microeconomics assignment questions and answers

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Microeconomics

Unit 1: basic economic concepts, unit 2: supply, demand, and market equilibrium, unit 3: elasticity, unit 4: consumer and producer surplus, market interventions, and international trade, unit 5: consumer theory, unit 6: production decisions and economic profit, unit 7: forms of competition, unit 8: factor markets, unit 9: market failure and the role of government.

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Explain the term ‘opportunity cost’. 

What is econometrics

A firm's production function is described by the following equation 𝑸=𝟏𝟎,𝟎𝟎𝟎𝑳−𝟑𝑳 𝟐 where L stands for the labor units. (20 points).

a) Draw a graph for this equation. Use the quantity produced on the y-axis and the labor units on the x-axis.

b) What is the maximum production level?

c) How many units of labor are needed at that point? 

The mathematical functions of supply and demand for broilers in the local market are given below:

The Supply function is:                  Qs = 2100 + 344P;

The Demand function is:               Qd = 3660 – 324P ;

The Equilibrium Price is P .

a)     Determine the Equilibrium Price , P .

b)     Mathematically determine the equilibrium Supply and Demand volume for broilers in this market. Show all calculations.

how to do opportunity cost

Explain causes of monopoly

Find equilibrium price and quantity if;

The following are two distinct demand functions: 𝑞1=24−0.2𝑃1 and 𝑞2=10−0.05𝑃2. The average cost AC=40+35/q. What price the firm will change without discrimination?

What is the marginal cost of the third unit

What is the differece between icc and pcc

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• Prof. Jonathan Gruber

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• Microeconomics

Learning Resource Types

Principles of microeconomics, problem set 1.

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Preparation

The problem set is comprised of challenging questions that test your understanding of the material covered in the course. Make sure you have mastered the concepts and problem solving techniques from the following sessions before attempting the problem set:

• Introduction to Microeconomics
• Applying Supply and Demand

Problem Set and Solutions

• Problem Set Questions (PDF)
• Problem Set Solutions (PDF)

Problem Solving Video

In the video below, a teaching assistant demonstrates his approach to the solution for problems 1 and 4 from the problem set. The teaching assistant notes common mistakes made by students and provides problem solving techniques for approaching similar questions on the problem set and exams.

• Download video
• Download transcript

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AP Microeconomics Practice Tests

The AP Microeconomics Exam includes 60 multiple-choice questions and 3 free-response questions. See the table below:

If you are a mobile user, click here: Do AP Microeconomics Practice Questions .

AP Microeconomics Multiple-Choice Practice Tests

• AP Microeconomics Practice Test: Pacing Drills
• AP Microeconomics Practice Test: Basic Microeconomics Concepts
• AP Microeconomics Practice Test: Models of Consumer Choice
• AP Microeconomics Practice Test: Firm Production, Costs, and Revenues
• AP Microeconomics Practice Test: Factor Markets
• AP Microeconomics Practice Test 1
• AP Microeconomics Practice Test 2
• AP Microeconomics Practice Test 3
• AP Microeconomics Practice Test 4
• AP Microeconomics Practice Test 5
• AP Microeconomics Practice Test: Discipline of Economics
• AP Microeconomics Practice Test: Demand and Supply: The Basics
• AP Microeconomics Practice Test: Applications of Demand and Supply-Elasticity
• AP Microeconomics Practice Test: Theory of Consumer Choice or Behavior
• AP Microeconomics Practice Test: Government and Public Sector: Market Failure, Rents, Externalities, Public Goods, Efficiency
• AP Microeconomics Practice Test: Costs, Production, Supply
• AP Microeconomics Practice Test: Product Markets: Types, Characteristics, Pricing Strategies
• AP Microeconomics Practice Test: Perfect Competition
• AP Microeconomics Practice Test: Monopoly
• AP Microeconomics Practice Test: Imperfect Competition: Monopolistic Competition, Oligopoly
• AP Microeconomics Practice Test: Resource Markets with Applications to Labor
• AP Microeconomics Practice Test 6
• AP Microeconomics Practice Test 7
• AP Microeconomics Practice Test 8
• AP Microeconomics Practice Test 9
• AP Microeconomics Practice Test 10
• AP Microeconomics Practice Test: Fundamentals of Economic Analysis
• AP Microeconomics Practice Test: Demand, Supply, Market Equilibrium, and Welfare Analysis
• AP Microeconomics Practice Test: Elasticity, Microeconomic Policy, and Consumer Theory
• AP Microeconomics Practice Test: The Firm, Profit, and the Costs of Production
• AP Microeconomics Practice Test: Market Structures, Perfect Competition, Monopoly, and Things Between
• AP Microeconomics Practice Test: Public Goods, Externalities, and the Role of Government
• AP Microeconomics Practice Test 11
• AP Microeconomics Practice Test 12
• AP Microeconomics Practice Test 13
• AP Microeconomics Practice Test 14
• AP Microeconomics Practice Test 15
• AP Microeconomics Practice Test 16
• AP Microeconomics Practice Test 17
• AP Microeconomics Practice Test 18
• AP Microeconomics Practice Test 19
• AP Microeconomics Practice Test 20
• AP Microeconomics Practice Test 21
• AP Microeconomics Practice Test 22
• AP Microeconomics Practice Test 23
• AP Microeconomics Practice Test 24
• AP Microeconomics Practice Test 25

