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Microeconomics is the study of economics at the individual or micro level. One of the most well known microeconomic models is the production possibilities frontier, which is the maximum combination of output that an economy can produce given resources and technology. For this SLP, we will focus on the production of a country other than the United States. Think of a country that interests you. You can choose a country that you have lived in, visited, or even thought of visiting. Remember it can't be the US. You can use the list of popular new sources in module 2 and find a current article about this country and answer the following questions:
[A] What country did you choose? Why does this county interest you? What are some facts about this country (population, GDP, etc.)? (try to use other sources to find additional facts about this country.
[B] What does the article discuss? Why is this issue important?
[C] How do you think the current event will affect the global economy?
You're the manager of monopoly. A typical consumer's inverse demand function for your firm's product is P=100-2Q and your cost function is C(Q)=20Q. Find out the optimal two part pricing strategy.
Johnson Inc. is notified that local property taxes have raised. Johnson's economist states this will increase our cost of production and shift up our average total cost curve, average variable cost curve.
Do you agree that the only way to raise equilibrium quantity is to raise supply and demand together? Why agree or why not agree?
Assume a firm's production function is given by Q = 12L - L^2 for L = 0 to 6, where L is labour input per day and Q is output per day. Derive and draw the firm's demand for labour curve if output sells for $10 in competitive market.
Explain the process for obtaining an annual filing report for a corporation currently registered in California
You have the following data for the last 12 months' sales for the PRQ Corporation (in thousands of dollars): Calculate a 3-month centered moving average.
Please refer to Citizen Gas Company PDF for case study and questions. The case study belongs to Economics. Citizen Gas Company is a medium sized company with customers from residential, commercial and industrial sectors.
What are the advantages of the Herfindahl index over concentration ratios in measuring degrees of concentration in an industry? (b) What is the disadvantage of both?
Compute the expected market price. Show calculations please. How many units should you produce to maximize expected profits? What is your expected profit or loss? Again, show work.
An industry consists of three firms with sales of $200,000, $500,000, $400,000. Compute the Herfindal-Hirschmann index (HHI)
Find out the total revenue (TR) and total profits in terms of Q. At what level of output (Q) are total profits maximized? What price will be charged? What are total profits at this output level?
Distinguish between explicit & implicit costs, giving example of each and what are the explicit & implicit costs of attending college?? Why does the economist classify normal profit as a cost?
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