Microeconomics

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++++++ Ask your Micro questions and an experienced Success Formula tutor will answer them as soon as possible ++++++ Any problems or questions while studying/preparing for Micro? Don't worry, we've got you covered! Just post any of your questions in the Micro course on Studydrive (as a separate post, not as a comment) and our professional tutors will help you!!! We wish you lots of success! Your Success Formula Team
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Basically what Guillaume explained is the correct approach, maybe to make it a bit more intuitive for u I can try to reexplain. So basically what is asked in this question is, if I change my price how does my consumer surplus (CS) change. The CS is always the difference between the price set and what a consumer is willing to pay for a certain quantity, hence your demand curve. Therefore you need to calculate it. You take your y intercept and then calculate your slope with (y2-y1/x2-x1) that's how you get the demand curve Guillaume used in his first explanation. Then you either calculate the difference between your original CS and the new CS, so basically calculate the area of each, in the triangle form and deduct them from each other. Here remember the area of a triangle is 0.5* base length*hight
Thank you!
Question for Sbe students: Do you know when we have to upload the resit of c.skills? Because in student portal/QM1/course materials It says that you have to send It on the 19 january, nevertheless, I have a Gmail from the university saying that you can send all the assignment and papers of period 1 and 2 resits until the 31 january.
Any complaints for micro ?
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Pay attention that Market Power is -1/Epsilon
Why is the answer C and not B? the price of snacks shouldn't be rising since he can buy more snacks
Moneybag, learn english you dumb Fuck!
Moneybag, What the fuck are you saying didnt get anything!
Why is this b and not d?
What you have to do is remember that Q=qa+qb that you can plug into the demand curve for each individual firm sop Da: P=105-5(qa+qb) and then you just use the regular MR=MC so you build the Revenue curve for firm a: R=105qa-5qa^2-5qbqa and then take the derivative. You can do the exact same for firm B. Since they have the same MC the firms will have the same best repose curves when solving MR=MC. To find the optimal outcome you set both best response curves equal. Its Also shown in lecture 7 really well
you get q=9 doing that tho
Does the MCquestion 1,2,3,4..... represents the whole question pool? As there are question in the last years exam which are not in the MCquestion-Post....
Why wouldn't it shift outwards?
because you can have less of both for the same price so the line shift inward
you can also think of it intuitively. If the price for each input factor increases but you can not have higher cost because otherwise you would shut down your only option is to reduce the input factors. Since the isocost isoquant graph always shows how much of each input factor you would use since it graphs K against L as both increase the graph shifts in.
Can someone please explain this one?
you basically just apply the Elasticity formula which give: 2x2p/40+2p. You can easily check that given any number of P the Elasticity will always stay in a range between 0 and -1 --> inelastic at all prices
Why not 60?
In the short run, a competitive firm sets its marginal cost equal to its marginal revenue. The MC function can be found by taking the derivative of the total cost function, giving us a MC function of 0.2q. Next, we set this equal to MR, which is equal to the price P of 10. So, 0.2q = 10. Divide both sides by 0.2 and you will find a quantity of 50 units.
Thank you v much
How is this not a)?
Because in a monopolistic competition, the products are also different.
Do you know how to solve this question?
you have to know the relation between elasticity and the impact on consumers. The more elastic the demand of S the more the Consumer will bear the tax and inversely
in this case since demand is more inelastic, it cannot escape the tax and thus pay more than the producer (I think) sooo A
Can somebody please explain how to do question 55 ? Thanks in advance.
you can look at the response to comment. kerchoff explains it
Can someone explain why the answer is B and not A? I can't figure out why
The budget constraint is a+0.5b=10 which is then just multiplied by 2
do you have the answer key to this? mind sharing it
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are those formulas all the ones necessary for the open part of the exam as well?
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Exactly! Lecture slides are also very important for the open part!
thanks :) any notes from the skills meeting someone doesnt mind sharing ?
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Cool Thank you!
hey everyone, I can't seem to find a lot of summaries on the skills lectures of micro. Can anyone help out? thanks :)
How is this A and not b
You’re right, it should be A
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funny how some people still download
sure its not c?
