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Microeconomics Questions
Economics
A worker has preferences given by the utility function 𝑈(𝑁,𝑌)=𝑁"𝑌 where 𝑁 is the hours of leisure per day and Y is their spending on purchased goods. 13. If the consumer faces a wage rate of w=30, how much leisure and purchased goods do they consume?
Intermediate microeconomics
Consider the following utility function, u(x1;x2) = min [sqrt (x1); sqrt(ax2)]; where a > 0 a)Derive the Marshallian demand functions. (Explain your derivation in details.) Does the Marshallian demand increase with price? Are the two consumption goods no
3. Gains from trade
Questions 1: 2 marks If only one airline serves a town, does a monopoly exist? What about competition from other services? Question 2: 3 marks Suppose that you are an orange grower. Would you expect the demand for your orange to be more elastic or more in
3.1 A marginal cost curve may be L-shaped. As a result, the MC curve may hit the firm's demand curve or price line at two output levels. Which is the profit maximizing output? Why?
Should a firm shut down (and why) if its revenue is $2,000 per week and a. Its variable cost is $1,000, and its fixed cost is $1,200 b. Its variable cost is $2,001, and its fixed cost = $1,000? c. Its variable cost is $1,000
3.1 A marginal cost curve may be U-shaped. As a result, the MC curve may hit the firm's demand curve or price line at two output levels. Which is the profit maximizing output? Why?
Suppose that the demand curve for sorghum is Q = 120 - 6p and the supply curve is Q=15p. The government imposes a price ceiling of P_{c} = 3 a. What effect does this have on the equilibrium quantity, consumer surplus, producer surplus. and deadweight los
Graphing demand for labor and computing the optimal quantity
4. Problems and Applications Q5
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Externalities - Definition and examples
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