AP Microeconomics Free-Response Practice Tests

• AP Microeconomics Free-Response Practie Test 1
• AP Microeconomics Free-Response Practie Test 2
• AP Microeconomics Free-Response Practie Test 3
• AP Microeconomics Free-Response Practie Test 4
• AP Microeconomics Free-Response Practie Test 5
• AP Microeconomics Free-Response Practie Test 6
• AP Microeconomics Free-Response Practice Test 1
• AP Microeconomics Free-Response Practice Test 2
• AP Microeconomics Free-Response Practice Test 3: The Discipline of Economics
• AP Microeconomics Free-Response Practice Test 4: Economic Systems
• AP Microeconomics Free-Response Practice Test 5: Demand and Supply: The Basics
• AP Microeconomics Free-Response Practice Test 6: Elasticity, Taxation, and Consumer Choice
• AP Microeconomics Free-Response Practice Test 7: Costs of Production
• AP Microeconomics Free-Response Practice Test 8: Perfect Competition

AP Microeconomics Flashcards

• AP Microeconomics Flashcards Set 1
• AP Microeconomics Flashcards Set 2
• AP Microeconomics Flashcards Set 3
• AP Microeconomics Flashcards Set 4
• AP Microeconomics Flashcards Set 5
• AP Microeconomics Flashcards Set 6
• AP Microeconomics Flashcards Set 7
• AP Microeconomics Flashcards Set 8
• AP Microeconomics Flashcards Set 9
• AP Microeconomics Flashcards Set 10
• AP Microeconomics Flashcards Set 11
• AP Microeconomics Flashcards Set 12

AP Microeconomics Downloads

• AP Microeconomics Free-Response Practice Test 3
• AP Microeconomics Free-Response Practice Test 4
• More AP Microeconomics Downloads

Critical Thinking Questions

Other than the demand for labor, what would be another example of a “derived demand?”

Suppose that a 5% increase in the minimum wage causes a 5% reduction in employment. How would this affect employers and how would it affect workers? In your opinion, would this be a good policy?

Under what circumstances would a minimum wage be a nonbinding price floor? Under what circumstances would a living wage be a binding price floor?

Suppose the U.S. economy began to grow more rapidly than other countries in the world. What would be the likely impact on U.S. financial markets as part of the global economy?

If the government imposed a federal interest rate ceiling of 20% on all loans, who would gain and who would lose?

Why are the factors that shift the demand for a product different from the factors that shift the demand for labor? Why are the factors that shift the supply of a product different from those that shift the supply of labor?

During a discussion several years ago on building a pipeline to Alaska to carry natural gas, the U.S. Senate passed a bill stipulating that there should be a guaranteed minimum price for the natural gas that would flow through the pipeline. The thinking behind the bill was that if private firms had a guaranteed price for their natural gas, they would be more willing to drill for gas and to pay to build the pipeline.

