Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Microeconomics Expert

problem1)

A) Describe how one derives the indifference curves from the 3-dimensional utility function. Draw the graph and give explanation. Which principle describes the concave shape of the utility function? Why?

B) Describe the concept of Consumer Equilibrium.  How does it relate to utility maximization?  Draw the graph and show where consumer equilibrium occurs. prepare down the equation which holds at the consumer equilibrium.

C) Describe how one can derive a Law of Demand from Consumer equilibrium.

D) Suppose that there are 2 goods, X and Y and P(X) = $20 and MU(X) = 100, and  p(Y) = $50.  Assuming that the consumer is presently maximizing her utility, compute MU(Y).  show the equation you use and show  your computation.

problem2)

A) Define and describe Short Run cost curves (total, average and marginal cost curves).  draw graphs and label each  curve on the graph. describe the “law of diminishing returns”. Give the economic reason behind it.

B) Describe the Long Run Average Total Cost curve. describe the concepts of Economies of Scale; Constant Returns to scale; Diseconomies of scale. Draw a graph.

problem3)

A) prepare down the 4 most important characteristics of Perfectly Competitive markets. 

B) Draw 3 graphs and describe the 3 possible situations that a competitive firm can face in the short-run.

C) Describe the LR equilibrium in a perfectly competitive market. Draw the graph.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M9856

Have any Question? 


Related Questions in Microeconomics

Introduction to economic evaluation of health promotion

Introduction to Economic Evaluation of Health Promotion Interventions Assignment Evaluating Cost-effectiveness using Markov cohort models: The HPV case The goal of this assignment is to provide students with applied prac ...

Assignment 1 -i watch the videos on demand and supplythere

Assignment 1 - I) Watch the videos on Demand and Supply There are 5 changes in Demand that shift the demand curve to the right or left.  They are Change in Tastes and Preferences Change in Income Change in Population Cha ...

Assignmentlinking questions 51 which one of the generic

Assignment Linking questions 5: 1. Which one of the generic competitive strategies best characterize your company's strategic approach to competing successfully? 2. Which athletic footwear companies in your industry appe ...

Topic minimum wage workers who actually are minimum wage

Topic: Minimum wage workers _ Who actually are minimum wage workers? _ What are the profites of raising minimum wage? _ What are the con's of raising minimum wage? _ What in your opinion should we do about minimum wage?

Create the demand and supply of the labor market and demand

Create the demand and supply of the labor market and demand and supply of the goods market using the production function and consumption utility function given. Solving the equations and graphing the models have to be th ...

Description of assignmentreport paper basisstudents work

Description of Assignment: Report Paper basis. Students work together to research and profile a particular in Microeconomic policy: the property tax in the United States. Grading Criteria (What constitutes a good assignm ...

Feeding america final milestonein this assignment you will

Feeding America Final milestone In this assignment, you will demonstrate your mastery of the following course outcomes: - Evaluate management strategies and organizational structures of not-for-profit organizations for t ...

Microeconomicswatch this 30 mins youtube link on how the

Microeconomics Watch this 30 mins. YouTube link on 'How The Economic Machine Works' You will enjoy it! https://youtu.be/PHe0bXAIuk0 Write down your understanding of 'How The Economic Machine Works' and make sure to suppo ...

Question 1which of the following has not been identified as

Question 1 Which of the following has NOT been identified as a basic consumer right? Consumers have a right to safe products. Consumers have a right to collude. Consumers have a right to be informed about a product. Cons ...

Assignment discussion-applying balanced scorecardin many

Assignment: Discussion-Applying Balanced Scorecard In many cases, managers end up in trouble as they direct their focus exclusively on cost savings. Cost cutting is always emphasized, but other impacts, such as decreased ...

  • 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

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro