Microeconomics

Learning Goal: I’m working on a micro economics multi-part question and need an explanation and answer to help me learn.

My order:

1- No plagiarism, no match please.

2-You can find the instructions inside the doc

3- Please write a paper in the document

4- Write a report on whatever you use to research and what you write in a different document because we will discuss it separately in class

Write at least 5- references using the APA style.

Noticeable:

Please use simple language

Put the in-text quote in each.

Additions within the document.

Q1. Compute the percentage changes for the following (enter your responses as integers):

(3 Marks) [Ch. 1]

Initial Value New Value Percentage Change
100 112
50 54.0
10 12.5

Q2. Maps are a good non-economic example of using assumptions to make things simpler. Which of the following are assumptions used to make maps useful?

(2 Marks) [Ch. 1]

Q3. Consider a student studying for a biology exam. Would you expect study time to be subject to diminishing returns? Suppose productivity is measured as the anticipated increase in the exam score. Construct a numerical example in which the first hour is twice as productive as the second hour, which is twice as productive as the third hour, and so on up to five hours of study. (2 Marks) [Ch. 2]

Q4. If the florist below shows the marginal benefit that a florist earns from keeping his store open one more hour. The florist has a marginal cost of &70 per hour. For the last five weeks he has stayed open 24 hours.

Hours Marginal Benefit per Hour
18 100
19 80
20 70
21 60
22 30
23 20
24 10

a. Do you think the florist’s decision to stay open 24 hours is optimal? Why?

(1.5 Marks) [Ch. 2]

b. How many hours do you advise him to stay open? Why? (1.5 Marks) [Ch. 2]

 

Q5. If the demand and supply curves for boxes are:D = 100 – 8P and S = 22 + 4P, where P is the price of boxes.

  • Does the law of supply apply for the market of boxes? Why? (3 Marks)
  • Calculate the equilibrium quantity and price? (2 Marks)

[Ch. 3]

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