Microeconomics problem set 6. Mar 4, 2012 · Written by one of the world’s most respected and provocative economic theorists, this second edition of Lecture Notes in Microeconomic Theory is essential reading for students, teachers, and research economists. (d) True. Draw the budget constraint showing the trade-off between dining hall meals and Cups O Soup. a 9. This means that the goods x and y are perfect substitutes. S. Problem Set #3 Answer Sheet (53 points) Evaluate the assigned answer set, write corrections on the paper you are evaluating; on the top of the first pair write their total score clearly and circle it, and write “graded by” with your name. This leading textbook enables students to recognize and analyze significant data, patterns, and trends in real markets through its integrated, student-friendly approach to the subject providing practice problems, hands-on exercises, illustrative examples, and . In economic terms they are trying to maximize total utility, or satisfaction, given their budget constraint. Her marginal utility from socks is 50 utils and the price of socks is $ 5 per pair. QUESTION 1: (Total 12 points; 1 each for nos. 05 per minute, he could spend his entire budget on five round trips but no phone calls or 200 minutes of phone calls, but no round trips or any combination of Calculus. Principles of Microeconomics: Problem Set 5 Page 4 6. Colleen was willing to pay as much as $300 for the massage, but they negotiate a price of $200. Input prices and availability, as well as the level of production technology, bind firms to a certain production Sample Solutions for this Textbook. Chapter 1 - Adventures In Microeconomics Chapter 2 - Supply And Demand Chapter 3 - Using Supply And Demand To Analyze Markets Chapter 4 - Consumer Behavior Chapter 4. Run update50 in your codespace’s terminal window to ensure your codespace is up-to-date. Hofstra University, Juris Doctor, Prelaw Studies. Microeconomics 9 units · 44 skills. She spends 2 hours giving Colleen a massage. Make sure you have mastered the concepts and problem solving techniques from the following sessions before attempting the problem set: Preferences and Utility; Budget Constraints; Problem Set and Solutions. INTRO: Positive externalities occur when the consumption behavior of an individual has a pos- itive impact on another in a way that is not incorporated by prices. In this transaction. Problem set 6 EN English Deutsch Français Español Português Italiano Român Nederlands Latina Dansk Svenska Norsk Magyar Bahasa Indonesia Türkçe Suomi Latvian Lithuanian český русский български العربية Unknown Dec 15, 2010 · Adv Microeconomics; Problem Sets; Problem Sets. 1. c. 11 provides the conditions of demand and supply. Instructions: Write the answers clearly and concisely on these sheets in the spaces provided. Question # Principles of Microeconomics: Problem Set 7 Page 6 5. Define the term and explain a situation that demonstrates the ‘real world’ application of each of the following. Unit 1 Basic economic concepts. a 8. 9, 10) 1. A. Problem 4 Solution Video. c 2. between 6 and 8 units of output. Remember, these are simply graphical representations of the mathematical equations 4. Resource allocation and economic systems. Topic 1: Supply and Demand. M W: 11:35 – 12:50, WLH 201. Question # Microeconomics Solutions problem set 1. 36 MB. These revision notes consist of detailed Chapter-wise important topics and concepts. Features numerous original new problems—including 21 Microeconomics Solutions problem set 3. Problem 2a-b Solution Video. Free AP Microeconomics practice problem - AP Microeconomics Problem Set 6. Fully revised, expanded, and updated. A leftward shift in supply causes a movement up the demand curve, increasing the equilibrium price of air travel and decreasing the equilibrium quantity. This question deals with just the cost 5. Set ci t = 0 for all agents i where the Pareto weight is li = 0. (2) True. Since consumers are risk neutral, the price of a new car is equal to the expected value of a new car: Free AP Microeconomics practice problem - AP Microeconomics Problem Set 6. Click on the following link to download the problem set for this module: Utility Problem Set. Make sure you have mastered the concepts and problem solving techniques from the following sessions before attempting the problem set: Oligopoly II. Turn in one problem set and put both names in the space The problem set is comprised of challenging questions that test your understanding of the material covered in the course. First, combine the indifference curve mapping from chapters 1 and 2 with the budget constraint from chapter 3, as shown in figure 4. 