Microeconomics questions and answers in January 2022

Back in 2013, Foxtel had just finished acquiring Austar, its major competitor. Foxtel was enjoying near total dominance in the market. There were other players such as Optus TV and iiNet, however, the...
Joanna calculated that last year her income by fell by 4% and that the price of biscuits increased by 16%. As a result of those changes Joanna's consumption of biscuits fell by 40% Calculate her price...
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 $6.00 p...
Microeconomics Question   Use the figure below to answer the following question. The equilibrium point in the market is the point at which the S and D curves intersect. Assuming equilibrium price P 1...
(6) The price of good Y decreases by 8% and the quantity of good X sold increases by 4%. What is the cross-price elasticity of demand for good X with respect to good Y ? How are good X and good Y rela...
An American touring Europe was surprised to discover that the distance from London to Belfast is 521Km and the cost of airfare for a return journey was £198, while the distance from London to Paris i...
Joanna calculated that last year her income by fell by 4% and that the price of biscuits increased by 16%. As a result of those changes Joanna's consumption of biscuits fell by 40% Calculate her price...
Use diagrams to explain what happens when the patent of a product expires, and the firm operates facing new competition from other producers entering the market and offering differentiated varieties o...
The current Covid-19 pandemic has affected various economic sectors around the world. Choose two  (2) examples of consumer goods and services in the output market in Malaysia that has a clear impact ...