Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Microeconomics Expert

Economics


Home >> Microeconomics

Question 1:

Suppose you have a rare Simpsons animation cel that you're looking to sell. You decide to hold an English Auction. You set the reserve price of $100, and a bid increment of $5. Suppose there are 3 bidders. Person 1 values the cel at $200, person 2 values the cel at $310, and person 3 values it at $250. What will the sale price be?

Question 2:

Consider the same animation cel auction as in problem 1. If instead you decide to hold a Vickrey Auction, what will person 2's bid be, if he is behaving optimally?

Question 3:

Consider the production of holes. To dig a hole, it takes one man (M) and one shovel (S). The total number of holes dug is given by the production function h=f(M,S)=min(M,S). If you currently have 2 men and 4 shovels, what is the marginal product of men?

Question 4:

Consider the production of textiles. To make textiles, it takes cotton (C, measured in pounds) and it takes child labor (L, measured in child-hours). The total yards of fabric (F) produced is given by the production function F=L*(C^.5). If you currently have 100 child-hours, and 4 pounds of cotton, what is the marginal productivity of children?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M9444567
  • Price:- $40

Priced at Now at $40, Verified Solution

Have any Question?


Related Questions in Microeconomics

Question a define crisis management what should a company

Question: a. Define crisis management. What should a company facing a crisis do to satisfy its stakeholders and protect its reputation? b. Describe the process of developing stakeholder relationships. What parts of the p ...

Question suppose that omars marginal utility for cups of

Question: Suppose that Omar's marginal utility for cups of coffee is content at 1.5 Utils per cup no matter how many cups he drinks. On the other hand his marginal utility per doughnut is 10 for the first doughnut he eat ...

Question -a a price-discriminating monopolist serves two

Question - a. A price-discriminating monopolist serves two markets: young professionals and university students. The demand curve of the young professionals for this product is q 1 = 100 + 40p 1 - p 1 2 and the demand cu ...

Question 1 explain the analogy between the intertemporal

Question: 1. Explain the analogy between the intertemporal optimum of the consumer (choice between current consumption C0and future consumption C1) and the optimum of the consumer at a moment of time (choice between cons ...

Question to ensure safety and efficacy the food and drug

Question: To ensure safety and efficacy, the Food and Drug Administration regulates the medicines that are allowed to be sold in the United States. Sometimes this means a drug must be tested for years before it is allowe ...

Question shopping for prices is a common form of

Question: Shopping for prices is a common form of information gathering. Researchers have found that for a given good the prices paid by middle-aged, upper-income, and large households average as much as 10 percent less ...

Question effects of proportional income tax on labor supply

Question: Effects of Proportional Income Tax on Labor Supply . Suppose that the government imposes a proportional income tax on the consumer's wage income. That is, the consumer's wage income is (1 - t)w(h - l), where t ...

Question again our seller starts with demand q 12 - p and

Question: Again our seller starts with demand Q = 12 - P and marginal production costs of $4 per unit. The seller's transaction cost is $1 per unit, and buyers' are $2 per unit. a. Show that profit-maximizing output is 2 ...

Question draw two graphs one with the lras curve and the

Question: Draw two graphs, one with the LRAS curve and the other with the SRAS curve. Describe the impact an increase in aggregate demand will have in each situation, and show it graphically. The response must be typed, ...

Question a friend convinces you that she has a great idea

Question: A friend convinces you that she has a great idea for a business, and the two of you incorporate. You supply her with funds and let her make all of the executive decisions. Under the agreement you hold 30 percen ...

  • 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