MICROECONOMICs
微观经济代写 Part 1: Multiple choices (5 points total; 0.5 points each)Choose ONE answer to each question (wrong answers will not be penalized)
Part 1: Multiple choices (5 points total; 0.5 points each)
Choose ONE answer to each question (wrong answers will not be penalized)
1.According to the theory of firm, which of the following statements is not correct?
a. AC = unit cost considering all produced units
b. AC = (FC + VC) /q
c. AFC = VC/q
d. MC = variation in the TC when the production increases one unit
2.See the following figure. What can explain the change in the budget line/constraint of this consumer? (take the darker line as the initial one).
a. Introduction of a subsidy for the consumption of good Y
b. Introduction of a tax on consumption of good X
c. Reduction in income
d. Introduction of an income subsidy
3.How many cakes (B) is a consumer willing to exchange for one bottle of water (A) when her utility function is given by U (A, B) = 3AB?
a. A/B
b. 3A/B
c. B/A
d. B/2A
4.The following statements are all true for perfect competition, except one that is true for both perfect competition and monopoly. Which one is the exception?
a. The market demand curve is negatively sloped
b. Profit is maximized when price equals marginal cost
c. The firm and supply are different entities
d. There is no economic profit in the long-run
5.In perfect competition, the firm’s short-run supply curve corresponds to 微观经济代写
a. the part of the marginal cost curve which is above the price
b. the part of the average cost curve which is above the price
c. the part of the marginal cost curve which is above the average cost curve
d. None of the above
6.What would happen if the government introduces a price cap on bread?
a. An excess of supply of bread
b. The consumers would be better off since they would buy more bread at a lower price
c. The producers would be better off because their surplus would be greater
d. An excess of demand of bread
7.The marginal rate of technical substitution (MRTS) is usually decreasing because:
a. the marginal products of factors of production are positive
b. the marginal products of factors of production are decreasing
c. the marginal product of labor is greater than the marginal product of capital
d. the marginal product of capital is greater than the marginal product of labor
8.Take a production function of the type Q= K L, where K is capital and L is labor. When double the factors are used, the produced quantity 微观经济代写
a. Also doubles.
b. Decreases.
c. Remains constant.
d. More than doubles.
9.If, in a perfectly competitive market, the price is below the firm’s average variable cost curve, the firm should:
a. Increase production
b. Shutdown in the short-run
c. Continue producing in the short-run, but not in the long-run
d. Set price = marginal cost
10.If your “fast food” consumption decreases 5% when your income increases by 10%, then for you the good is:
a. Normal
b. Inferior
c. Superior
d. Indifferent
Part 2. A. Theoretical questions (2.5 points each) 微观经济代写
1.Explain what network effects are and why these can result in monopolies. Give a concrete example.
2.Identify what characterizes a situation of prisoner’s dilemma and evaluate if it is an equilibrium in dominant strategies.
Part 2. B. Exercises (2 points each) 微观经济代写
1.Suppose João’s preferences can be described by the utility function U = XY, where X and Y represent facemasks and alcohol gel.
a) Determine the demand functions of goods X and Y.
b) Suppose that the prices of goods are Px = 1€ and Py =4€. What would need to be João’s income in order to achieve U = 100?
2.Suppose a firm with production function Q = min {4L; 4K} where Q is output quantity, K is capital and L is labor. The available budget is 200€. The wage is 0.5€ and the rate of return on capital is 0.5€. The price of each sold unit is 1€.
a) What are the quantities of labor and capital that maximize production? For those quantities, what is the firm’s profit?
b) What kind of returns to scale does this production function exhibit? What is the relationship between the factors of production?
3.
In a perfect competition industry, the total cost curve of a typical firm is TC = 375 + 200q + 15q2. The supply curve of the industry is Qs= 16 500 + 9P and the demand curve of the industry is Qd = 20 000 – P.
a) Find the equilibrium price and quantity. What is the production of each firm in equilibrium?
b) Find the individual supply curve of a typical firm.
4.Suppose that several producers coordinate and act as a monopolist. The cost structure is TC = 10 (Q+Q2). The inverse demand curve in the market is P = 200-4Q. Suppose the monopolist firm uses a “perfect price discrimination” strategy. What would be the equilibrium quantity?
5.Consider an oligopoly market, composed of 2 firms (firm A and firm B), with demand curve P = 20 – 2Qand with a constant marginal cost (MC=4). Assume firm A takes the decision first and firm B takes the decision following firm A’s decision.
Find the market equilibrium (quantities, price and profits).
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