Microeconomics Exam

I have a Microeconomics Quiz Due today. I am looking for a MicroEconomics major to help me. 

Exam Checklist

You should be able to:

1. Calculate economic profits and accounting profits and explain the difference between the two.

2. Define normal profit.

3. Explain the shape of the short run marginal product of labor curve, the short run total product of labor

curve, short run marginal cost curve, the short run average total cost curve, the short run average

variable cost curve and the long run average total cost curve.

4. Calculate the short run marginal product of labor, the short run total product of labor, short run

marginal cost, the short run average total cost, the short run average variable cost and the long run

average total cost.

5. Explain the characteristics/assumptions of a perfectly competitive market.

6. Explain why perfectly competitive firms are price takers.

7. Explain the demand curve for a perfectly competitive firm’s products.

8. Explain a perfectly competitive firm’s profit maximization decision

9. Calculate a perfectly competitive firm’s profit maximizing/loss minimizing level of output, and their

total profit at that point.

10. Graph a perfectly competitive firm or monopoly earning economic profits in the short run, labeling all

relevant curves and areas.

11. Graph a perfectly competitive firm or monopoly earning economic losses in the short run who chooses to

operate in the short run, labelling all relevant curves and areas.

12. Graph a perfectly competitive firm or monopoly earning economic losses in the short run who chooses to

shut down in the short run, labelling all relevant curves and areas.

13. Explain the firm’s shut down decision.

14. Do a numerical example which evaluates a firm’s shut down decision.

15. Graph and explain how a perfectly competitive firm and market move to a new equilibrium in both the

short and long run following an increase or decrease in demand, assuming a constant cost industry.

16. Compare the long run industry supply curve of a perfectly competitive market in a constant cost,

increasing cost and decreasing cost industries.

17. Explain how the perfectly competitive firm’s short run marginal cost curve above the average variable

cost curve is the firm’s short run supply curve.

18. Explain how a perfectly competitive firm can earn economic profits in the short run, but cannot earn

profits in the long run.

19. Define a monopoly and explain its characteristics.

20. Graph a monopoly that is earning economic profits in the short run, labeling all relevant curves and

areas.

21. Graph a monopoly that is earning economics losses in the short run who chooses to operate in the short

run, labeling all relevant curves and areas.

22. Graph a monopoly that is earning economic losses in the short run, who chooses to shut down in the

short run, labeling all relevant curves and areas.

23. Explain why a monopoly can earn economic profits in both the short and long run.

24. Compare perfect competition to a monopoly in terms of the 3 efficiency concept, allocative, productive

and dynamic.

25. Explain the conditions needed to price discriminate

26. Graph a perfectly price discriminating monopolist

27. Compare a perfectly price discrimination monopolist to a normal monopolist in terms of allocative

efficiency, and economic profits.

28. Use a prisoner’s dilemma model to address the question as to whether firms compete or collude in an

oligopoly setting.

29. Explain the different “real world” factors which make collusion more or less likely.

30. Evaluate whether firms in a oligopoly model achieve the efficiency results of perfect competition or

monopoly.

31. Graph a monopolistically competitive firm and evaluate its efficiency.

32. Explain how lack of competition, public goods, externalities, and poor information are considered

“market failures.”

33. Graph markets in which there are either negative and positive externalities, demonstrating the

difference between market equilibrium and the allocatively efficiency outcome.

34. Explain under what conditions poor information likely leads to a market failure, and when it does not.

paraphrasing in 10 hours

Please paraphrase this file and do not delete and word and numbers.  EVERYTHING IS IN APA STYLE PLEASE 

hmwrk 99.3

  • What to Produce? 
  • How to produce? 
  • For whom to produce? 
  • How to maximize profit or minimize losses?
  • Conduct research on the retail industry, and write 2-3 pages illustrating your observations. Try to cover answers for question on the top. Use the principles that focus on ideas come out from readings ( attached).
  • It is for an economy class.

one question about economic problem

question is in the files~

Discussion questions need answers

I NEED THIS BY TONIGHT no plagiarism 

1) A key skill in economics is the ability to use the theory of supply and demand to analyze specific markets. In this week’s discussion, you get a chance to demonstrate your ability to analyze the effects of a “shock” to the market for the construction of new residential and commercial real estate. Make sure to support your idea with at least one source.

Scenario: Suppose that the U.S. government increases the tariff on imported steel. Will this affect the supply or the demand for new real estate? Why? Which determinant of demand or supply is being affected? Show graphically with before- and after-curves on the same axes. How will this change the equilibrium price and quantity of real estate? Explain your reasoning and include one credible source. If you are unable to develop a graph digitally, draw your graph by hand, take a picture, then upload it to your discussion post.

Module 3 discussion

Module 3 Discussion 

Compare the ranking of U.S. GDP (purchasing power parity) to that of other countries by visiting the CIA’s World Factbook.

After reading the article  U.S.A comes up a bit short in global Better Life Index and comparing the relative ranking of U.S. GDP to other countries, what is the link between wealth and well-being? Do governments have a responsibility to address well-being?

eco 201 final essay

Summary: 

To satisfy the written component of your course grade, you must write a short, 2 page essay (double spaced) as a self-reflection- look at any one topic covered in class making sure the topic generated a lot of interesting class participation. Did you have any knowledge of this concept before starting this course? After all these weeks of studying economic principles, what do you think about the issue now? Did the material and our classroom conversation change your viewpoint from before this semester, or did it only strengthen it? Explain why.

Finally, what are the things you can take away from the course overall? Are there specific concepts and ideas that were eye-opening to you personally? Do you think you were able to meet the course goals and course objectives as described in the first few pages of this syllabus?

SHORT POSTING

 

Most of the concepts in this course apply not only to businesses, but also to not-for-profit organizations, governments, and other types of organizations. 

Think of a major, well-known business; a prominent not-for-profit organization; and a state, provincial, or national government. For each, describe in two or three sentences a strategically appropriate investment project that the organization might be evaluating—something that you think would make sense for that organization in its current environment. Explain your reasoning. 

Paper to finalize

I have a draft of my paper and need help to finalize

economic short essay

it is often that “economics is the way of life.” based on the concepts you have studied so far , write an essay to explain the meaning of the above statement.

concepts are in the picture that I upload

if the essay include any other academic resources please cite by APA style.

400words. use front size of 12,1.5 line spacing