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Intermediate microeconomics

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I have pulled 14 questions out of a pool of 30 that I would like to receive some help on. The assistance with each of these questions will allow me to figure out the remaining problems since some are similar in content.

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Let me know if you need further assistance with understanding these questions. Best of luck and thank you for using BrainMass.

Which of the following would cause quantity demanded to change without changing the demand curve?
a. A change in income.
b. A change in the price of the good.
c. A change in tastes and preferences.
d. A change in the price of a substitute good.

b. Only a change in the price would enable us to move along the same demand curve without creating a new one.

2. Two economists are debating whether or not to remove a tariff on luxury vehicles. They agree that consumers will benefit by $5 billion and that the harm done to domestic businesses and workers will only be $4 billion. One argues these facts make it obvious that the tariff should be removed. The other disagrees. What would be a likely reason for the second economist to disagree?

d. He has different value judgments about the weights that should be put on the benefits and costs.

While economists can all agree on empirical data, they can value things differently. While society as a whole is better off without the tariff, there can be other reasons why an economist would favor a particular segment of society, and so would favor the tariff.

3.

In the early 1990s, mounds of newspapers and worthless plastic piled up at recycling centers. As the nation's economy continued to grow, increased demand eliminated the mounds and turned them into shortages. In the mid-1990s, as recycling became more ...

Solution Summary

Comparative advantage, marginal cost, marginal utility, etc.

$2.19
See Also This Related BrainMass Solution

Intermediate Microeconomics Diagrams and Equations

Carol consumes two goods, x and y, with respective price p_x and p_y. Carol's utility function is given by u(x,y)=Min{2x+y,2y}. Carol's income is 84

On a diagram where the horizontal axis indicate the number of x and the vertical axis indicate the number of y, draw Carols's indifference curves for utility levels 30 and 40, label them as IC_30 and IC_40, respectively. On your graph, label the kink point of IC_30 bundle A and label the kink point of IC_40 as bundle B. What are the coordinates of A and B?

I would also like to be taught how to write the equation of the line that passes through all kink points please.

Im unsure about how to draw the graph so I dont know how to obtain the values of the coordinates and would like to know how to get the equation. Your help is greatly appreciated.

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