Category: Micro Economics

There is a long history of people representing quantitative data visually on paper in books, newspapers, magazines, and more recently digitally on computer screens, the screens of mobile devices, and other digital devices. Watch Tommy McCall’s TED Talk on the joy and ingenuity of visually representing quantitative data.
Initial Post
Discuss how Tommy McCall, and others before him, have come up with new ways of representing quantitative data and give one specific example from the TED Talk.
Come up with two variables from your observation of real life that, in your view, are related, indicate the name of these variables as well as why these variables are related; determine which variable is the dependent variable and which one is the independent variable. Draw a line graph by hand, labeling the vertical and horizontal axis consistent with your choice of variables. The line in the line graph has to represent, what, in your view, is the relationship between the two variables. Describe your graph verbally in your post (no need to upload the graph itself).

There is a long history of people representing quantitative data visually on paper in books, newspapers, magazines, and more recently digitally on computer screens, the screens of mobile devices, and other digital devices. Watch Tommy McCall’s TED Talk on the joy and ingenuity of visually representing quantitative data.
Initial Post
Discuss how Tommy McCall, and others before him, have come up with new ways of representing quantitative data and give one specific example from the TED Talk.
Come up with two variables from your observation of real life that, in your view, are related, indicate the name of these variables as well as why these variables are related; determine which variable is the dependent variable and which one is the independent variable. Draw a line graph by hand, labeling the vertical and horizontal axis consistent with your choice of variables. The line in the line graph has to represent, what, in your view, is the relationship between the two variables. Describe your graph verbally in your post (no need to upload the graph itself).

Discussion: Competition, Market Power, and You
Your participation in this discus

Discussion: Competition, Market Power, and You
Your participation in this discussion demonstrates the following learning objectives.
Explain how and why the study of economics concerns various decisions making processes which have consequences, costs, and benefits.
Apply economic reasoning for optimization in different economic circumstances: profit-maximization for entrepreneurs or utility-maximization for consumers.
Explain the production process and cost functions.
Compare and contrast pricing, output, and efficiency under different market conditions from competition through monopoly.
Discussion Prompt
Please create a discussion post responding in full to the prompt that follows.Discuss a real-world “natural monopoly” that you deal with. What is the natural monopoly firm and what product does it produce? Is this natural monopoly efficient, or does it cause losses to society? In your opinion, should this natural monopoly be allowed to exist?
Now discuss a real-world example of a firm that you think operates close to perfect competition. What is the firm and what product does it produce? Who are the main competitors? Can you think of a way this firm or industry benefits you as a consumer?
Then I will send you 2 classmate replies you to reply them back
Replies
Please reply to the posts of at least two classmates, including in each reply both a follow-up question and a point of connection with something your classmate stated in their post.

Questions
Chapter 5(1.4 points) Use the information in the table to answer parts

Questions
Chapter 5(1.4 points) Use the information in the table to answer parts A, B, C, and D below. Suppose that shredders and thrashers have the following demand for helmets.Demand tablePrice per helmetQuantity Demanded for shredders
(in helmets)Quantity Demanded for thrashers
(in helmets)
$20.00304
$22.00293
$24.00282
$26.00271
Using the midpoint method, calculate the price elasticity of demand as the price per helmet increases from $24.00 to $26.00 for shredders. (Note, for partial credit, show your work.)
Classify the elasticity of demand from $24.00 to $26.00 for shredders as elastic, inelastic, or unit elastic.
Using the midpoint method, calculate the price elasticity of demand as the price per helmet increases from $24.00 to $26.00 for thrashers. (Note, for partial credit, show your work.)
Classify the elasticity of demand from $24.00 to $26.00 for thrashers as elastic, inelastic, or unit elastic.
(0.15 points) Graphically, what does the supply curve look like when supply is perfectly elastic?
(0.15 points) Graphically, what does the demand curve look like when demand is perfectly inelastic?
(0.15 points) Graphically, what does the supply curve look like when supply has constant unitary elasticity?
(0.15 points) Graphically, what does the demand curve look like when demand has constant unitary elasticity?
(0.5 points) Suppose a commercial bakery knows that if it raises the price for bread slightly, it will face a disproportionately large reduction in quantity demanded as a result. What effect will raising the price for the bread have on the manufacturer’s total revenue? Why?
(0.25 points) Imagine a new federal government policy requiring that aluminum can manufacturers advertise new methods for recycling that add a small cost of $0.05 per can manufactured. Now suppose the manufacturers want to pass the entire $0.05 added cost on to consumers. What market conditions would allow the manufacturers to do so?
(0.5 points) According to our textbook, the wage elasticity of labor supply for teenage workers is relatively elastic. Do you agree with that claim? Briefly explain why or why not.
Chapter 6(1.25 points) Use the existing values in the table below to fill in the blanks A through E in total and marginal utility for cartons of tofu.
Total and marginal utilityCartons of tofu (Quantity)Total UtilityMarginal Utility
1500500
2980480
31420A
4B360
52060280
6C200
7D110
82370E
_____
_____
_____
_____
_____
(1.75 points) In the following scenario, basketballs cost $25.00 and golf balls cost $5.00. The buyer has $130 to spend on these items. (Note: in the original published version of Assignment 3, I made an error in column 6 of the table, the Total Utility column for golf balls. I edited the table to correct my mistake. If you submit your work based on the older version of this question, it will impact your answer for part B. When I grade Assignment 3, I will accept either answer as correct, to make it so that my mistake does not impact anyone’s grade.)
Utility for two goodsBasketballs (Quantity)Total UtilityMarginal UtilityMarginal Utility per DollarGolf Balls (Quantity)Total UtilityMarginal UtilityMarginal Utility per Dollar
18080 14242 215575 27836 322570 310830 428560 413224 533550 515018 636530 616212 737510 71686 Using the information above, complete the following prompts.Fill in the marginal utility per dollar for basketballs and golf balls. (Note, don’t forget to divide by the cost of each item, which is given above. If needed, round your answers to two decimal places.)
Use your information from part A to find the buyer’s total utility maximizing point.

