The writer is very fast, professional and responded to the review request fast also. Thank you.
This task brief covers for 30% of your final grade in Microeconomics.
For Part I (50% weight) you need to reflect on the concepts digested, like trade off, scarcity, opportunity costs, elasticity, surplus, welfare, etc. All these applied to demand and supply schedules and curves.
For Part II (50%) the focus will be Theory of the Firm.
Case I: Elasticity
Demand and Supply are represented by the functions below:
QD = 8250 – 325P QS = 850 + 175P
Exercise:
1. Compute quantity and price in equilibrium
2. Determine what would happen if the price changed to 12$
3. Plot the graph representing the first two questions.
4. Compute the elasticity of both curves assuming the price would increase from 22$ to 24$.
5. Plot the graph for question 4.
Part I
Case I: When do we stop baking pizzas? Part II
Background
Simeon’s Bakery has the production function per hour shown in the accompanying table. The hourly wage rate foreach worker is $9. Each pie sells for $6. Consider the following cost information for the bakery:
0 worker 0 14 27 3 10 4 12 5 13
a) Calculate the marginal product of labor for each worker and the value of the marginal product per worker.
b) Draw the value of the marginal product curve. Use your diagram to determine how many workers Simeon should employ.
c) Now the price of pies increases to $8. Calculate the value of the marginal product per worker and draw the new value of the marginal product curve into
your diagram. Use your diagram to determine how many workers Patron should employ now.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more