54 MB. Find price P, number of firmsn, and the output q j of each firm in long-run equilibrium. Assuming that she spends equal amounts on both 6. Problem Set 14. (c) True. Make sure you have mastered the concepts and problem solving techniques from the following sessions before attempting the problem set: Introduction to Microeconomics. We deal with these three components sequentially. Scenario 2: This applies to questions 6 and 7. Here, the learners can get easy access to the Chapter-wise notes from the below-mentioned quick links. Unit 8 Factor markets. Consider the 2-person simultaneous move game in table 1: Table 1: game theory. You might think of them as little quizzes, which you can use to hone your skills. Students are motivated to study economics if they see that it relates to their own lives. <br /> Step 3. Show more chapters add. 1: Define a budget constraint conceptually, mathematically, and graphically. Question # Module 6 Assignment: Problem Set—Utility. AP®︎ Microeconomics Standards mappings. 1 The Problem of Imperfect Information and Asymmetric Information; Book title: Principles of Microeconomics 2e Publication date: Sep 15, 2017 One of the choices listed in the problem, the six round trips, is not even available on the budget set. Jennifer P. In the first phase, the initial basic feasible solution has to be found and the second phase involves optimization of the initial basic feasible solution that was obtained in the first phase. The type B consumer likes AP Microeconomics Unit V: The Factor (Resource) Market Problem Set #5 Directions: Write the below questions and answers on a separate sheet of paper. 2 How Changes in Income and Prices Affect Consumption Choices; 6. is 6 times as strong as the substitution e¤ect. EXPLAIN an experience or example that shows the “real world” application of each of the Shown is a marketplace in Delhi. uk-2024-02-24-08-59-45 Subject: Unit 6 Ap Microeconomics Problem Set Answers Keywords: unit,6,ap,microeconomics,problem,set,answers Created Date: 2/24/2024 8:59:45 AM Choose 1 answer: up to the 3 rd unit of output. Suppose the Row player moves first and commits to either T, Mor B. For each unit produced, the total cost increases by the marginal cost. Unit 4 Consumer and producer surplus, market interventions, and international trade. Unit 6 Market failure and the role of government. Put the LAST 4 DIGETS OF YOUR ID instead of your name on your answer sheet. 14 1. 1 The Problem of Imperfect Information and Asymmetric Information; Book title: Principles of Microeconomics 2e Publication date: Sep 15, 2017 Microeconomics 2 - Problem set 6 1 EXERCISES FOR GROUP PRESENTATION 1 Positive Externalities: Too little of a good thing. Unit 2 Supply, demand, and market equilibrium. Problem set 6 EN English Deutsch Français Español Português Italiano Român Nederlands Latina Dansk Svenska Norsk Magyar Bahasa Indonesia Türkçe Suomi Latvian Lithuanian český русский български العربية Unknown Microeconomics - Industrial Organization Extra Exercises week 6 (2020/21) with solutions. For 9 units, we see that total cost is $580. 6. The budget constraint is the set of all the bundles a consumer can afford given that consumer’s income. Topic 7: Competitive Markets: Analysis. a. Consider the following information: The probability of a fire in a factory without a fire prevention program is 0. A Pareto optimum is then characterized as: 1. Problem Set 1 Problem Set 2 Problem Set 3 Problem Set 4 Problem Set 5 Problem Set 6 Problem Set 7 Problem Set 8 Microeconomics 9 units · 44 skills. Learn vocabulary, terms, and more with flashcards, games, and other study tools. 1 The Problem of Imperfect Information and Asymmetric Information; Book title: Principles of Microeconomics 2e Publication date: Sep 15, 2017 Jan 20, 2015 · Welcome to Economics 101A! This course is meant to introduce you to the world of formal economic modeling. 