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

Define regulation and it’s problems , Regulation is not a panacea.  There a...

Regulation is not a panacea.  There are troubles with rate regulation.  In our litigious society, the legal proceedings contained in rate regulation are not inexpensive for any of

3, . Crumble Corporation produces cookies. Here is the relationship betwee...

. Crumble Corporation produces cookies. Here is the relationship between the number of workers and output (in dozens of cookies) in a given day: Workers Output Marginal Product

Project, Sir/Ma''am i have to make a project of 4-5 page on Investigating t...

Sir/Ma''am i have to make a project of 4-5 page on Investigating the buying behavior of individuals in the white goods sector and seeing if there exists any negative relationship b

Unemployment rate, Unemployment Rate A measure of labor force utilizati...

Unemployment Rate A measure of labor force utilization the unemployment rate is equal to the number of people which is unemployed as a percentage of the total labor force.

Economic profit and economic loss, Economic profit and Economic loss: ...

Economic profit and Economic loss: Economic profit is the excess if total revenue over total cost when the latter includes both explicit and implicit costs. It is the type o

Describe one case that fits the story of prisoner dilemma, Describe one cas...

Describe one case that fits the story of Prisoner Dilemma in not more than 10 sentences. It should fit the following features and it should not be any of the examples we already ta

Theory of monopolistic competition, The very name of this market type sugge...

The very name of this market type suggests that it is a combination of the monopoly and competitive firms. The characteristics of such a market are: 1. There exists large n

Organic chemistry, methylcyclohexene + HI by the catalyst of H3PO4

methylcyclohexene + HI by the catalyst of H3PO4

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