8 questions for final

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  • When salsa costs $3, there are 400 bags of chips purchased.
  • Place type in your answer for this question.
  • Place type in your answers for this question separately. Label them A-Z. Then, assume we have perfect competition and say what Q* is if the price of the good is 7. Label that answer Q* and put it after Z.
  • Place type in your answers for this question separately. Label them a.-f.
  • This question is a “catch-all “of many different topics.
  • a. What is the consumer problem?
  • Place type in your answers for this question separately.
  • Place type in your answers for this question separately.
  • The chart below is for monopolist. After completing it, say what Q* is, label that answer Q*, and put it after V.
  • The “producer problem” evolved throughout this course. Why/how dose our final product problem(choose* such that MR=MC) allow more flexibility for the producer than does our original producer problem (choose Q* such that you maximize revenue subject to the PPF)?

When salsa costs $4, there are 150 bags of chips purchased.

What is the CPED of chips-salsa at those salsa price levels?

The more work you show, the more partial can be awarded if you get the answer wrong. Round any non-integer answer to the second decimal place.

For each of the following phrase/statement, say whether it applies to industries organized by perfect competition(PC), monopoly(M), both perfect competition and monopoly(B), or neither(N), You answer should all be PC,M,B or N.

  • Price taker
  • A handful of firms, each with some market power
  • Choose to produce where MR=MC
  • Choose to product where ATC is minimized
  • Have cost curves such that MC goes through the minimum of ATC
  • Barriers to entry prevent other firms from jumping into the market
  • Has a constant MR=1/P*
  • Produces a unique good with no close substitutes
  • Maximizes profit
  • Subject to the law of diminishing marginal product
  • Essentially faces a perfectly elastic demand curve
  • Other firms exit the market when profits are positive in the short-run
  • Long-run sustainable, positive profits
  • Produces such that P*=MC
  • Produces such that P”>MC

Q

FC

VC

TC

MC

0

4

0

4

n/a

1

A

1

J

S

2

B

3

K

T

3

C

6

L

U

4

D

10

M

V

5

E

15

N

W

6

F

21

O

X

7

G

28

P

40

8

H

36

Q

Z

9

I

45

R

9

Remember to say what Q*=

b. What do we call a pair of goods with a positive cross price elasticity of demand?

c. lf input prices increase, how does the supply curve change?

D. Explain why societal PPFs are bowed.

e. Write down any two purposes of money as discussed in the course.

F. As compared to perfect competition, the Q*chosen by a monopolist is what?

  • Explain the difference between fixed and variable costs.
  • Explain the difference between explicit and implicit costs.
  • In the long-run in perfect competition, economists say that profit=0. But if that’s the case, why would any firm be involved in that market in the first place?

Jeff and Carol both work for Burger King. In one hour, Jeff and make 20 hamburgers and 0 chicken sandwiches, 10 chicken sandwiches and o hamburgers, or some linear combination in between. In one hour, Carol can make 35 hamburgers and 0 chicken sandwiches, 5 chicken sandwiches and 0 hamburgers, or some linear combination in between.

a. Who has an absolute advantage in making hamburgers?

b. Who has an absolute advantage in making chicken sandwiches?

c. lf both Jeff and Carol produce ONLY chicken sandwiches, how many chicken sandwiches can be made in one hour?

d. If both Jeff and Carol produce ONLY chicken sandwiches, how many hamburgers can be made in one hour?

e. For every chicken sandwich she makes, how many hamburgers does Carol have to forego producing?

f. For every hamburger she makes, how many chicken sandwiches does Carol have to forego producing?

g. For every chicken sandwich he makes, how many hamburgers does Jeff have to forego producing?

h. For every hamburger he makes, how many chicken sandwiches does Jeff have to forego producing?

i. Who has a comparative advantage in making chicken sandwiches?

j. Who has a comparative advantage in making hamburgers?

Q

FC

VC

TC

MC

P

TR

MR

0

100

0

n/a

150

H

n/a

1

8

A

140

I

P

2

18

B

130

J

Q

3

30

C

120

K

R

4

44

D

110

L

S

5

60

E

100

M

T

6

78

F

90

N

U

7

98

G

80

O

V

What is Q*=

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