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

Defination, short run equilibbrium

short run equilibbrium

I am concerned that if we get into price war with Ev, I am concerned that i...

I am concerned that if we get into price war with Everest Solution

Lonief production function, f(x1 x2,x3,x4) =min(x1/4x22/3,x3+2x4)

f(x1 x2,x3,x4) =min(x1/4x22/3,x3+2x4)

Marginal utility., marginal utility is applied on money or not

marginal utility is applied on money or not

Micro economics, If the Bank of England wanted to discourage investment spe...

If the Bank of England wanted to discourage investment spending and reduce aggregate demand, it could? A. reduce the required reserve ratio B. sells securities on the open m

financial systems, A surplus on the current account of balance of payments...

A surplus on the current account of balance of payments can be financed by? 1. Inflow capital on capital account 2. A surplus on the government budget deficit 3. lending abroad on

Explain function of central bank, Q. Explain Function of Central Bank? ...

Q. Explain Function of Central Bank? Central Bank: A public financial institution, generally established at the national level and controlled by a national government that sets

Price mechanism, discuss how the price mechanism allocate resources in a fr...

discuss how the price mechanism allocate resources in a free market system

Price Elasticity, #questAbout four years ago, Kanye West performed at the U...

#questAbout four years ago, Kanye West performed at the UIC Pavilion. General admission tickets were priced at $30. Concert promoters say that price elasticity of demand for genera

Lending capacity of cash, Assume the banking system contains: Total Rese...

Assume the banking system contains: Total Reserves                         $ 80 billion Transactions Deposited          $800 billion Cash held by public                 $1

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