35 MB. video. There are a continuum of such equilibria: any s [0,1] will do. The price elasticity of demand for tickets to local baseball games is estimated to be equal to -0. The inverse market demand is P = 39 − 0. Emily is a rational consumer who gets utility from socks and music lessons, and she considers both of these goods normal goods. Producer theory views firms as entities that turn inputs—such as capital, land, and labour—into output by using a certain level of technology. Table 3. All AP Microeconomics Resources. 4 and 4. 1; 2; next; Amherst College 220 South Pleasant Street Amherst, MA 01002 Problem Set 2 Solutions Intermediate Microeconomics Mark Dean February 4, 2016 Question 1 (Indi erence Curves) 1. , each player plays the same strategy), since otherwise there exists a player that can do better by deviating. Licenses and Attributions. A - The Calculas Of Income And Substitution Effects Chapter Start studying Microeconomics Problem Set 6 Questions - Exam 3. over all of these quantities. Her weekly food budget is $60. 13 1/3. For this problem set you can choose to work with one other person. c 6. Topic 4: Firms and their Production Decisions. 2. There are two types of consumers. You’ll study the foundations of microeconomic thinking, including how to evaluate decisions based on constraints and trade-offs and make rational economic choices. Create a free account today. Problem 2 Solution Video. Unit 3 Elasticity. Use the data in the table below to answer the following questions: Quantity Marginal Private Benefit Marginal Private Cost Marginal Social Cost 0 -- $0 $0 1 $10 2 4 2 9 3 5 3 8 4 6 Problem Set 1 due June 14: Expenditure minimization and the dual problem. Income and substitution e ects. Unit 5 Consumer theory. Written by one of the world's most respected and provocative economic theorists, this second edition of Lecture Notes in Microeconomic Theory is essential reading for students, teachers, and research economists. Dirk Bergemann. • Study groups: For problem sets we require you to work in study-groups of 2-4 students. Unit 6 Production decisions and economic profit. Pro t maximization, cost minimization, and supply curves. Below are problem sets developed for the class. 50 per meal. Problem 2 (1) True. Unit 1 Basic Economic Concepts. Answers. A - The Calculas Of Utility Maximization And Expendiutre Minimization Chapter 5 - Individual And Market Demand Chapter 5. consumer surplus is $20 larger than producer surplus. Question # The problem set is comprised of challenging questions that test your understanding of the material covered in the course. a decrease in the price of a substitute 1 e. 33 MB. Problem set 2 Preview tekst Microeconomics Problem Set 6 To be handed in here before Wednesday March 22nd 2017, 23:59:59 Exercise 1: Edgeworth and the price mechanism for gin and tonic Adam and Boy both like gin and tonic. Topic 8: Monopoly. Microeconomics focuses on the decisions and actions of individual agents, such as businesses or customers, within the economy. Syllabus . Dec 29, 2019 · This textbook, Microeconomics: Theory Through Applications, centers around student needs and expectations through two premises: . a decrease in the price of a complement 1 D 1 P S 1 QQ P 1 D 1 P S 1 Q P 1 D 1 P S May 16, 2019 · Problem Sets. 8. Namely, any player that is not the closest to the mean can do better by moving closer. See examples below: Given information: The function, f (x,y)=4x2+3y2 Since, f (x,y)=4x2+3y2 Partially differentiate with The utility function is linear. 432-3592 Email. Problem 2 (a) The Engel curve gives the relation between the demand and the budget. 009Q. June 23: Competitive equilibria with production. Microeconomics: Competition, Conflict and Coordination (Oxford University Press, July 2022) As a student or instructor, you can read or download a free PDF of the final publication here . Factor Markets. • Problem sets are due before the 1:30pm class on Wednesday. What are Candy’s average total cost, average variable cost, and marginal cost? 𝐴𝑇𝐶= 𝑇𝐶 𝑄 =𝑄+ 4 + 9 𝑄 𝐴𝑉𝐶= 𝑉𝐶 𝑄 =𝑄+ 4 𝑀𝐶= 𝑑𝑇𝐶 Cosumnes River College Principles of Microeconomics Problem Set 6 Due Tuesday, March 24, 2015 . Problem Set #2 Answer Sheet (64 points) Directions: Evaluate the assigned answer set, write corrections on the paper you are evaluating; on the top of the first page write their total score clearly and circle it, and write “graded by” with your name. an increase in the price of a substitute d. Principles Of Microeconomics (Econ 160) 7 days ago. They will NOT be collected Wheaton College (Illinois), Bachelor in Arts, Ancient Near Eastern and Biblical Languages. Oct 19, 2014 · income of $300 and if the price of good 2 changes from $5 to $6, while the price<br /> of good 1 stays at $1, then the income e¤ect of the price change<br /> a. Unit 5 Factor markets. 