• Using the demand and supply framework, predict the effects of this price floor on the price, quantity demanded, and quantity supplied.
• With the enactment of this price floor for natural gas, what are some of the likely unintended consequences in the market?
• Suggest some policies other than the price floor that the government can pursue if it wishes to encourage drilling for natural gas and for a new pipeline in Alaska.

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Want to cite, share, or modify this book? This book uses the Creative Commons Attribution License and you must attribute OpenStax.

Access for free at https://openstax.org/books/principles-microeconomics-2e/pages/1-introduction

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Faculty Resources

Assignments.

The assignments in this course are openly licensed, and are available as-is, or can be modified to suit your students’ needs. Answer keys are available to faculty who adopt Waymaker, OHM, or Candela courses with paid support from Lumen Learning. This approach helps us protect the academic integrity of these materials by ensuring they are shared only with authorized and institution-affiliated faculty and staff.

The assignments and discussion for this course align with the content and learning outcomes in each module. If you import this course into your learning management system (Blackboard, Canvas, etc.), the assignments will automatically be loaded into the assignment tool.

Note that the Data Project Assignment is split into two parts and spans both Module 6 and Module 7. The Module 16 assignment presents two options, one that emphasizes topics from macroeconomics, and another that emphasizes concepts from microeconomics.

• Assignments. Provided by : Lumen Learning. License : CC BY: Attribution
• Pencil Cup. Authored by : IconfactoryTeam. Provided by : Noun Project. Located at : https://thenounproject.com/term/pencil-cup/628840/ . License : CC BY: Attribution

Man or bear? Hypothetical question sparks conversation about women's safety

Women explain why they would feel safer encountering a bear in the forest than a man they didn't know. the hypothetical has sparked a broader discussion about why women fear men..

If you were alone in the woods, would you rather encounter a bear or a man? Answers to that hypothetical question have sparked a debate about why the vast majority say they would feel more comfortable choosing a bear.

The topic has been hotly discussed for weeks as men and women chimed in with their thoughts all over social media.

Screenshot HQ , a TikTok account, started the conversation, asking a group of women whether they would rather run into a man they didn't know or a bear in the forest. Out of the seven women interviewed for the piece, only one picked a man.

"Bear. Man is scary," one of the women responds.

A number of women echoed the responses given in the original video, writing in the comments that they, too, would pick a bear over a man. The hypothetical has people split, with some expressing their sadness over the state of the world and others cracking jokes. Some men were flabbergasted.

Here's what we know.

A bear is the safer choice, no doubt about it, many say

There were a lot of responses, more than 65,000, under the original post. Many wrote that they understood why the women would choose a bear.

"No one’s gonna ask me if I led the bear on or give me a pamphlet on bear attack prevention tips," @celestiallystunning wrote.

@Brennduhh wrote: "When I die leave my body in the woods, the wolves will be gentler than any man."

"I know a bear's intentions," another woman wrote. "I don't know a man's intentions. no matter how nice they are."

Other TikTok users took it one step further, posing the hypothetical question to loved ones. Meredith Steele, who goes by @babiesofsteele , asked her husband last week whether he would rather have their daughter encounter a bear or a man in the woods. Her husband said he "didn't like either option" but said he was leaning toward the bear.

"Maybe it's a friendly bear," he says.

Diana, another TikTok user , asked her sister-in-law what she would choose and was left speechless.

"I asked her the question, you know, just for giggles. She was like, 'You know, I would rather it be a bear because if the bear attacks me, and I make it out of the woods, everybody’s gonna believe me and have sympathy for me," she said. "But if a man attacks me and I make it out, I’m gonna spend my whole life trying to get people to believe me and have sympathy for me.'"

Bear vs. man debate stirs the pot, woman and some men at odds

The hypothetical has caused some tension, with some women arguing that men will never truly understand what it's like to be a woman or the inherent dangers at play.

Social media users answered this question for themselves, producing memes, spoken word poetry and skits in the days and weeks since.

So, what would you choose?