Microeconomics Questions

Match the characteristics with their market structure:
(a) Expand output until MC=MR
(b) Elasticity of demand depends on pricing policies of rivals

If demand curve for roller skates is D=23000−19P and supply curve is S=18000+6P, find the equilibrium Price?

The market for sugar is in equilibrium. If the supply of sugar increases, the equilibrium price of sugar will ________ and the equilibrium quantity will ________.

If price of an article decreases from Rs 600 to Rs 500, when quantity demanded increases from 10000 units to 12000 units. Find point elasticity of demand?

If one more baker is hired the output of a bakery will increase from 1250 breads to 1400 breads per day, but then the bakery will have to reduce the price of the bread from Rs 15 to Rs 14 per unit to sell the additional output, the marginal revenue product of the last baker is __________

Match the characteristics with their market structure:(a) Firm has control over quantity of output but it must take into account reactions of competitors.(b) Firm will tend to set output so that it earns maximum profits.

If price of an article decreases from Rs 240 to Rs 220, when quantity demanded increases from 200 units to 210 units. Find point elasticity of demand?

Goods whose demand is proportional to price are called

If demand curve for house cleaning services is D=45000−21P and supply curve is S=15000+9P, find the equilibrium Quantity?

An increase in price will_________.

If price of an article decreases from Rs P
1
​
to Rs 240, when quantity demanded increases from 8000 units to 8400 units, and if point elasticity of demand is −1.25 find P
1
​
?

If a perfectly competitive firm can increase its profits by increasing its output, then that firm's product's __________.

7 workers work in a printing press. Each gets paid Rs 450 per day. The 8th worker demands Rs 500 per day. If this worker is hired then all other workers must be paid Rs 500. The marginal resource (labour) cost of the 8th worker is ________.

If price of an article decreases from Rs P
1
​
to Rs 190, when quantity demanded increases from 5000 units to 5200 units, and if point elasticity of demand is -0.8 find P
1
​
?

In perfect competition a firm maximizes profit by ________.

If one more cobbler is hired the output of a shoe making unit will increase from 50 pairs of shoes to 55 pairs per day, but then the shoe making unit will have to reduce the price of a pair of shoes from Rs 3200 to Rs 3000 per pair to sell the additional output, the marginal revenue product of the last cobbler is

A ceramic pottery unit hires 8 craftsmen by paying each of them Rs 900 per day. The 9th craftsman demands Rs 950 per day. If this craftsman is hired then all other craftsmen must be paid Rs 950. The marginal resource (labour) cost of the 9th craftsman is ________.

Which of the following is a characteristic of pure monopoly?