Brookhaven Deadweight Loss Economic Efficiency Lost in The Equilibrium Market Ques

Brookhaven Deadweight Loss Economic Efficiency Lost in The Equilibrium Market Ques

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Brookhaven Deadweight Loss Economic Efficiency Lost in The Equilibrium Market Ques

There are 3 target in this Microeconomic that I would need to finish. You could find everything you need in the Microeconomic Course. The Quiz and Problem Set 4 would be in the Unit 4, including the lectures and extra information

  1. Quiz 4 would have 30 multiple choice questions in 40 minutes. Due day is 12/4
  2. Problem Set Questions (You would do in word file and I will submit it) Due day is 12/3

There are instructions and Extra information included, would could see it easily in the Tab Problem Set 4

  1. A firm calculates that the marginal product of labor (MPL) can be found from the following equation:

MPL = 35  2L

where L is the number of workers hired.

The production function for this firm is as follows:

35L  L2

 

The firm knows it can find profits with the following equation:

Profit = ´ Q  W ´ L

 

where P stands for the selling price of the good, Q stands for total output, and W represents the wage. Price is equal to $1.

  • If the wage is $11, how many workers will the firm hire? How much profit will it earn?
  • Compare this level of profits to those earned by the firm if it hired one fewer worker than L* and one worker more than L* to demonstrate that L* workers generate the most profit for the firm.
  1. Outsourcing has been a controversial topic ever since labor and manufacturing have been able to be transported. From a free-market perspective, what makes the issue so controversial?
  2. Connect the idea of the real-income effect and the substitution effect with the law of demand.
  3. Graphically illustrate the deadweight loss that results when a country imposes a tariff. Explain the meaning of the deadweight loss.

III. Comprehensive Final. It wont be available until 12/30, it would be 2 Quizzes. Due day is 12/8

Part 1 consists of 30 questions based upon concepts and definitions. The time limit for Part 1 is 40 minutes.

Part 2 consist of 20 questions. These questions require calculations. The time limit for Part 2 is 30 minutes.

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