Expert answer:Essay Question about Micro Economics

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Expert answer:Please answer questions in the document one by one. Copy on question and then answer the question.I also uploaded the reflection from professor for my last assignment. There are some questions. You must see the reflection first, because it will help to attain professor’s expectation.
economic.docx

reflection.pdf

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I.
II.
1.
DEFINITIONS. Define any 10 terms.
Model
Parameter
Economic of scale
Diminishing returns
Externality
GDP
Elasticity
Net profit margin
Strategy
Public good
Private good
Oligopoly
ESSAY QUESTIONS. Answer following questions. Answer all parts of each
questions.
a) What is Imperfect Competition?
b) Develop a model demonstrating a possible result for one producer in the
Short run.
c) What is the long run? Explain and demonstrate.
d) Is there a steady state equilibrium for any one producer?
2.
a) What is Monopoly? What are the characteristics of monopoly?
What is essential for a monopolist to exist?
b) Using graphical analysis, develop a model of Monopoly
What is the short run result? Demonstrate.
c) What becomes the dilemma for a monopolist? What may happen to the shortrun efficient (market) result?
d) What is the long run in monopoly?
3.
a) What are Indifference Curves? Develop and demonstrate via a two Dimensional
model.
b) Given Indifference Curves, how is a decision made as to choices?
Explain the budget line, and show the result.
c) What is the concept “Utility”? Demonstrate via a model (and table), explaining
Total Utility, and Marginal Utility
d) Using Utility analysis, if one is economically rational, how does he/she allocate
his/her choices?
4.
a) What is Perfect Competition?
b) Show a short run situation. Determine if the producer has above normal profit
or loss.
c) What is the adjustment to the S-R?
d) What is the long-run tendency?
…
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