微观经济学代写 MICROECONOMICS代写 exam代写

MICROECONOMICS

微观经济学代写 1. According to the theory of firm, which of the following statements is not correct? a. AC = unit cost considering all produced units

READ CAREFULY AND FOLLOW THE INSTRUCTIONS:

Answer the questions in a concise and organized way, using the available space and always justify your answers.

Attention:

Keep the exam bound as it is. You can use free space on the back of pages for your own scribbling.

Part 1: Multiple choices (5 points total; 0.5 points each) 微观经济学代写

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. 微观经济学代写

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:

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. 微观经济学代写

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:

a. Also doubles.

b. Decreases.

c. Remains constant.

d. More than doubles.

9. 微观经济学代写

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) 微观经济学代写

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) 微观经济学代写

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. 微观经济学代写

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 Q^s = 16 500 + 9P and the demand curve of the industry is Q^d = 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 – 2Q and 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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