Micro Economics

posted by .

Briefly explain the following:
(a)Economic cost and accounting cost.
(b)Free market economy and mixed economy.
(c)Marginal utility theory and indifference curves analysis.

Please note that we don't do students' homework for them.

Once YOU have come up with a response to YOUR questions, please re-post and let us know what you think. Then someone here will be happy to critique your work.


3. please Answer the following questions about Lagrange multipliers and optimal
(a) Let the utility function for good x and y be y + ln (x) (natural loga-
rithm). Write out the Lagrangian function and …rst order conditions.
Find the demand function. Find the income and substitution e¤ects
(in derivative form) of an increase in the price of good x, and y.
(b) Solve for the Cobb Douglas demand functions for utility function
u (x; y) = x y (in this case let + > 1). Also suppose that the
consumer has an endowment of x0 units of good x and y0 units of
good y (so the consumer maximizes utility subject to the constraint
that the value of chosen consumption is less than or equal to px0+qy0 .
Find the income and substitution e¤ects in derivative form.
(c) For utility function y +bx …nd the demand function when p < b and
q = 1. Can you …nd the Lagrangian multipliers for this case?

I have alot of question in micro, if you can help me answer, so I will pay!!

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Microeconomics

    I need help with question, we havent covered this topic yet and i wanted to push ahead. Thanks. 'Consumers maximise utility subject to a budget constraint. Firms maximise output subject to a cost constraint'. Outline how the analysis …
  2. Economics

    The market for fertilizer is perfectly competitive. Firms in the market are producing output, but they are currently making economic losses. a. How does the price of fertilizer compare to the average total cost, the average variable …
  3. Economics

    Why would a country choose to have a mixed economy?
  4. Social studies

    Could you please check these other sets of terms. Here are the terms: scarcity cost benefit analysis marginal revenue needs incentives economy opportunity cost variable costs capitalism marginal cost food, clothing,shelter, and other …
  5. Indifference Curves

    For each example below, draw a set of three indifference curves that represent the given preferences. Be certain to show the direction of increasing utility. Also write down a utility function that would be consistent with the given …
  6. economics

    Briefly describe the main attributes of the following economic systems: market economy, centrally planned economy, and mixed economy.
  7. economics

    Briefly describe the main attributes of the following economic systems: market economy, centrally planned economy, and mixed economy.
  8. economics

    Explain how resources are allocated in a market economy. what should i talk bout,well i should i talk about the 3 types of economics system like fixed economy,free market,planned market and command market?
  9. economics

    For the total variable cost (TVC), draw a positive total fixed cost (TFC) and total cost (TC) curves. Then derive the associated marginal cost (MC), average total cost (ATC), average variable (AVC) and average fixed cost (AFC) curves. …
  10. economics

    6)Assume the graph below represents the market demand for a patented prescription drug together with the firm-level marginal cost and average cost functions for producing the drug. Assume these cost curves do not reflect R&D costs …

More Similar Questions