics, glass, and other waste materials. Is it a sound policy to make it mandatory for everybody to recycle? The ...

Question consider two ways of protecting elephants from

Question: Consider two ways of protecting elephants from poachers in African countries. In one approach, the government sets up enormous national parks that have sufficient habitat for elephants to thrive and forbids all ...

Question suppose you want to put a dollar value on the

Question: Suppose you want to put a dollar value on the external costs of carbon emissions from a power plant. What information or data would you obtain to measure the external [not social] cost? The response must be typ ...

Question in the tradeoff between economic output and

Question: In the tradeoff between economic output and environmental protection, what do the combinations on the protection possibility curve represent? The response must be typed, single spaced, must be in times new roma ...

Question consider the case of global environmental problems

Question: Consider the case of global environmental problems that spill across international borders as a prisoner's dilemma of the sort studied in Monopolistic Competition and Oligopoly. Say that there are two countries ...

Question consider two approaches to reducing emissions of

Question: Consider two approaches to reducing emissions of CO2 into the environment from manufacturing industries in the United States. In the first approach, the U.S. government makes it a policy to use only predetermin ...

Question the state of colorado requires oil and gas

Question: The state of Colorado requires oil and gas companies who use fracking techniques to return the land to its original condition after the oil and gas extractions. Table 12.9 shows the total cost and total benefit ...

Question suppose a city releases 16 million gallons of raw

Question: Suppose a city releases 16 million gallons of raw sewage into a nearby lake. Table shows the total costs of cleaning up the sewage to different levels, together with the total benefits of doing so. (Benefits in ...

Question four firms called elm maple oak and cherry produce

Question: Four firms called Elm, Maple, Oak, and Cherry, produce wooden chairs. However, they also produce a great deal of garbage (a mixture of glue, varnish, sandpaper, and wood scraps). The first row of Table 12.6 sho ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As

Follow Us

© Copyright 2013-14 mywordsolution.com All rights reserved