Questions from Microeconomics

Q: The menu at Joe’s coffee shop consists of a variety of

The menu at Joe’s coffee shop consists of a variety of coffee drinks, pastries, and sandwiches.The marginal product of an additional worker can be defined as the number of customers that can be served...

Q: Antonio buys five new college textbooks during his first year at

Antonio buys five new college textbooks during his first year at school at a cost of $80 each.Used books cost only $50 each.When the bookstore announces that there will be a 10 percent increase in the...

Q: Jane receives utility from days spent traveling on vacation domestically (

Jane receives utility from days spent traveling on vacation domestically (D) and days spent traveling on vacation in a foreign country (F), as given by the utility function U(D,F) = 10DF.In addition,...

Q: Are the following statements true or false?Explain your answers

Are the following statements true or false?Explain your answers. a.The elasticity of demand is the same as the slope of the demand curve. b.The cross-price elasticity will always be positive. c.The s...

Q: Jane always gets twice as much utility from an extra ballet

Jane always gets twice as much utility from an extra ballet ticket as she does from an extra basketball ticket, regardless of how many tickets of either type she has.Draw Jane’s income-consumption cur...

Q: Suppose the government wants to increase farmers’ incomes.Why do

Suppose the government wants to increase farmers’ incomes.Why do price supports or acreage-limitation programs cost society more than simply giving farmers money?

Q: How does a change in the price of one input change

How does a change in the price of one input change the firm’s long-run expansion path?

Q: Can a set of indifference curves be upward sloping?If

Can a set of indifference curves be upward sloping?If so, what would this tell you about the two goods?

Q: Why are isocost lines straight lines?

Why are isocost lines straight lines?

Q: At the time this book went to print, the minimum

At the time this book went to print, the minimum wage was $5.85.To find the current value of the CPI, go to http://www.bls.gov/cpi/home.htm.Click on Consumer Price Index- All Urban Consumers (Current...