Microeconomics

If George spends $5 (total) a week on good X and good Y, and if the price of the good is $1 per unit, then how many units of each good does he purchase to maximize utility?

Microeconomics

Summary If George spends $5 (total) a week on good X and good Y, and if the price of each good is $1 per unit, then how many units of each good does he purchase to maximize utility? To maximize the utility, George has to spend all his money buying one type of good. Either he buys 5 units of good X or 5 units of good Y. Question (answer this question by using the information provided above) Given the number of units of each good George purchased in the above summary, what is his total utility?

Microeconomics: impact tax has after an increase in demand for a product.

Suppose all firms in a perfectly competitive market structure are in long-run equilibrium. The demand for the firms' product increases. Initially, price and economic profits rise. Soon afterward, the government decides to tax most (but not all) of the economic profits, arguing that the firms in the industry did not earn them - the profits were simply the result of an increase in demand. What effect, if any, will the tax have on market adjustment?

Microeconomics: quantity of output to produce

Using the table attached, what quantity of output should the firm produce? Explain your answer.

Micro ecomonics

A. Calculate the profit-maximizing activity level. B. Calculate the company's optimal profit and return-on-sales levels. A. When quantity is expressed as a function or price, what are the Florida demand and supply curves if p = $11, Ps = $5, Y = $12,000 billion, T = 75 degrees, and PI = $6, and PK = 12.5%. B. Calculate the surplus or shortage of Florida orange juice when P = $5, $10, and $15. C. Calculate the market equilibrium price-output combination. A. Calculate the implied are income elasticity of demand. B. Given the projected fall in income, the sales manager believes that current volume of 10,500 plants could only be maintained with a price cut or $5 per unit. On this basis... click for more