With all the information that you have learned in this class Principles Of Microeconomics, what is the most important thing that you have learned? Is there anything that has surprised you?
Tag: Principles of Microeconomics
Principles Of Microeconomics
Aside from advertising, how can monopolistically
competitive firms increase demand for their products?
2.. Make a case for why monopolistically competitive
industries never reach long-run equilibrium
3.Are unions and technological improvements
complementary? Why or why not?
4. Will union membership continue to decline? Why
or why not?
5. If it is not profitable to discriminate, why does
discrimination persist?
6. If a company has discriminated against minorities
in the past, should it be required to give priority to
minority applicants today? Why or why not?
7. Why are there not a lot of Oligopolies?
Principles Of Microeconomics
Suppose you could buy shoes one at a time, rather
than in pairs. What do you predict the cross-price
elasticity for left shoes and right shoes would be?
2. Think back to a purchase that you made recently.
How would you describe your thinking before you made
that purchase?
3. The rules of politics are not always the same as the
rules of economics. In discussions of setting budgets for
government agencies, there is a strategy called “closing
the Washington Monument.” When an agency faces the
unwelcome prospect of a budget cut, it may decide to
close a high-visibility attraction enjoyed by many people
(like the Washington Monument). Explain in terms of
diminishing marginal utility why the Washington
Monument strategy is so misleading. Hint: If you are
really trying to make the best of a budget cut, should you
cut the items in your budget with the highest marginal
utility or the lowest marginal utility? Does the
Washington Monument strategy cut the items with the
highest marginal utility or the lowest marginal utility?
4. Income effects depend on the income elasticity of
demand for each good that you buy. If one of the goods
you buy has a negative income elasticity, that is, it is an
inferior good, what must be true of the income elasticity
of the other good you buy?
Principles Of Microeconomics
Review Elasticity of Supply and Demand: Read the Textbook – Chapter 5
Review the Elasticity Econmovie https://www.youtube.com/watch?v=nMbw_O9m0Q4
Analyze and write a 3 paragraphs summary of what you learned from this video.
Principles Of Microeconomics
What is the main difference you see between Microeconomics and Macroeconomics. Give an example of differences. (250 words minimum)
Principles Of Microeconomics
What is the main difference you see between Microeconomics and Macroeconomics. Give an example of differences. (250 words minimum)
Principles of Microeconomics
Prepare and submit a 4 – 6 page paper that identifies and discusses the three (3) most important insights you gained during Principles of Microeconomics; the implications of your learning and how your behaviour and/or thinking has changed; and what actions you will take to apply the insights gained to increase your professional and/or personal effectiveness.
Principles of Microeconomics
Question- 1 Marks-3
Zaid can produce either tables or chairs. Zaid can work up to 10 hours a day. His production possibilities are given in the table below:
Tables Chairs
0 100
10 80
20 60
30 40
40 20
50 0
1) Construct the production possibilities frontier (PPF) for Zaid. Put tables on the Horizontal axis and chairs on the vertical axis.
2) What is Zaid’s opportunity cost of producing one additional table?
3) Currently Zaid is producing 20 tables and 40 chairs.
a) Is this allocation of resources efficient? Why?
b) Show this allocation on the graph and advise Zaid how he can be more efficient.
Question- 2 Marks-2
Suppose the market for Computer is given by the following equations for supply and demand:
Qd= 3300−2P
Qs= 500+8P
1) Calculate the equilibrium price and quantity.
2) Sketch the supply and demand curves on a graph indicating the equilibrium quantity and price.
Principles of Microeconomics
Explain the concepts of demand and supply, identify the variables that can influence the demand
and supply of a firm’s product or service, and determine equilibrium and the resulting market price
and quantity.
2. Describe the outcome on price and quantity with government intervention in a market.
3. Explain the concepts of externalities and public goods.
4. Explain the economic model of consumer behavior.
5. Discuss the relevant costs that a firm faces in its decision making.
6. Compare and contrast the four different market structures in a market economy.
7. Explain in what sense the demand for labor is “derived” demand and the key factors that
influence this demand.
8. Discuss, integrate, and explain the relevance of Responsible Stewardship
in the context of microeconomic analysis.
Principles of Microeconomics
Seminar: Principles of Microeconomics Tobias Bru ?nner Preparing an assignment Here are some guidelines for the preparation of your assignment. You should also care- fully read your module handbook which has much more information about assignment preparation. Guidelines • Choose one of the three topics on page 3 of your module handbook. • maximum of 2000 words in length (excluding tables and diagrams) in total • If your work looks like someone else’s, we will suspect plagiarism which, if found to be the case, may result in an automatic failure of the year. • assignment submission date: 30/4/2018 – 4pm deadline (on Blackboard) • No (or very very little) quoting. Put it in your own words. Especially, do not quote from text books. • Donotrefertodubioussourceslikeeconomicshelp.org,tutor2u.netorevenyoutube videos. Structure An essay has … • a beginning (introduction): Here you should introduce the topic and define the area and key terms. • a middle (main body): The main body should start with providing a theoretical framework. Describe the framework using diagrams! Then connect the relevant information from the newspaper articles with the framework. • and an end (conclusion): Summarise your opinion on the topic by referring to your main body. Do not provide new arguments here. • only two headings (title and bibliography) • Harvard referencing system is used 1 Presentation The essay should have … • your name on it • the title on it • page numbers • printed on one side of the paper, font size 12, double or 1.5 line spacing • diagrams/ tables are numbered and referred to in the text • diagrams/ tables are discussed before they are displayed • No subheadings • No bullet points • No contents page