Please solve microeconomics problems that i submitted attached file.
1. A consum

Please solve microeconomics problems that i submitted attached file.
1. A consumer’s income is w. He wants to buy two products:1 and 2. His utility function is
U=(x1+2)*(x2+2). x1 and x2 mean products’ quantity. Product 1 and 2’s market price is p1 and p2.
(1) Please deduce the marginal utility substitution rate of x1 to x2 and prove its decrease. That is the quantity of the consumer’s buying product 1 increasingly, he arbitrarily gives up to buy product 2 (on the same indifference curve). What is the equilibrium price and quantity of buying products 1 and 2?
(2) Please derive the Marshallian demand function and indirect utility function for two products.
(3) Is product2 a Inferior good or inferior good?
(4) For a given utility level μ, please derive the expenditure function. Use the expenditure function to find the Hicksian demand function for these two products.
One firm owns two factories, and factories’ cost functions are:
Consider the following incomplete information game:
City A’s policy is lineup for applicants to get a vehicle plate after they buy a new energy vehicle. From database, we know city A has 54,000 new energy vehicles plate per year. So city A’s applicants needs to wait eight years to get a vehicle plate. In another city B, this city’s policy is bidding, and the lowest price is at least 88,000. Use microeconomic theory to establish relevant model analysis:
c1(y1)=2y1^2 and c2(y2)=(y2+2)^2
(1) What conditions will the firm only use one factory for production? What conditions does the firm need two factories to produce together?
(2) Derive the firm’s cost function.
Game 1 Game 2
(1) Nature decides two participators to join Game 1 or game 2. Each game will be chosen equally.
(2) Participators knew Nature how to choose horizontal number, but participators did not know nature how to choose vertical number.
Please find the Bayes-Nash equilibrium of the above game.
(1) What are the advantages and disadvantages of lineup and bidding policies for solving urban traffic problems?
(2) Which would be more effective in reducing urban traffic problems: Fuel Tax or Charging in Congestion Roads ?

Your participation in this discussion demonstrates the following learning object

Your participation in this discussion demonstrates the following learning objectives.
Explain how and why the study of economics concerns various decisions making processes which have consequences, costs, and benefits.
Analyze the efficiency of the market mechanism as a way to organize economic activity while demonstrating that there is often an important policy trade-off between efficiency and equity.
Apply economic reasoning to determine solutions to a wide range of public policy issues: including solutions of acceptable amount of pollution, why government must supply some goods, and wealth redistribution.
.
Discussion Prompt
Please create a discussion post responding in full to the prompt that follows.
According to our textbook, the U.S. economy operates as as a “mixed economy” that is closer to the market-oriented end of the spectrum. That means private enterprises own and operate much of the means of production in the United States, but there is some U.S. government involvement in economic decisions.
Pick a country other than the United States, and contrast the U.S. economy with the economy of your chosen country.First, what is your chosen country?
Which economy is more market-oriented, and which is more command-oriented?
Which country’s economic decision makers are subject to greater regulation?
Do you believe geography or globalization play a role in the differences or similarities between the two economies?
Finally, consider a normative analysis of the two economies you just compared.Do you believe that the U.S. economy should be more like the other country’s economy?
Alternatively, should the other country adapt its economy to be more like the U.S. economy?
Do you think the U.S. economy is the “best” (whatever that means to you) economy in the world?
Explain the reasoning for your beliefs on this topic.

