MY-ASSIGNMENTEXPERT™可以为您提供my.uq.edu ECON1110 Microeconomics微观经济学的代写代考和辅导服务！
这是昆士兰大学 微观经济学课程的代写成功案例。
ECON1110课程简介
ECON1010 is an introductory course in Microeconomics. It focuses on how decision making agents within the economy (e.g. consumers, firms, government departments) make choices and how choices can be made in a way that makes the best possible use of limited available resources. Making choices is an integral part of everyday life – this course will help you to understand how the world operates, and, in doing so, shed light on how it might be changed for the better. For example, why do firms discount certain products but not others? Why is it so hard to find a good quality used car? Why does the government heavily tax petrol but not fast food? Why has the divorce rate increased over the past 50 years? This course will set you on the path to thinking critically about all areas of life where choices are made. A focus is placed on core economic principles that are immediately applicable rather than formal mathematical theorising.
Prerequisites
Course Description: Provides students with a practical understanding of the core economic principles that explain why individuals, companies and governments make the decisions they do, and how their decision-making might be improved to make best use of available resources.
Assumed Background:
There is a mathematical requirement for entry into degree programs offered by the Faculty of Business, Economics and Law. The mathematical requirements of this course are modest. Basic arithmetic and an ability to understand and manipulate simple graphs are required. These skills are basic employment requirements in the private or public sector.
ECON1110 Microeconomics HELP（EXAM HELP， ONLINE TUTOR）
Consider the following production function
$$
q=K^{0.7} L^{0.3}
$$
(a) What is the marginal rate of technical substitution?
To get the marginal rate of technical substitution, we need to apply the power rule to the production function for both capital and labor,
$$
\begin{aligned}
M P_K & =0.7 K^{-0.3} L^{0.3} \
M P_L & =0.3 K^{0.7} L^{-0.7}
\end{aligned}
$$
and then we can apply our formula to obtain the marginal rate of technical substitution,
$$
M R T S=-\frac{M P_L}{M P_K}=-\frac{0.3 K^{0.7} L^{-0.7}}{0.7 K^{-0.3} L^{0.3}}=-\frac{3 K}{7 L}
$$
I mentioned in the slides that this function has constant returns to scale. Use the technique I presented on slide 34 to prove this. Here are a few math tricks with exponents and parenthesis that might help:
$$
\begin{aligned}
(a b)^c & =a^c b^c \
a^c b^c a^d e^d & =a^{c+d} b^c e^d
\end{aligned}
$$
To prove constant returns to scale, we need to multiply both $K$ and $L$ by some common multiple, which we will call $t$
$$
(t K)^{0.7}(t L)^{0.3}
$$
using the first math trick, we can expand the exponents
$$
t^{0.7} K^{0.7} t^{0.3} L^{0.3}
$$
and using the second math trick, we can combine some terms
$$
t^{0.7+0.3} K^{0.7} L^{0.3}
$$
from here, we can substitute our production function, $q=K^{0.7} L^{0.3}$, which ends our proof
$t q$
since it implies that multiplying all the inputs by a common multiple gives us an output multiplied by the same multiple.
A golf ball manufacturer faces a fixed cost of $F=20$ for operating and a variable cost of $V C=2 q^2$ where $q$ is the quantity of golf balls it produces
(a) Derive the total cost function
We just add the fixed cost to the variable cost to obtain the total cost function,
$$
T C=F+V C=20+2 q^2
$$
Derive the marginal and average cost functions.
For the marginal cost function, we apply the power rule to the total cost with respect to $q$,
$$
M C=4 q
$$
and for the average cost function, we divide the total cost function by $q$,
$$
A C=\frac{20}{2}+2 q
$$
Are these short run or long run cost functions?
Since there are fixed costs, these are short run cost functions.
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