Questions from Microeconomics

Q: Suppose the market for ice cream cones is made up of three

Suppose the market for ice cream cones is made up of three consumers: Tiago, Terrell, and Tim. Use the information in the following table to construct the market demand curve for ice cream cones. Show...

Q: What is the difference between the short run and the long run

What is the difference between the short run and the long run? Is the amount of time that separates the short run from the long run the same for every firm?

Q: Distinguish between a firm’s fixed costs and variable costs and give an

Distinguish between a firm’s fixed costs and variable costs and give an example of each.

Q: What are implicit costs? How are they different from explicit costs

What are implicit costs? How are they different from explicit costs?

Q: Although New York State is second only to Washington State in production

Although New York State is second only to Washington State in production of apples, its production has been declining during the past 20 years. The decline has been particularly steep in counties clos...

Q: What is the production function? What does the short run production

What is the production function? What does the short run production function hold constant?

Q: Briefly discuss each of the following economic ideas: People are rational

Briefly discuss each of the following economic ideas: People are rational, people respond to economic incentives, and optimal decisions are made at the margin.

Q: Draw a graph that shows the usual relationship between the marginal product

Draw a graph that shows the usual relationship between the marginal product of labor and the average product of labor. Why do the marginal product of labor and the average product of labor curves have...

Q: How do specialization and division of labor typically affect the marginal product

How do specialization and division of labor typically affect the marginal product of labor?

Q: When the DuPont chemical company first attempted to enter the paint business

When the DuPont chemical company first attempted to enter the paint business, it was not successful. According to a company report, in one year it “lost nearly $500,000 in actual cash in addition to a...