# Principles of microeconomics | Economics homework help

PRINCIPLES OF MICROECONOMICS

FINAL ASSIGNMENT

1. The table below shows the total production a firm will be able to obtain if it employs varying amounts of resource X while the amounts of the other resources the firm employs remain constant. Compute the marginal product of each of the seven units of resource X and enter these figures in the table. Assume the product the firm produces sells in the market for \$3.00 per unit. Compute the total revenue of the firm at each of the eight levels of output and the marginal revenue product of each of the seven units of resource X. Enter these figures in the table below.

 Quantity of resource X employed Total product Marginal product of X Total revenue Marginal revenue product of X 0 0 1 24 _____ \$_____ \$_____ 2 44 _____ _____ _____ 3 60 _____ _____ _____ 4 72 _____ _____ _____ 5 80 _____ _____ _____ 6 84 _____ _____ _____ 7 86 _____ _____ _____

On the basis of your computations complete the firm’s demand schedule for resource X by indicating in the table below how many units of resource X the firm would employ at the given prices.

 Price of X Quantity of X demanded \$84 _____ 72 _____ 60 _____ 48 _____ 36 _____ 24 _____ 12 _____ 6 _____

2. Use the following total-product schedule for a resource to answer the next three questions. Assume that the quantities of other resources the firm employs remain constant.

 Units of resource Total product 1 12 2 21 3 27 4 32 5 36

(a) If the firm’s product sells for a constant \$2 per unit, what is the marginal revenue product of the third unit of the resource?

(b) If the firm’s product sells for a constant \$2 per unit and the price of this resource is \$8, how many units of the resource will the firm employ?

(c) If the firm can sell 12 units of output at a price of \$1.00 per unit and 21 units of output at a price of \$0.80 per unit, what is the marginal revenue product of the second unit of the resource?

3. The table below summarizes the marginal product data for labor in producing personal computers. Assume the other quantities employed by the firm remain constant. Compute the MPL, TR, and MRP and answer the following questions.

 L TPL MPL Price TR MRP 0 0 \$1000 _____ 1 10 _____ 1000 _____ _____ 2 18 _____ 900 _____ _____ 3 24 _____ 800 _____ _____ 4 28 _____ 700 _____ _____ 5 30 _____ 600 _____ _____

(a) What type of market is the one for personal computers?

Now look at the table below showing a different market situation for the demand for personal computers. Fill in the table and answer the following questions.

 L TPL MPL Price TR MRP 0 0 \$1000 _____ 1 10 _____ 1000 _____ _____ 2 18 _____ 1000 _____ _____ 3 24 _____ 1000 _____ _____ 4 28 _____ 1000 _____ _____ 5 30 _____ 1000 _____ _____

(b) What type of market does the firm face for personal computers?

4. Complete the following table, where L is the units of labor, TPL is the total product of labor, MPL is the marginal product of labor, P is product price, TR is total revenue, and MRPL is the marginal revenue product of labor.

 L TPL MPL P TR MRPL 0 0 \$2.00 \$_____ 1 10 _____ 2.00 _____ \$_____ 2 19 _____ 2.00 _____ _____ 3 27 _____ 2.00 _____ _____ 4 34 _____ 2.00 _____ _____ 5 40 _____ 2.00 _____ _____ 6 45 _____ 2.00 _____ _____ 7 49 _____ 2.00 _____ _____ 8 52 _____ 2.00 _____ _____ 9 54 _____ 2.00 _____ _____ 10 55 _____ 2.00 _____ _____

(a) In what type of market is the firm selling its product? How do you know?

(b) Why does the MRP schedule decrease as labor increases?

(c) Complete the following table.

 Wage rate Quantity of workers employed \$16 _____ 14 _____ 12 _____ 10 _____ 8 _____ 6 _____

5. What factors explain the high level of level of productivity in the United States?

6. Use the following data to answer the question.

 Demand and Supply of Labor Data Employment Total output Product price Wage rate 50 708 \$1.27 \$6 51 760 1.26 7 52 810 1.25 8 53 858 1.24 9

How many units of labor will this firm hire in maximizing its profits?

7. What are the three different union strategies pursued to increase wages?

8. Use the extreme points from a production possibilities schedule below to draw two straight line production possibilities curves for two nations, A and B using the below graphs. Assume constant costs.

(a) What is the cost ratio for the two products?

(b) If each nation specializes according to comparative advantage, who should produce and trade each product? Why?

(c) What will be the range for the terms of trade? If the terms are set at 1 food = 2 clothing, show how the trading possibilities lines will change in the graph. Explain.

9. Explain how the “Buy American” theme hurts Americans.

10. What is the purpose of the World Trade Organization and its current activity?

## Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
\$26
The price is based on these factors:
Number of pages
Urgency
Basic features
• Free title page and bibliography
• Unlimited revisions
• Plagiarism-free guarantee
• Money-back guarantee
On-demand options
• Writer’s samples
• Part-by-part delivery
• Overnight delivery
• Copies of used sources
Paper format
• 275 words per page
• 12 pt Arial/Times New Roman
• Double line spacing
• Any citation style (APA, MLA, Chicago/Turabian, Harvard)

# Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

### Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

### Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

### Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.