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Microeconomics Topics & Concepts Covered

TOPICS	CONCEPTS
Supply and Demand	Law of Demand
Elasticity of Demand	Price Elasticity of Demand
Consumer Behavior	Marginal Utility
Production and Costs	Total Cost
Market Structures	Monopoly
Market Failure and Government Intervention	Externalities
Consumer and Producer Surplus	Producer Surplus
Game Theory	Nash Equilibrium

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Recently Asked Microeconomics Questions

Expert help when you need it

Q1:Consider the optimization problem: Question 3 f(x, y) = 20 - 2x + 3xy s. t. 4x + 2y = 100See Answer
Q2:Given f(x,y) = 5x² + 8x³y + 3y 4, match the partial derivative with the expression on the right. df (x,y) 10x + 24x² дх - * f'2(x,y) = 02(x,y) дхду А. B. 24x2 C.gr3+ 12y 3See Answer
Q3:Given f(x,y) = x³ +5x2-3y+y³, the local minimum is ( ). Round your answer to 4 decimal places. ) and the local maximum is (See Answer
Q4: 5. (6 points) Suppose when we look at the monthly sales of hamburgers & fries in the Devil's Den, we see that when CCSU increased the price from $7 to $13, the quantity demanded fell from 8,000 meals to 4,000 meals.See Answer
Q5:1. Analyze the estimated demand function by using the estimated coefficients to discuss the impact of each of the explanatory variables, P, CP, M, and PE, on the quantity of Maa mustard oil demanded. In discussing the impact, consider a one unit change in each variable while holding the others constant.See Answer
Q6:2. For each of the explanatory variables, P, CP, M and PE, calculate the respective demand elasticities for Hind Oil Industries’ product in the month September 2015. Remember to show all calculations. What additional information about Maa mustard oil do these values provide?See Answer
Q7:3. What would be the impact of a price change by Hind Oil Industries on the total revenue of Maa mustard oil, keeping other variables constant? See Answer
Q8: 2. An early freeze in California sours the lemon crop. Explain what happens toconsumer surplus in the market for lemons. Explain what happens to consumersurplus in the market for lemonade. Illustrate your answers with diagrams.See Answer
Q9:Question 5 Calculate the following given the information in a four-sector macroeconomic model: Autonomous Consumption = 100 Tax = 10 Investment = 10 Government spending = 30 C Consumers spend 75c of each rand. a.) Macro-equilibrium income using the injection/leakage approach. b.) The new equilibrium income if investment increases with 20. Make use of the multiplier. See Answer
Q10:1. Consider a firm producing widgets using capital and labor. The graph below illustrates the isoquant for producing 10 widgets, the firm's total expenditure line, and the cost minimizing combination of capital and labor used to produce 10 widgets given the wage and cost of capital. a. Suppose the wage (w) is $10 and the cost of capital (v) is $15. What is the average total cost of producing 10 widgets when they are produced in the least-cost way? b. Still using w=$10 and v=$15, what is the Rate of Technical Substitution at the point K-6 and L=8? How do you know? c. Suppose that, at K-6 and L=8, the marginal product of labor is 20. Continue using w=$10 and v=$15. What is the marginal product of capital at this point? How do you know? d. Suppose the wage rises to $15. Draw a new total expenditure line representing the least-cost way of producing q=10, based on this new wage and the original cost of capital (v=$15). How will the new least- cost method of producing q=10 change now that the wage has changed? See Answer
Q11:2. Production Functions: Let the production of the IPhone 12 be described by this production function: Q=100 √KL Where Q is phones produced, K is capital (measured in machine-hours used) and L is labor (measured in labor hours). a. Graph the Q = 2000 isoquant: Set labor to 10, 20, and 40, and find the corresponding values of K. Plot these values on your isoquant. b. What can you say about the relative magnitude of rate of technical substitution at L=10 and at L=40? Is the RTS greater in magnitude at L=10 than at L=40? Lower? The same? Explain. (I'm not asking for specific values, just the ranking.) c. Suppose technical progress generates a new production function: Q= 200 √KL Plot the new Q-2000 isoquant, again solving for K in terms of Land plotting and labeling the K and L combinations for L = 10, 20, and 40. Describe how this technological change affects the isoquant. (5) d. Consider a different kind of technological change: suppose that the invention of robots with artificial intelligence effectively makes capital and labor "perfect substitutes" in the production of IPhones. How would this technological change affect the shape of the isoquants for IPhone production? How might it affect the choice of K and L to produce IPhones at any given ratio of wages to capital costs? Explain. (5) 3. Cost curves, profits and losses: a. Draw short run average cost and marginal cost curves (costs on the vertical axis, q on the horizontal axis) for a firm characterized by an "efficient scale of production" (so average total cost falls at first as output increases, and then it rises at high levels of output). Draw these curves so that the minimum average cost = $6 and is found at q=10. Label everything clearly. b. Suppose this firm faces a market price for its good of $7, and that it can sell as many units as it wishes at this price. Add this price to your graph above, illustrate the amount of output the firm will choose to produce (not a specific value, but just a point in your graph), and identify the area on your graph that corresponds to the firm's profit at this price. c. Redraw your graph from part (a), and now suppose the market price is $5. Again, illustrate the level of output the firm will choose and the area corresponding to the firm's loss at this price. d. Continuing with the scenario in which the price is $5: Should the firm immediately shut down production due to its short-run losses, or might it be best for the firm to continue to operate in the short run? Explain. See Answer