https://drive.google.com/file/d/1nifsCeZVggQ3KuJ-P…
https://drive.google.com/f

https://drive.google.com/file/d/1nifsCeZVggQ3KuJ-P…
https://drive.google.com/file/d/1wAKd2hecEqfGDU-_i…
https://drive.google.com/file/d/1vR_B-G1-x2CqaVcpb…
https://drive.google.com/file/d/1WGgqCLPu7WVMnFfj1…
Please answer each question to the best of your ability
Question 1 (6 pts)
I ask a few “big-picture” questions early on during the chapter 1 Part 1 lecture video (from the time stamp of around 1 minute to around 2 minutes). Select one of those questions and answer it here, in 1 or 2 sentences.
Question 2 (7 pts)
In the chapter 1 Part 3 lecture video, I discuss 2 examples using the circular flow model. Suppose in the second example, your friend goes to the same gas station but purchases a vehicle inspection service instead. Would this new interaction take place in the inner circle or the outer circle of the circular flow model?
Question 3 (9 pts)
In your own words, write a brief 1 or 2 sentence summary of the chapter 1 lecture videos for our course.

Your participation in this discussion demonstrates the following learning object

Your participation in this discussion demonstrates the following learning objectives.
Explain how and why the study of economics concerns various decisions making processes which have consequences, costs, and benefits.
Analyze the efficiency of the market mechanism as a way to organize economic activity while demonstrating that there is often an important policy trade-off between efficiency and equity.
Apply economic reasoning to determine solutions to a wide range of public policy issues: including solutions of acceptable amount of pollution, why government must supply some goods, and wealth redistribution.
.
Discussion Prompt
Please create a discussion post responding in full to the prompt that follows.
According to our textbook, the U.S. economy operates as as a “mixed economy” that is closer to the market-oriented end of the spectrum. That means private enterprises own and operate much of the means of production in the United States, but there is some U.S. government involvement in economic decisions.
Pick a country other than the United States, and contrast the U.S. economy with the economy of your chosen country.First, what is your chosen country?
Which economy is more market-oriented, and which is more command-oriented?
Which country’s economic decision makers are subject to greater regulation?
Do you believe geography or globalization play a role in the differences or similarities between the two economies?
Finally, consider a normative analysis of the two economies you just compared.Do you believe that the U.S. economy should be more like the other country’s economy?
Alternatively, should the other country adapt its economy to be more like the U.S. economy?
Do you think the U.S. economy is the “best” (whatever that means to you) economy in the world?
Explain the reasoning for your beliefs on this topic.

1. Explain why relaxing mortgage lending standards (required by federal regulati

1. Explain why relaxing mortgage lending standards (required by federal regulating agencies,
Freddy Mac & Fanny May) resulted in Wall Street investment firms bundling thousands of
individual mortgage loans into larger packages, to re-sell instead of holding them as long term
assets.
2. Explain what happened to large investment firms that were bundling mortgage loans into
larger
packages, when the rising default rates of the mortgages in these bundles became noticeable to
Wall Street investors.
3. (True/False) Large Wall Street investment firms bundled risky mortgages into large packages
for re-selling, because they liked the challenge of turning risky decisions into large profits instead
of a massive default.
4. (True/False) The bankruptcy of Wall Street investment firms in July 2008 would not have
happened if traditional mortgage lending standards had not been relaxed in the mid 1990s.
5. (True/False) The incentive for companies in an industry to develop better products and
services over time – will be improved if their industry is regulated by a federal agency.

1. Explain why relaxing mortgage lending standards (required by federal regulati

1. Explain why relaxing mortgage lending standards (required by federal regulating agencies,
Freddy Mac & Fanny May) resulted in Wall Street investment firms bundling thousands of
individual mortgage loans into larger packages, to re-sell instead of holding them as long term
assets.
2. Explain what happened to large investment firms that were bundling mortgage loans into
larger
packages, when the rising default rates of the mortgages in these bundles became noticeable to
Wall Street investors.
3. (True/False) Large Wall Street investment firms bundled risky mortgages into large packages
for re-selling, because they liked the challenge of turning risky decisions into large profits instead
of a massive default.
4. (True/False) The bankruptcy of Wall Street investment firms in July 2008 would not have
happened if traditional mortgage lending standards had not been relaxed in the mid 1990s.
5. (True/False) The incentive for companies in an industry to develop better products and
services over time – will be improved if their industry is regulated by a federal agency.