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ECON 301 Intermediate Microeconomics
1. Fully explain the economic problem facing the consumer and the two steps used in solving the problem.
2. Assuming diminishing marginal utility and an indifference curve with Apples on the X axis and Cheese on the Y axis, fully explain how the slope of the indifference curve measures the relative value of the goods to the consumer.
3. Assuming diminishing marginal utility, calculate Ted and Cindy's value of apples and cheese assuming that Ted's MRS =5/3 and Cindy's MRS=3/8. In addition, if the market price of apples were $2 and the market price of cheese was $3, describe how Ted's and Cindy's relative value of the goods would change.
4. Assuming that a consumer starts with a level of utility equal to U2, which is the maximum utility the individual can attain given her income of I2 and the relatives prices of x=Px1 and of y=Py1, graphically show the effects of a price increase of x using the indifference curve analysis. In addition, fully explain the concepts of compensating and equivalent variation and how they would be calculated in the above example.
What impact would this have on the Kitty Litter market and the individual Kitty Litter producer in the SR? In the LR? Carefully Explain.
Underproduction of Public Goods Suppose point A represents the optimal mix of output-that is, the mix of private and public goods that maximizes society's welfare. Because consumers won't demand purely public goods in the marketplace.
When a firm is no longer able to reduce its long run average cost by expanding, it has achieved its minimum efficient scale of production. legislation that benefits many individuals at the expense of a few is a natural ..
Find out the quantity demanded, the quantity supplied, and the magnitude of the shortage if a price ceiling of $30 is imposed in this market. Also determine the full economic price paid by consumers.
An economy is operating with output $400 billion below its natural rate, and fiscal policy-makers want to close this recessionary gap. The central bank agrees to adjust the money supply to hold the interest rate constant, so there is no crowding o..
Two of the major macroeconomic measures that tell us how 'healthy' the economy is are "the unemployment Rate" and "the rate of Inflation". How do they matter to you as an individual who is part of this economic system
The fiscal policy measure that has more direct impact on the economy is an increase in government spending if consumer confidence is lower than the previous month. One of the ways the President Obama stimulated the economy was through increased g..
The domestic demand and supply for sugar are Qd = 40,000 - 200 P. The foreign supply is QSF = 20,000 + 100 P. Determine the total supply of sugar in the domestic market?
Determine the price, income and cross price elasticity of demand and how would you characterize the demand for haddock?
When a single seller is confronted in a market by many small buyers, monopsony power enables the buyers to obtain lower prices than those that would prevail in a competitive markets.
You're an entrepreneur and you've opened a restaurant in a nice area of town. Describe at least two long run decisions which you require to make about the business.
BP did not own the deepwater horizon platform, but leased it from a company called Transocean. Would BP have paid more attention to safety if it owned,
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