Q12:Charlie has an income of f100,000 each in both period 1 and period 2.His utility function isgiven by U(C1,2C2)=c5,where C1 and c2 denote the amount he spendsonconsumption in period 1 and period 2 respectively.(a)Write an equation that describes Charlie's budget constraint when the interest rate forborrowing and lending is 2%and there is no inflation.If Charlie chooses the optimalamount of borrowing or saving,how much will he consume in each period?Show thebudget constraint and indifference curve passing through his consumption choicediagrammatically with C1 on the horizontal axis.(b)Calculate and explain Charlie's optimal consumption choice in each period if the interest(15%)rate increases to 20%and show this on your diagram.(c)Calculate the interest rate that would result in Charlie choosing the same level of(20%)consumption in both periods.Provide an intuition for your answer.(15%)See Answer
Q13:2. In a small college town there is only one movie theater. If the theater is open, the owners have to pay a fixed amount of $6,000 for the films, ushers, etc., regardless of how many people come to the movie. For simplicity, assume that if the theater is closed, its costs are zero. The demand function for movies in the town is characterized by PT = 45 _QT 60 a. Draw the market demand curve, the marginal revenue curve, and the marginal cost curve. Make sure to label the axes, curves, and intercepts. b. Find the profit-maximizing price and quantity of movie tickets and indicate them on your graph. How much would the theater make in profits? c. Calculate the deadweight loss caused by the monopoly and indicate the area on your graph.See Answer
Q14:(3) What are the optimal prices for Microsoft to charge for Word and Excel if it only sells the two products separately?See Answer
Q15:2. Health clinic A startup health clinic has opened in Pflugerville, TX that provides health services to low income clients. Assume that the market for health services is perfectly competitive. The clinic rents the building and medical equipment for $100/day under a 3-year lease. The daily staffing costs of operating the clinic are detailed in the table below.S a. Calculate total cost, average variable cost, average total cost, and marginal cost for the startup. Add your answers to the table. b Suppose that the market price for a clinic visit in Pflugerville is $18. In the short run will the clinic shut down? Explain why or why not. c. Assume that all health clinics in Pflugerville face the same costs as the startup. If the price for a clinic visit stays at $18, describe in words what will happen in the market for health services in Pflugerville in the long run.See Answer
Q16:3. Vape Pens of Luxemstein (again!) The government of Luxemstein is considering ways to reduce smoking using vape pens. Recall from Midterm 1 the demand and supply of vape pens: Q° = 100-2P QS = 10 + 0.5P, where QS and QD are measured in thousands of vape pens and P is measured in Euros. In Midterm 1, you solved for the equilibrium price of 36 Euros and equilibrium quantity of 28,000 vape pens. You also found the price floor that would reduce consumption by half, which was equal to 43 Euros.See Answer
Q17:4. Wage subsidy Consider the labor market for low-wage workers in the country of Typonia. Employers' demand for low-wage workers in Typonia is: QD = 100 - 5w where w is the hourly wage in dollars and Qo is the quantity of low-wage labor demanded (in millions of worker-hours). The supply of low-wage labor is: Qs = 30 + 2w where Qs is the quantity of low-wage labor supplied (in millions of worker-hours) a. What is the market equilibrium wage and level of employment among low-wage workers in Typonia? In response to concerns about financial hardships facing low-wage workers, policymakers in Typonia implement a wage subsidy policy. Under the policy, the Typonian government will provide a $7/hour subsidy to employers for each low-wage worker they employ. b. What would be the new wage received by low-wage workers under the wage subsidy policy? c. What wage will employers pay under the wage subsidy policy? d. How much unemployment (in worker-hours) will be induced, if any, as a result of the $7/hour subsidy? e. What will be the cost to government?See Answer
Q18:Explain why a demand curve will shift. Explain why a supply curve will shift. What are the differences between quantity demanded and demand? Provide examples from your personal or professional life where you believe a demand curve shifted and when you believed a supply curve shifted. Use your own words - please do not copy and paste from a website. Be sure to reference your sources. See Answer
Q19:Research an article within the last 12 months about minimum wages or rent controls. Provide a summary in your own words what the article is about by providing the important highlights. How has the minimum wages or rent controls effected the economy of the country? Explain what the minimum wage is an example of. Explain what rent controls are an example of. Discuss if you think the government should be involved in establishing laws for setting the minimum wages or rent controls.See Answer
Q20:2. Audrey recently lost her job. If she exerts her effort by enduring disutility h (1-p), she expects to find a new job with probability 1 -p. With probability p, however, she will still remain jobless. If unemployed, Audrey will be paid b as unemployment benefits (UI), which is financed via lump-sum tax 7 from wage w of the employed. Thus her expected utility can be written as EU = -h (1-p)+(1-p) u (w-7)+p.u (b), where u (c) = log (c) and h (1-p) = 0.5 x (1 - p)² (a) Suppose the government satisfies the budget balance. Compute the equilibrium tax rate. (b) Suppose the government can fully monitor Audrey's job search effort 1 - p. What is the optimal unemployment insurance bFB? What is the tax rate under the optimal UI? Explain how the consumption level varies by labor market status. (c) We now consider the case where the government cannot directly control Audrey's job search effort. What is Audrey's optimal job-finding rate 1 - p*? (d) Define the second-best problem for the government which maximizes Audrey's ex-ante welfare, and derive its optimality condition (a.k.a. the optimal UI formula) using the elasticity Ep,b = (dp/db) b/p (e) Solve for the optimal size of benefit as a function of elasticity Ep,b. Does your answer differ from your finding in (b)? Explain.See Answer

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