Project #75629 - Princeples of Microeconomics

1) What do economicsts assume when they are constructing model of demand? Why are these assumptions necessary?

2) What conditions of utility theory are fulfilled at all points on an individual's deman curve?

3)Alpha Lumber Co. has the following short-run total cost:

       Total explicit cost = 40,000$

       Total implicit cost = 20,000$

How profitable (Economic profit, normal profit or economic loss) is the company in each of the following cases:

a) Total Revenue = 65,000$

b) Total Revenue = 60,000$

c) Total Revenue = 55,000$

4) What is price discrimination? What is meant by reverse price discrimination?

5) Should economists advive the government to intervene in each situation in which spillovers exist? Why or why not?

6) How much clean air would you be willing to pay for (either through taxes or in other ways) in your community?

7) "Monopolies always earn economic profits because of their privileged market positions." How would you evaluate this statement? 

8) Write a paragraph about:

 With respect to education, why are people who have the same education and experience paid different wages. Please include the crowding theory and the amount of education a person "buys" in your explanation.

 

Subject Business
Due By (Pacific Time) 07/06/2015 12:00 am
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