3 Behavioral Economics: An Alternative Framework for Consumer Choice; Key Terms; Key Concepts and Summary; Self-Check Questions; Review Questions; Critical Thinking Questions; Problems Unit 6 Ap Microeconomics Problem Set Answers Author: winning. a. Problem Set 6 - Answers Problem Set 7 Problem Set 7 - Answers The problem set is comprised of challenging questions that test your understanding of the material covered in the course. Topics may include: Scarcity. Learning Objective 3. This leading textbook enables students to recognize and analyze significant data, patterns, and trends in real markets through its integrated, student-friendly approach to the subject providing practice problems, hands-on exercises, illustrative examples, and problem sets and exams. Problem 3 Solution Video. Step 4. a Demand and the law of demand. Problem 5 Solution Video. c F c NF 500,000 50,000 (b) Letting $xbe the amount of insurance coverage Ben purchases at a cost/premium of Assignment: Supply and Demand Problem Set: 4: Applications of Supply and Demand: Assignment: Applications of Supply and Demand Problem Set: 5: Elasticity: Assignment: Elasticity Problem Set: 6: Utility: Assignment: Utility Problem Set: 7: Production and Costs: Assignment: Production and Costs Problem Set: 8: Perfect Competition Problem Set 6 Solutions. Market failure and the role of government. Principles of Microeconomics: Problem Set 3 Page 6 c. CUNY Brooklyn College, Bachelor in Arts, Economics. Generally, consumers are trying to get the most for their limited budget. Assume that the consumer only gains utility from plants in plant pots. 01. ECON 101 Principles of Microeconomics. Principles of Microeconomics: Problem Set 8 Page 3 3. It deals with how consumers and firms allocate their scarce resources (income, time, input goods). Unit 7 Forms of competition. June 16: Competitive equilibrium in exchange economies. Jen values her time at $60 per hour (value of her time for 2 hours $120). Introduction to Calculus in Economics: Calculus is a powerful tool used in economics. p f = $4;p c = $2;y = $20 denote the respective 16. The 500 mail-order computer equipment suppliers are (discretely) forming a cartel. The market demand curve and the supply curve of a typical equipment supplier are given below. Suppose the cable company has a price of $4 per channel. For each of the following transactions, state the effect both on U. 5. 1-8, 2 each for nos. e. Khan Academy is a nonprofit with the mission of providing a free, world-class education for anyone, anywhere. e. b 7. 16. Microeconomics is a classroom-tested resource for learning the key concepts, essential tools, and applications of microeconomics. Chapter 1 - Thinking Like An Economist Chapter 1. 6. Her marginal utility from music lessons is 600 utils and the price of music lessons is $ 60. They will be handed back the following week. Economics 203: Intermediate Microeconomics I University of Victoria Spring 2017 Problem Set #2 Solutions Coverage: Chapter 9 and 9A “Production” and hapter 10 and 10A “Cost” and Chapter 11 “Perfect ompetition. 01 Principles of Microeconomics is an introductory undergraduate course that teaches the fundamentals of microeconomics. b 5. Main Body. International Trade. PROBLEM SETS: We will have roughly one problem set per week. b. Refer to Scenario 1. Section 1 Coverage: Chapter 9 and 9A “Production” Question 1: Nov 1, 2023 · Transportation Problem | Set 6 (MODI Method – UV Method) There are two phases to solve the transportation problem. The actual test consists of approximately 80 questions, which you will be given a total of 90 minutes to complete. ” Many questions are from the Frank and Parker text. Explain an example that demonstrates the “real world” application of each of the following. Prof. A - Algebra Of Supply And Demand Chapter 4 - Elasticity Chapter 10 - An Introduction To Behavioral Economics. 1 Consumption Choices; 6. 