Advantage in producing a particular good , Microeconomics

Assignment Help:

1.      How can a nation and its producers determine whether or not it has a comparative advantage in producing a particular good or service?

a

780_quantity chart.png

2.  The above figure shows the market for the three moving companies in a small nation. If the movers act as perfect competitors, what is the price per mile and the number of miles per year? If the movers collude and act as a single monopoly, what is the price per mile and the number of lines per year?

3.  a. "The marginal rate of substitution of the good measured along the x-axis increases as a consumer moves downward along an indifference curve." Is the previous statement correct or not?

b. Describe the consumer equilibrium in the indifference curve/budget line model.

 

 

 


Related Discussions:- Advantage in producing a particular good

Chapter four, what is the relation ship between mp,tp,ap

what is the relation ship between mp,tp,ap

Elasticity of demand, #q The price of a laptop increases by 20% and there i...

#q The price of a laptop increases by 20% and there is a 40% drop in the quantity demanded. • The price of a pack of cigarettes increases by 10% and there is a 5% drop in the quan

Concept of efficiency, The Concept of Efficiency is stated below: To il...

The Concept of Efficiency is stated below: To illustrate this concept of the efficiency, it is used to expand the understanding of what is meant by the Pareto-efficient allocat

The equilibrium consumption combination, The Equilibrium Consumption Combin...

The Equilibrium Consumption Combination equilibrium for the person occurs at the point where the indifference curve, shown by II, is tangent to the budget line, portrayed by BB. T

Market equilibrium, Market equilibrium happens where supply equals demand (...

Market equilibrium happens where supply equals demand (supply curve intersects demand curve).   An equilibrium implies that there is no force that will cause further changes in pri

Law of diminishing marginal utility, law of diminishing marginal utility it...

law of diminishing marginal utility its assumptions, limitation, and its practical importance

Why does a monopoly have no supply curve, Why does a monopoly have no suppl...

Why does a monopoly have no supply curve?  A supply curve is a curve that shows the quantity supplied at dissimilar prices, as a monopoly sets the price and the quantity togeth

Determine the units of capital and labour, The production function for a fi...

The production function for a firm is expressed as follows: Q = 800K - K 2 +5KL - 7750L + 10,000 Where Q is quantity of units manufactured, K and L are units of capital and

Change in consumer taste, Change in consumer Taste/preference: Any chang...

Change in consumer Taste/preference: Any change in consumer taste or preference causes demand to change. Increased taste or preference for a particular good causes demand to inc

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd