Microeconomics questions and answers in February 2022

Barb and Barry (BB) left their jobs to start a bakery in downtown Charlotte in 2010. Barb used to be an accountant and made $75,000 a year; Barry was a gym teacher at Cary High and made $60,000. ?...

. Stephanie produces earrings. She sells each pair of earrings for $5. The table below shows how many pairs of earrings can be produced, depending on the number of workers Stephanie hires. Fill in t...

(3) Perfect Competition (i) What is implied about efficiency if the average cost of producing a good exceeds the price people are willing to pay for it? (ii) What happens to the resources that were us...

(2) Perfect Competition (i) Using the global Corn market consider the impact of increasing demand for Ethanol made from corn in the short and long run. (ii) Why do the same farmers always complain of ...

. Which of the following best represents the pricing behavior of firms in an oligopolistic market? O Stay*Put Clothespins takes the market price of clothespins as given and produces the amount of cl...

. Determine whether the following ﬁrms operate in an industry that is considered a perfectly competitive market or pure monopoly. a. Katherine's Orchard sells apples in Washington. a state in whic...

. The graph below depicts the revenue and cost curves for Pike's Flower Shop. Pike's Flower Shop 20 18 MC "g 15 ATC E 14 MR 8 12 Ave :1 5 10 a? 13 8 3 £2 6 3 4 o 2 C D 25 50 75 100 125 150 175 20...

. The table below shows the total cost (TC) and marginal cost (MC) for Baker Street, a perfectly competitive firm producing different quantities of apple pies. The market price of apple pies is $7.0...