30 Hillhouse Avenue, #24. Principles of Microeconomics Problem Set #3 University of Alaska, Anchorage Lance Howe, Fall 2006 Elasticity, Inputs, and the Firm in Perfect Competition Page 1 of 5 Instructions: Answer each question completely. Note that my problem set questions are typically harder than exam questions. Unit 7. You will work in groups. $300, $800. We assume that the consumer has a budget—an amount of money available to spend on bundles. GDP and on the 16. The type A consumer must have her widgets, and is willing to pay a high price. Topic 2: Consumer Theory. Topic 5: Cost Curves and Cost Minimization. Comparative advantage and gains from trade. Problem Set 6: Solutions ECON 301: Intermediate Microeconomics Prof. Dec 11, 2023 · Microeconomics is a subset of economics that focuses on the actions of the individual participants in the economy, including individual consumers and businesses. Topic 6: Profit Maximization and Supply. a decrease in the price of a complement 10. (3) True. An important function is the cost function function C (x), the cost of producing a items (of whatever they are selling). Browse All Chapters of This Textbook. If you submit both Cash and Credit, we’ll record the higher of your two scores. » MIT OpenCourseWare » Economics » Intermediate Applied Microeconomics, Fall 2000. an increase in the price of a complement 1 f. Unit 4 Imperfect competition. Begin by considering the consumer choice problem prior to the introduction of the tax credit. Section Navigation. There are three methods for finding Dec 25, 2023 · Microeconomics is the social science that studies the implications of individual human action, specifically about how those decisions affect the utilization and distribution of scarce resources The CLEP Principles of Microeconomics exam covers a number of topics related to microeconomics, including behavioral components of consumers, how markets function, and how the free market is affected on the smaller scale. Unlike macroeconomics, which Unit 1: Basic Economic Concepts. Evaline and Carlos. 1 Description of the Budget Constraint. These practices – brief discussion of common errors and occasional additional information in answer keys, and individual-specific remarks on graded answers – will continue for all problem sets and exams. Your monthly budget for entertainment is $48 and your entertainment goods are cable TV and arcade games. up to the 3 rd unit of output. Dowell . co. Financial managers need a strong foundation in microeconomics. with at least one strict inequality. We know that the long-run profit function for each firm is given by π j = P2 −2P−399. MyEconLab Registration. Problem Set # 6. Problem Set 2 due Midterm Exam June 21: The rm’s problem. We offer sample solutions for Microeconomic Theory homework problems. Marek Weretka Problem 1 (Insurance) (a) Ben’s a ordable bundle if there is no insurance market is his endowment: (c F;c NF) = (50;000;500;000). This course introduces microeconomic concepts and analysis, supply and demand analysis, theories of the firm and individual behavior, competition and monopoly, and welfare economics. If you submit both versions of Mario, we’ll record the higher of your two scores. Applying Supply and Demand. Make sure you have mastered the concepts and problem solving techniques from the following sessions before attempting the problem set: Capital Supply and Markets I; Capital Supply and Markets II; Equity and Efficiency The problem set is comprised of challenging questions that test your understanding of the material covered in the course. Determine the Nash equilibrium/ia. Following is a table showing the demand for widgets. B. e 4. Intermediate Microeconomics (Econ 121b) Spring 2012. During week one we will arrange sign-up for forming groups. The interactions of the decisions that businesses and customers make will determine the price and quantity of a good or service that is sold in the marketplace. The notes contain 10 chapters covering every A low-income country decides to set a price ceiling on bread so it can make sure that bread is affordable to the poor. Problem 1 (a) True. [1] [2] [3] Microeconomics focuses on the study of individual markets, sectors, or industries as Principles of Microeconomics: Problem Set 10 Solutions Page 3 6. 13. If Jeremy has only $10 to spend and a round trip costs $2 and phone calls cost $0. Office hours W 1 – 2:30. Unit 3 Production, cost, and the perfect competition model. Hence the value of a defective car is $1,000. Problem Set 1 Solutions Intermediate Microeconomics Mark Dean February 4, 2016 Throughout this solution set, it is assumed that all physical goods are subject to non-negativity constraints. Uncertainty. 