quarter ended June 30

 A total of 1250 worth of advertising copy was paid for and correctly charged to the advertising expense account during the quarter. An examination of the account shows that 400 of radio ads for the business will be aired during the first week of july which is the beginning of the third quarter of operations.  

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                Brigitte 

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Hi everybody

 I have MicroEconomic Assignment and I need help from somebody who can help me .

 

please I need it before Tuseday .. If any one help me i will be thankful for him

this is the Questions

 

Question 1 - Government Intervention in a Market Economy (To answer this question, you should use your textbook and search engines such as google, excite, lycos and yahoo) 

Sometimes a government may intervene in a market economy and prevent that market from reaching its equilibrium price. One example of such an intervention is when a government sets a “price floor”. 

a.    What is a ‘price floor’? 

b.    State ONE reason why a government imposes a “price floor”. 

c.    Look at the table below. It shows the supply and demand schedules in the market for maize.  

At what price can the government set a price floor that would be binding or effective?  

Price per kg	Quantity Demanded (in kg)	Quantity Supplied (in kg)
10	100	0
20	80	30
30	60	40
40	50	50
50	40	60

 d. What is the effect of the price floor - does the price floor lead to a shortage or a surplus? Of how much? 

e. Suppose that instead of being the market for maize, this question was about the market for labour (for workers).  A price floor in this market is called the minimum wage and it has the same effect as a price floor in the maize market.  What specific name is given to this effect in the market for labour? 

 

Question 2 – The Theory of Consumer Choice

 Mariam divides her income between coffee and croissants (both of which are normal goods).  Cold weather in Brazil causes a large increase in the price of coffee in the UAE. 

a.    Draw 2 graphs, each showing the effect of the cold weather on Mariam’s budget line. Place coffee on the x-axis and croissants on the y-axis. No numbers are required.

 b.    Assume that when the price of coffee increases, the substitution effect for croissants is greater than the income effect.                     

On your first graph, show the effect of this on Mariam’s optimal consumption combinations (consumer equilibrium points) by including 2 indifference curves in the appropriate positions. Label the first equilibrium point co₁ and cr₁ and the second equilibrium point co₂ and cr₂.  

c.    Assume that when the price of coffee increases, the income effect is greater than the substitution effect for croissants.                     

On your second graph, show the effect of this on Mariam’s optimal consumption combinations (consumer equilibrium points) by including 2 indifference curves in the appropriate positions. Label the first equilibrium point co₁ and cr₁ and the second equilibrium point co₂ and cr₂.  

 Question 3 - Production The production schedule of Small Toys Ltd, a firm making plastic toys, is described by the following: 

Labour (No. of persons employed per week)	Output(Plastic toys per week)
1	1
2	3
3	6
4	10
5	15
6	21
7	26
8	30
9	33
10	35

  a.    Calculate the Average Product and Marginal Product of labour. 

b.    Draw the Average Product and Marginal Product curves on the same graph. Use graph paper. 

c.    From your graph, state what is the relationship between Average Product and Marginal Product when Small Toys Ltd produces less than 30 toys a week. 

d.    State what is the relationship between Average Product and Marginal Product when Small Toys Ltd produces more than 30 toys a week. 

e.    State what is the relationship between Average Product and Marginal Product when Small Toys Ltd produces 30 toys a week. 

Thanks..

 

 

Hi, I'm an experienced tutor with two teaching credentials (English and Multiple Subject). I've decided to try to get a math credential as well, and I need help. Can anyone recommend a book or website that's clear? I need help with some of the math knowledge, but not from square one. (I.e., I currently tutor geometry and remember some algebra, but would not tutor algebra II.)

Thanks! jeanie