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Microeconomics

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Microeconomics 2nd Edition Solutions Manual

(Economics)

Edition: 2nd Edition


Author: Crazy for study


ISBN: 9780073375854

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6 Reviews
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Bernheim and Whinston's microeconomics 2nd edition is uniquely designed to appeal to a variety of student learning styles. The content focuses on core principles of the intermediate microeconomics course: individuals and firms making decisions, competitive markets, and market failures, and is delivered in a combination of print, digital, and mobile formats appropriate for today's learner. McGraw-Hill's adaptive learning component, LearnSmart, provides assignable modules that help students master core concepts in each chapter. Scan codes within the chapters give students mobile access to online resources including videos on how to solve In-Text Exercises. Extensive end-of-chapter material provides flexible options for both calculus and algebra-based courses. Bernheim and Whinston's completely integrated and accessible learning experience teaches students to apply and engage with a wide range of quantitative problems for more success in the intermediate microeconomics course. Sample questions asked in the 2nd edition of microeconomics: A firm has an unprofitable factory. Managers decide to close the factory, but only after operating it for an additional six months to meet existing contractual obligations. They can inform workers immediately or just prior to closure. If they tell workers immediately, the typical worker has a choice: try to line up a new job that will start when the factory closes or get a new job immediately. ?If the typical worker gets a new job immediately, avoiding unemployment, the firm will have to use temporary employees, who are inefficient. The payoffs of this outcome are $40,000 for each worker and ?$10 million for the firm. ?If the typical worker lines up a new job that will start when the factory closes, the worker will experience a short period of unemployment, but the firm will be able to wind down its operations efficiently. The payoffs of this outcome are $38,000 for each worker and ?$5 million for the firm. ?If the firm closes the factory without warning, the typical worker will experience a long period of unemployment. The firm will be able to wind down its operations efficiently, but will create a costly public relations problem. The payoffs of this outcome are $30,000 for each worker and ? $8 million for the firm. ?Illustrate this game (between the firm and a typical worker) by drawing a tree and solve it by reasoning in reverse. Is there a better outcome? How might the firm and worker achieve it? Suppose Dan's cost of making pizzas is C ( Q) = 4Q + ( Q 2 /40), and his marginal cost is MC = 4 + ( Q /20). Dan is a price taker. What is Dan's supply function? What if Dan has an avoidable fixed cost of $10? John is a salesman for the local car dealership. He can divide his 40-hour work week between talking to customers that walk in the door and calling possible prospects. Let W be the number of hours each week he spends on walk-ins, and let P be the number of hours spent on calling prospects. In a typical week, the number of cars John sells depends on the time he spends on these tasks as follows: N ( W , P ) = 0.9 W ? 0.01 W 2 + 0.5 P . John earns a bonus of $1,000 for each car he sells. a. Write down John?s constrained optimization problem. b. How should he divide his time between walk-ins and calling prospects? Consider again Phillip Morris's decision in Application 9.2 (page 302). How much would Marlboro sales have had to increase in response to a price reduction to $2 for that price reduction to increase profit?
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