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 a firm with the following production function
$$
q=K^{\frac{2}{3}} L^{\frac{1}{3}}
$$
(a) Let $w=1, r=4$ and $q=10$. What are the optimal level of capital and labor? First, we want to find our marginal rate of technical substitution,
$$
M R T S=-\frac{M P_L}{M P_K}=-\frac{\frac{1}{3} K^{\frac{2}{3}} L^{-\frac{2}{3}}}{\frac{2}{3} K^{-\frac{1}{3}} L^{\frac{1}{3}}}=-\frac{K}{2 L}
$$
and we can set this equal to the negative ratio of prices
$$
-\frac{K}{2 L}=-\frac{w}{r}=-\frac{1}{4}
$$
rearranging,
$$
2 K=L
$$
Next, we substitute this back into our production function,
$$
\underbrace{10}_q=K^{\frac{2}{3}}(\underbrace{2 K}_L)^{\frac{1}{3}}=1.26 K
$$
and solving for $K$,
$$
K^=\frac{10}{1.26}=7.94 $$ We can plug this back in to our above equation to obtain $K$ $$ L^=2 K^*=15.88
$$
What is the minimum total cost to achieve the production level of $q=10$ ?
To get our total cost, we just multiply the output levels by their prices and add them together
$$
\bar{C}=w L+r K=1(15.87)+4(7.94)=47.62
$$
Consider a firm with total cost function
$$
T C=50+10 q+2 q^2
$$
(a) Derive the average, average variable, and marginal cost functions
To get the average cost function, we divide the total cost function by $q$,
$$
A C=\frac{50}{q}+10+2 q
$$
To get the average variable cost function, we divide only the variable costs (Terms next to a $q$ ) by $q$,
$$
A V C=10+2 q
$$
and to ge the marginal cost function, we apply the power rule to the total cost function with respect to $q$,
$$
M C=10+4 q
$$
As a function of price, what is the optimal output level, $q$ ?
In a perfectly competitive market, $p=M C$. Setting them equal to each other
$$
p=10+4 q
$$
and solving for $q$ yields our solution
$$
q=\frac{1}{4} p-2.5
$$
Let $p=50$. What is the equilibrium output level, $q$ ? How much does the firm make in profits (or loss)?
Our equilibrium output level is
$$
q^=\frac{1}{4}(5)-2.5=10 $$ which gives total revenue of $$ T R=p^ q^*=50(10)=500
$$
and total costs of
$$
T C=50+10(10)+2(10)^2=350
$$
yielding profits of
$$
\pi=T R-T C=500-350=150
$$
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！
