User Account

All Pages

ECON Worksheet, Microeconomics

Assignment Help:

Deadline is 20 Hours...


1. A. Explain how one derives the indifference curves from a 3-dimensional utility function. Draw a graph and explain. Which principle explains the concave shape of the utility function? Why?

B. Explain the concept of Consumer Equilibrium. How does it relate to utility maximization? Draw a graph and show where consumer equilibrium occurs. Write down the equation that holds at the consumer equilibrium.

C. Explain how one can drive the Law of Demand from Consumer equilibrium.

D. Assume that there are 2 goods, X and Y and P(X) = $20 and MU(X) = 100, and p(Y) = $50. Assuming that the consumer is currently maximizing her utility, compute MU(Y). SHOW THE EQUATION YOU USE AND SHOW YOUR COMPUTATION.

2. A. Define and explain Short Run cost curves (TOTAL, AVERAGE AND MARGINAL COST CURVES). DRAW GRAPHS AND LABEL EACH CURVE ON THE GRAPH. Explain the “law of diminishing returns”. State the economic reason behind it.

B. Explain the Long Run Average Total Cost curve. Explain the concepts of Economies of Scale; Constant Returns to scale; Diseconomies of scale. Draw a graph.

3. A. Write down the 4 major characteristics of Perfectly Competitive markets.

B. Draw 3 GRAPHS AND EXPLAIN THE 3 POSSIBLE SITUATIONS THAT A COMPETITIVE FIRM CAN FACE IN THE SHORT-RUN.

C. Explain the LR equilibrium in a perfectly competitive market. Draw a graph.

Related Discussions:- ECON Worksheet

Money, what is money? functions

what is money? functions

Explain about the deadweight loss and elasticities, Explain about the deadw...

Explain about the deadweight loss and elasticities. Deadweight Loss and Elasticities: The common rule for economic policy is the other things equal; you need to select the p

Theories of the firm, how a firm will choose its optimal inputs, isocosts a...

how a firm will choose its optimal inputs, isocosts and isoquants explanation

A potato chip industry, run a s monopoly how will this benefit stakeholders...

run a s monopoly how will this benefit stakeholders involved, such as the goverment, businesses, and consumers?

Time series analysis, yt =a+fyt-1 +ut, ut =et +?et-1, where et is independe...

yt =a+fyt-1 +ut, ut =et +?et-1, where et is independent white noise assume the process is stationary. Will OLS generally provide you with consis- tent point estimates of f? Can y

?market demand curves, Market Demand Market Demand Curves - A curve ...

Market Demand Market Demand Curves - A curve which relates the quantity of a good that all the consumers in a market buy to price of that good. Determining Market Demand

Define the price elasticity, Price elasticity is used in economics to deter...

Price elasticity is used in economics to determine the changes in price of goods and services. It measures the change in price demanded and quality supplied. Determinants of pri

Growth of employment opportunities, GROWTH OF EMPLOYMENT OPPORTUNITIES: ...

GROWTH OF EMPLOYMENT OPPORTUNITIES: Several disquieting features are observed in the Indian labour market over the past two decades particularly during the 1990s. These are di

Cardinal theory - consumer choice concerning utility, Cardinal Theory: ...

Cardinal Theory: An Introduction In cardinal approach, utility is measured cardinally or numerically in terms of money. The consumer not only knows which one is preferred but

Examine the role of foreign direct investment, Examine the role of foreign ...

Examine the role of foreign direct investment (FDI) for developing countries Explanation of foreign direct investment as the direct ownership of capital in another country by a

Write Your Message!

Captcha
Order Assignment

Featured Services

Order Now

Popular Subjects

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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