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Sharmini N.

Microeconomics

12 hours ago

Minnie’s Mineral Springs is a single-price monopoly. Columns1 and 2 of the table set out the market demand schedule for Minnie’s water and columns 2 and 3 set out Minnie’s total cost schedule.

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Deborah J.

Microeconomics

20 hours ago

Consider the production function f(L, K) = 2L1/4K1/4 (a) Find the associated (long run) total, average, and marginal cost curves. (b) Sketch the total, average, and marginal cost curves.

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Fiona C.

Microeconomics

1 day, 12 hours ago

Consider the following table: Output (tons of wheat) Lan Inputs (acres) Labor Inputs Land Rent (Php per acre) Labor Wage (Php per worker) 0 15 0 1200 500 1 15 6 1200 500 2 15 11 1200 500 3 15 15 1200 500 4 15 21 1200 500 5 15 31 1200 500 6 15 45 1200 500 7 15 63 1200 500 a. Calculate TC, VC, FC, AC, AVC, and MC. Plot the AC and MC curves. b. Assume that the price of labor doubles. Calculate the new AC and MC. Plot and compare with the previous AC and MC curves. c. Assume that total factor productivity doubles (the level of output doubles for each input combination). Calculate the new AC and MC. Plot and compare with the previous AC and MC curves. d. Which two major factors affect a firm’s cost curves?

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Fiona C.

Microeconomics

1 day, 12 hours ago

Calculate TC, VC, FC, AC, AVC, and MC. Plot the AC and MC curves. b. Assume that the price of labor doubles. Calculate the new AC and MC. Plot and compare with the previous AC and MC curves. c. Assume that total factor productivity doubles (the level of output doubles for each input combination). Calculate the new AC and MC. Plot and compare with the previous AC and MC curves. d. Which two major factors affect a firm’s cost curves?

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Davina W.

Microeconomics

None

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Danave M.

Microeconomics

2 days, 2 hours ago

If you pay 5,000va year fin tuition and gave up 2p, 000 a year of income to attend college then the yearly opportunity cost is

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Danave M.

Microeconomics

2 days, 2 hours ago

If you pay 5,000va year fin tuition and gave up 2p, 000 a year of income to attend college then the yearly opportunity cost is

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Bafino K.

Microeconomics

2 days, 15 hours ago

. Laws that limit interstate sale of wine over the Internet were relaxed significantly as a result of a Supreme Court decision in 2005. How would you expect this to affect the scale of production in the wine industry?

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Janice L.

Microeconomics

2 days, 18 hours ago

The government decides that tax evaders should receive heavier punishments and increases the punishment that tax evaders face in a manner that brings no benefit to the IRS. The matrix of the new game is given below. Find the equilibrium of the new game.

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Kim Anh D.

Microeconomics

None

Now suppose the secretary of labor proposes an increase in the minimum wage. What effect wouldthis increase have on employment? Does the change in employment depend on the elasticity ofdemand, the elasticity of supply, both elasticities, or neither?

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Kanyinga S.

Microeconomics

3 days, 8 hours ago

Explain what is hierarchy of events in 170 words

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Tarina H.

Microeconomics

3 days, 22 hours ago

By using graph (4 different graphs), show the effect of the event below (ceteris paribus) on the motorcycle market: (20 points) a. Increasing the value added tax that paid by the buyer b. Decreasing the price of car significantly c. Technological advance reduces the cost of producing motorcycle d. Increasing the price of metal, as the one input of producing motorcycle

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Thomas R.

Microeconomics

4 days, 6 hours ago

United Healthcare insures 200,000 people in Metropolis. These people average 2.5 physician visits per year. After analyzing claims data, United has determined that some of these visits were unnecessary. They want to raise their copayment by 10% in Metropolis to discourage physician visits. They estimate that the elasticity of demand for physician visits in Metropolis is -0.3. How much will visits to United physicians decline in Metropolis? What will happen to United’s copayment revenue (as a percent)? PhysiciansRUs is a physician practice in Metropolis. They have 20% of the market in Metropolis and 50% of their patients are insured by United Healthcare. These 10,000 United Healthcare patients average 2 visits per year. Their average net reimbursement per office visit from United is $80. (Treat this as the price they received.) PhysiciansRUs knows that the increased copayment will reduce their visits. How much will visits to PhysiciansRUs decline if the United copayment is increased 10%? What is their current revenue from United and what would their new revenue be? Based on their analysis, PhysiciansRUs has told United Healthcare that they do not support raising the copayment. United has responded by saying that they will increase the net reimbursement per visit to $85 to offset the reduced number of visits. Will the $85 net reimbursement compensate PhysiciansRUs for the reduced number of visits? Why? If not, what reimbursement amount would be sufficient to keep their United revenues constant? (To the nearest dollar.)

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Ye T.

Microeconomics

4 days, 12 hours ago

Suppose that the supply schedule of Maine lobsters is as follows: Price of lobster (per pound) 25 20 15 10 5 Quantity of lobster supplied (pounds) 800 700 600 500 400 Suppose that Maine lobsters can be sold only in the United States. The U.S. demand schedule for Maine lobsters is as follows: Price of lobster (per pound) 25 20 15 10 5 Quantity of lobster supplied (pounds) 200 400 600 800 1000 a. Draw the demand the equilibrium price and quantity of lobsters? curve and the supply curve for Maine lobsters. What are

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Kithuku N.

Microeconomics

5 days, 15 hours ago

In the process of implementing a project, you have sub- contracted JAB Enterprise to supply supplements worth 1480 cartons of two varieties X and Y. Suppose the joint cost function for the two varieties of supplements is given by C = 250X2 + 120Y2. The quantity of X and Y are not specified; therefore, the firm may decide to supply any combination. The firm wishes to minimize the cost of producing the supplement but meet your demand. Using Lagrangian multiplier technique find the amounts of X and Y that will minimize cost and compute this cost. Also examine the cost implications of changing this optimal combination so as to produce equal amounts of both products.

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Duchesse M.

Microeconomics

None

Can someone please help me with my microeconomics assignment?

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Gladys G.

Microeconomics

6 days, 20 hours ago

Government Pricing Policy The Philippine government decides to set a price ceiling on bread so it can make sure that bread is affordable to the poor. The conditions of demand and supply are given in Table 11. What are the equilibrium price and equilibrium quantity before the price ceiling? What will the excess demand or the shortage be if the price ceiling is set at ?2.40? At ?2.00? At ?3.20? Price Qd Qs ?1.20 9,000 5,000 ?1.60 8,500 5,500 ?2.00 8,000 6,400 ?2.40 7,500 7,500 ?3.00 7,000 9,000 ?3.20 6,500 11,000 ?3.60 6,000 15,000 Table 11. Demand and Supply of Bread in Low-Income Country

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Zomboseh V.

Microeconomics

1 week ago

Suppose a local government votes to impose an exercise tax of $1.00 per bottle on the sales of bottled water. Assume that all bottles are identical, and residents cannot shop elsewhere. Before the tax, the equilibrium price and quantity are $1.00 and 2000 bottles per day. After the tax is imposed, market equilibrium adjusts to a price of 1.80 and a quantity of 1400 bottles per day. a) Draw the supply-and-demand diagram before and after the tax is imposed. b) How much revenue from the tax does the local government collect each day? c) After the imposition of the tax, what is the after-tax price received by the sellers? What is the total after-tax revenue received per day by the sellers? d) Who bears most of the burden of this exercise tax, and why?

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Zomboseh V.

Microeconomics

1 week ago

The market demand and market supply functions for a product are given by the following equations. QD = 100 – 3P QS = 10 + 2P Where, QD is the quantity demanded, QS is the quantity supplied and P is the price of the product a) Does the market exhibit an excess demand or excess supply at the prices 10 and 20? Explain. (1 mark) b) Draw the market demand and market supply curves for the product on a diagram (1 mark) c) What are the equilibrium price and equilibrium quantity of the product?

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Zomboseh V.

Microeconomics

1 week ago

Consider the market for rental housing in Yourtown. The demand and supply schedules (short-run) for rental housing are given in the table. Price ($ per month) Quantity Demanded (Thousands of units) Quantity Supplied (Thousands of units) 1100 40 80 1000 50 77 900 60 73 800 70 70 700 80 67 600 90 65 500 100 60 a) In a free market for rental housing, what is the equilibrium price and quantity?

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Zomboseh V.

Microeconomics

1 week ago

The market demand and market supply functions for a product are given by the following equations. QD = 100 – 3P QS = 10 + 2P Where, QD is the quantity demanded, QS is the quantity supplied and P is the price of the product a) Does the market exhibit an excess demand or excess supply at the prices 10 and 20? Explain

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Zomboseh V.

Microeconomics

1 week ago

The market demand and market supply functions for a product are given by the following equations. QD = 100 – 3P QS = 10 + 2P Where, QD is the quantity demanded, QS is the quantity supplied and P is the price of the product a) Does the market exhibit an excess demand or excess supply at the prices 10 and 20? Explain. (1 mark)

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Zomboseh V.

Microeconomics

1 week ago

The market demand and market supply functions for a product are given by the following equations. QD = 100 – 3P QS = 10 + 2P Where, QD is the quantity demanded, QS is the quantity supplied and P is the price of the product a) Does the market exhibit an excess demand or excess supply at the prices 10 and 20? Explain. (1 mark)

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Zomboseh V.

Microeconomics

1 week ago

The market demand and market supply functions for a product are given by the following equations. QD = 100 – 3P QS = 10 + 2P Where, QD is the quantity demanded, QS is the quantity supplied and P is the price of the product a) Does the market exhibit an excess demand or excess supply at the prices 10 and 20? Explain. (1 mark) b) Draw the market demand and market supply curves for the product on a diagram (1 mark) c) What are the equilibrium price and equilibrium quantity of the product?

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Jakub S.

Microeconomics

1 week, 1 day ago

What do I do for the graph and the rectangels?

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