If a model is only simple and easy to understand, but does not output accurate predicitons, it is useless to model the economy. Of course, given a certain accuracy, one prefers the simpler model.
hi
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Good job, but axis titles are wrong.
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is it correct ? why there is not any value for 0,000 in MPL ?
Is somebody selling their microeconomics textbook 8 edition ?
I am
Is someone selling their Micro book?
I am
Where would I have to search to buy a used book from a student that did this course last year?
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still relevent in 2019 ?
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why would you upload such a coarse manual smh my head
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How is question 56 derived again?
Do you have an answer?
How do you compute that?
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No it's C
the quantity distance between S and D at price 32 60-30=30
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Can anyone help me to solve question 44?
Can anyone explain how to calculate this?
I thought its the other way around ∆q/∆L? - help
Do you mean Demand?
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I can't understand question 33?
q is the acres he moves and he needs to work 2 hours (L) to get 1 q if you where to use q=2L and plugging in 2 for L you would get 2 so you need to q=0.5 L and when you plug 2 in that should give you 1
I found 9 and the answer is 6 can someone please explain it to me ?
MR=105-10q1-5q2=15 10q1=90-5q2 q1=9-0.5q2 q2=9-0.5q1 plug in each other and you get 0.75q1=4.5 q1=6
?
can someone upload all the weeks of skills please??
Already done, u got the week 2,3 and 4 here on study drive
i know but nothing for 5,6,7
????? Please help
A natural monopoly has a strictly decreasing average cost curve so it should be a
Why is it answer C) and not D)?
P=100-2(20)-2Qb P=60-2Qb 2Qb=60-P Qb=30-0.5P
thanks!
Can anyone help with the course assignment? stuck on some questions
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relevant until page 80
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Can anyone help me to solve question 18?
U=X+3Z which mean you get 1 point of utility from 1 good x and 3 points of utility from 1 good z. Y=10, Px=0.5 and Pz=2 always try the two extremes first so max amount of one good and then max amount of other while the other is 0. 10=0.5x x=20 and 10=2z z=5, Put the quantities back into the utility function to see which combo gives most utility given budget constraint in this case its 20, Other way is MRT=MRS
Anyone has has an econlab key that I can borrow? Please? First one who gives me the code gets a sandwhich at SBE. Thank you. Message me +31640773190
a sandwich for a code worth 50 euros:/
How do you solve this question? the correct answer is A
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Why is -2 + 0.67 = -1.2?
MRuk= MRge Puk(1+ 1/E) = Pge (1+ 1/E); Where E stands for elasticity Puk=3Pge For Germany; Pge(1+1/-2)= 0.5 Pge UK; 3Pge(1+1/E)= 0.5Pge times 2, divide by Pge 6+6/E =1 6/E = -5 Euk = -6/5= -1.2
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awesome summary
How to solve it?
Hi Anonymous Letter, I attach my solution. In this question, we first have to find the price that will arise in this monopoly and then use the formula for the Lerner Index Hope that helps! Best, Your Success Formula Team - Wojtek
Can somebody explain why the answer is b?
Hi Anonymous Letter, Here, we see 3 different demand curves - one intersecting at q=10, one at q=20 and one at q=40. The differences arise here because of the different prices of snacks in each of the scenarios: 1) Intersection at 10 => buying 0 juice Bobby can afford 10 units of snacks. As he has 20 euros to spend, it means the price per unit of snacks is 20/10=2. Then, the demand is tangent to the utility function where q=5 so we find one point of his demand curve to be p=2, q=5. 2) Intersection at 20 => p=20/20=1. Then tangent to the utility for q=7. So p=1, q=7 another point on the demand curve. 3) Intersection at 40 => p=20/40=0.5. Then tangent to the utility for q=10. So p=0.5, q=10 another point on the demand curve. Thus, we see that answer b is one of the possible points we found. Hope that helps! Best, Your Success Formula Team - Wojtek
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Can please anyone explain 51 and 52?
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