Questions from Microeconomics

Q: Potatoes cost Janice $1 per pound, and she has $

Potatoes cost Janice $1 per pound, and she has $5.00 that she could possibly spend on potatoes or other items. If she feels that the first pound of potatoes is worth $1.50, the second pound is worth $...

Q: Suppose there are three buyers of candy in a market: Tex

Suppose there are three buyers of candy in a market: Tex, Dex, and Rex. The market demand and the individual demands of Tex, Dex, and Rex for candy are given in the table below. a. Fill in the table...

Q: How does the slope of a budget line illustrate opportunity cost and

How does the slope of a budget line illustrate opportunity cost and trade-offs?  How does a budget line illustrate scarcity and the effect of limited incomes?

Q: Referring to the table give below: suppose improvement occurs in the

Referring to the table give below: suppose improvement occurs in the technology of producing forklifts but not in the technology of producing automobiles. Draw the new production possibilities curve....

Q: What are the two major ways in which an economy can grow

What are the two major ways in which an economy can grow and push out its production possibilities curve? a. Better weather and nicer cars. b. Higher taxes and lower spending. c. Increases in resourc...

Q: The accompanying graph shows curve XX’ and tangents at points A,

The accompanying graph shows curve XX’ and tangents at points A, B, and C. Calculate the slope of the curve at these three points.

Q: Some large hardware stores such as Home Depot boast of carrying as

Some large hardware stores such as Home Depot boast of carrying as many as 20,000 different products in each store. What motivated the producers of those individual products to make them and offer the...

Q: Franklin, John, Henry, and Harry have decided to pool

Franklin, John, Henry, and Harry have decided to pool their financial resources and business skills in order to open up and run a coffee shop. They will share any profits or losses that the business g...

Q: What do economists mean when they say “price floors and ceilings

What do economists mean when they say “price floors and ceilings stifle the rationing function of prices and distort resource allocation”?

Q: Suppose that the demand and supply schedules for rental apartments in the

Suppose that the demand and supply schedules for rental apartments in the city of Gotham are as given in the table below. a. What is the market equilibrium rental price per month and the market equil...