econ 103

User Generated

nmj605

Economics

Description

hello i would like someone to just change the words around and make the papers look different and change some words basically i would like you to paraphrase these 2 papers they are about 300 words and some drawings and numbers.  MIDTERM1_SOLUTION (1).pdf MIDTERM2_SOLUTION (1).pdf  the must be in pdf format and in less than 4 hours.

Unformatted Attachment Preview

UNIVERSITY OF WISCONSIN-MILWAUKEE Text PRINCIPLES OF MICROECONOMICS CHAKRABARTI Econ.103; SUMMER 2012 OUTLINE of SOLUTIONS for MIDTERM EXAMINATION Sol. 1. a. Wine 1200 0 b. 1200 / 9600 = 1/8 9600 Chocolates 12000 c. 12000 / 1200 = 10 Sol. 2. The opportunity cost of cars in terms of computers is 1.5. (Why? It takes 1.5 hours of labor to produce a car but only 1 hour of labor to produce a computer. If U.S. needs to produce 1 more car it needs to free 1.5 hours of labor from computer production which means it needs to reduce the production of computers by 1.5) Therefore, the autarkic (i.e. without international trade) relative price of cars in terms of computers is 1.5. Sol. 3. b. P* = $100, Q* = 3000, P*Q* = $300,000 Sol. 4. False: Quantity demanded is more responsive to price in the long run and a flatter demand curve reflects a more elastic demand. UNIVERSITY OF WISCONSIN-MILWAUKEE PRINCIPLES OF MICROECONOMICS CHAKRABARTI Econ.103; SUMMER 2012 OUTLINE of SOLUTIONS for MIDTERM EXAMINATION Sol. 1. ATC, AFC, AVC MC ATC AVC * * min ATC min AVC o Q a. True. (ref. figure above) b. True. (ref. figure above) Sol. 2. a. b. c. d. e. Sol. 3. a. b. c. d. e. Can not change price; P > AVC => do not shut down; P < MC => decrease production. Can not change price; P < AVC => shut down. Can not change price; P > AVC => do not shut down; P > MC => increase production. Can not change price; P > AVC => do not shut down; P = MC => stay put: no change in output. Can not change price; P < AVC => shut down. P < AVC => shut down. P < AVC => shut down. P>AVC => do not shut down; MR > MC => increase production and lower price. P>AVC => do not shut down; MR < MC => decrease production and raise price. P > AVC => do not shut down; MR = MC => stay put: no change in output or price.
User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

This question has not been answered.

Create a free account to get help with this and any other question!

Similar Content

Related Tags