📘 microeconomics

1. **Problem Statement:** We have a utility function $$U(x,y) = x^y$$ with prices $$p_x = 3$$ and $$p_y = 4$$, and income $$I = 72$$.

1. **Problem statement:** Find the values of $x$ and $y$ that maximize the utility function $$U(x,y) = x^y$$ subject to the budget constraint $$3x + 4y = 72$$ using the Lagrange mu

1. **Problem Statement:** Find the values of $x$ and $y$ that maximize the utility function $U(x,y) = x^y$ subject to the budget constraint $3x + 4y = 72$ using the Lagrange multip

1. **Problem Statement:** We have a firm's production function given by $$q = a k^\alpha l^\beta$$ where $a>0$, $0<\alpha<1$, and $0<\beta<1$. The input prices are $w$ for labor ($

1. **Problem statement:** We have a firm's production function given by $$Q = A k^\alpha l^\beta$$ where $0 < \alpha < 1$ and $0 < \beta < 1$. The input prices are $w$ for labour (

1. **Problem Statement:** Given the marginal cost (MC), average total cost (ATC), and marginal revenue (MR) curves for a perfectly competitive firm, analyze the firm's economic pro

1. **Problem Statement:** We analyze the impact of a surge in demand for apples due to a new organic apple juice drink on the short-run and long-run supply curves in a perfectly co

1. **Problem Statement:** We want to understand the conditions in a competitive market where firms earn economic profits and whether this situation can persist in the long run.

1. **Consumer's Equilibrium in Ordinal Utility** Consumer's equilibrium occurs when a consumer maximizes their satisfaction given their budget constraint. In ordinal utility, this

1. **Problem Statement:** We analyze a single firm's equilibrium price and quantity in a perfectly competitive oil market using producer theory.

1. **State the problem:** We are given a firm's total cost at different quantities and a fixed price per unit of 7.00. We need to find the firm's profit level in the short run.

1. **State the problem:** We are given that at output $Q=3$, the average variable cost (AVC) is 10,000 and the average total cost (ATC) is 12,000. We need to find the average fixed

1. **Problem 27:** A perfectly competitive firm produces 3,000 units at a total cost of 36000. Fixed cost is 20000. Price per unit is 10. Should the firm continue to produce in the

1. **Problem Statement:** Draw indifference curve diagrams showing the income consumption curve (ICC) for three cases:

1. **Problem Statement:** We have two firms in a duopoly with demand functions:

1. **Problem Statement:** We need to find the Bertrand equilibrium prices for two firms where firm 1 has a marginal cost of $30$ per unit and firm 2 has a marginal cost of $10$ per

1. **Problem statement:** We have two identical duopoly firms with constant marginal costs of 10 per unit. Firm 1's demand function is $q_1 = 100 - 2p_1 + p_2$ and Firm 2's demand

1. **State the problem:** We need to compute and interpret the Price Elasticity of Demand (PED) for Coffee using the given price and quantity data before and after a price change.

1. **State the problem:** Calculate the Price Elasticity of Demand (PED) as the price of T-Shirts increases from $8 to $14 when income is $15M. 2. **Recall the formula for PED:**

1. Problem statement. You asked for drawings of the Income Consumption Curve (ICC) in three cases and a full decomposition of the price effect for a normal good, with clear labels

1. Problem Statement: Graph the Income Consumption Curve (ICC) for three cases and decompose the Price Effect for a normal good.