RE; Consumer Behavior and Utility Maximization

Can you please answer question 1 (a-c) and question 2 (a-d). The should be approached from an Introductory Microeconomics perspective. The concept dealt with in the exercise is Consumer Behavior and Utility Maximization. I was absent during the prof's teaching this; I came late. I have a very vague idea what it is about. ...continues

Short Run Equilibrium

Characterize the short run equilibrium of a perfectly competitive industry

Regression Analysis for Molding Company

I run a molding company and ran a regression analysis of monthly sales looking at monthly sales of prototype parts, travel expenses and advertising expenses. I want to see if any of these variables effect molding sales or help predict molding sales. N = 30. Any help with reading the results, main findings, what in the heck ...continues

Short MicroEconomics Problems

I have some short Micro problems that I need help with. Please provide detailed explanations.

TVC (tvc) Curve, Diminishing Returns, Returns to Scale

I would really appreciate it if you could explain the answer with only a graph. Thank you. a) Can you graph a typical TVC curve and explain how it reflects diminishing returns? b) Can you explain the difference between the diminishing returns and returns to scale. How does each affect the behaviour of average cost?

Multiplier

Calulate the multiplier for the following cases MPS=0.25 MPC=5/6 MPS=0.125 MPC=6/7 C=$200=0.85y

Only for Ta's with a degree in economics please. I need the answer illustrated with graphs.

I would really apriciate it if you could explain the answer in a detailed way with graphs.Thank you. Firms in pure competition take the market price as given and produce the level of output which will maximize their profits.This quantity can be determined graphically by using either the total revenue, total cost approach or ...continues

monopolistically: profit-maximizing prices

A monopolistically competitive firm finds that the elasticity of demand facing its brand is -1.5, while its rival faces an elasticity of -2 for its brand. Both firms have a marginal cost of $5 per unit. Using the pricing rule of thumb, determine the profit-maximizing prices both firms will charge. In addition, calculate t ...continues

Pricing: Lerner Index, Profit Maximization, first-degree price discrimination, etc.

The patented drug, Botox, is currently sold by Allergan, Inc. The current price for a vial of Botox, is $400, and the marginal cost to produce a vial is $25. a) Using the Lerner index, find the price elasticity of demand for Botox and interpret what this value means to total revenue if the price of Botox were increased one p ...continues

Equilibrium in a labor market with a monoposony employer

Please analyze how the equilibrium in a labor market with a monoposony employer changes if a minimum wage is set at the competitive level. Provide a well-labeled diagram with your answer, and be sure to analyze the effect on the marginal expenditure curve and compare the pre- and post-minimum wage equilibria. Thanks.