Homework answers / question archive / 1)When you say "the consumer prefers an equal proportion of consumption and leisure", does that mean that consumption and leisure is one-to- one perfect complements? and when you say "if the consumer likes a fixed proportion of 4 units of consumption and 1 units of leisure", what does its indiffernce curve look like? 2)Consider the following demand and cost information for a firm

1)When you say "the consumer prefers an equal proportion of consumption and leisure", does that mean that consumption and leisure is one-to- one perfect complements? and when you say "if the consumer likes a fixed proportion of 4 units of consumption and 1 units of leisure", what does its indiffernce curve look like? 2)Consider the following demand and cost information for a firm

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1)When you say "the consumer prefers an equal proportion of consumption and leisure", does that mean that consumption and leisure is one-to- one perfect complements?

and when you say "if the consumer likes a fixed proportion of 4 units of consumption and 1 units of leisure",

what does its indiffernce curve look like?

2)Consider the following demand and cost information for a firm. Price Total Cost Marginal Revenue Marginal Cost Profits Quantity 0 1 30 25 20 15 10 WN Total Revenue 0 25 40 3 7 12 18 25 45 4 40 (a) Complete the table above. [8 marks] (b) What is the equilibrium output for this firm? State the profit/loss level at that output. [4 marks) (c) (1) In which market structure is this firm operating? [2 marks] (0) Prove your answer based in the information in the table. [4 marks) State TWO characteristics of the firm. [2 marks)
nitir 24 sic BBM102/03 Microeconomics July 2020 Question 4 (a) Why does a typical monopolistically competitive firm face a downward-sloping demand curve? [3 marks) (b) What is meant by the term "excess capacity" as it relates to monopolistically competitive firms? [7 marks)