89. (4 Microeconomics is a classroom-tested resource for learning the key concepts, essential tools, and applications of microeconomics. Problem Set 3 due Economists believe that we can analyze individuals’ decisions, such as what goods and services to buy, as choices we make within certain budget constraints. 2013 mid-term exam. Be sure you have completed Lab 6 before beginning this problem set. The price of arcade games is $1 each. Question 1 (Budget Sets 1) Let f = number of footballs purchased, c =number of cricket balls purchased. Students . Firms in the market all have the same technology. Learn for free about math, art, computer programming, economics, physics, chemistry, biology, medicine, finance, history, and more. pdf. Problem Set 1: Suggested Answers. Solutions to the problem sets are available to current students on the course Blackboard site. Our free AP Microeconomics Practice Tests are each a selection of 10 to 12 questions, which will give you a cross-section of topics from the Microeconomics section of the official AP. A - Working With Equations, Graphs And Tables Chapter 2 - Comparative Advantage Chapter 3 - Supply And Demand Chapter 3. Course challenge. an increase in the price of a substitute 1 d. b 3. Define the Pareto problem as max ffci t g ¥ t=0 g N i=1 0 N å i=1 li ¥ å t=0 btu ci t s. MIT14_01SCF11_soln01. Note that the sketched curves should also include the corners, which were not rendered well in the image below. Wissink, Senior Lecturer PROBLEM SET INFORMATION ALL GRADED QUIZZES AND THEIR DUE DATES ARE LOCATED ON THE Pearson/MyEconLab COURSE SITE. 03 Fall 2000 Problem Set 7 Solutions Theory: 1. 14. We then move on to consider May 11, 2014 · QED Microeconomics I. The branch of microeconomics that deals with firm behaviour is called producer theory. This PDF version of the book lacks the interactive features of the e-book available here , and is made available free of charge for individual use under a CC Principles of Microeconomics 7 A college student has two options for meals: eating at the dining hall for $6 per meal, or eating a Cup O Soup for $1. This means that profit, which is equal to total revenue minus total costs is $450 - $580 = -$130. We show this as an upward or leftward shift in supply. Nov 7, 2015 · QED Microeconomics I. 0. Includes score reports and progress tracking. PROBLEM SETS Problem Set 5 : Problem Set 6 : Solution 6 : Principles of Microeconomics: Problem Set 2 Solutions Page 6 c. State whether the following decision is a short-run or long-run decision: . 1 The Problem of Imperfect Information and Asymmetric Information; Book title: Principles of Microeconomics 2e Publication date: Sep 15, 2017 Course Description. 1 The Problem of Imperfect Information and Asymmetric Information; Book title: Principles of Microeconomics 2e Publication date: Sep 15, 2017 Economics 1110dl Introductory Microeconomics Dr. Microeconomics is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms. What to Do. (b) True. AP®︎/College Microeconomics 7 units · 54 skills. All the pure strategy equilibria are symmetric (i. Feb 29, 2024 · GeeksforGeeks Class 11 Microeconomics Notes have been designed according to the CBSE Syllabus for Class 11. Furthermore, microeconomics explains market structures and price setting. . Relationship between Average Cost and Marginal Cost Candy’s Tortilla Company has a total cost function given by TC = Q 2 + 4Q + 9. If used cars sell for $1,000 and non-defective cars have a value of $6,000, then all cars in the used market must be defective. N å i=1 ¥ å t=0 ci t Y, where li 0 denotes the Pareto weight of agent i in the welfare function. pdf. C. Problem Sets with Solutions | Principles of Microeconomics | Economics | MIT OpenCourseWare. Economic models are typically made of three components: • Consumers; • Firms; • A market in which consumers and firms interact. In order to boost ticket revenues, an economist would advise: Question 6 options: not changing the price of game tickets because demand is unit elastic. Chapter 1 - First Principal Chapter 2 - Economic Models: Trade-offs And Trade Chapter 2A - Graphs In Economics Chapter 3 - Supply And Demand Chapter 4 - Consumer And Producer Surplus Chapter 5 - Price Controls And Quotas: Meddling With Markets Chapter 6 - Elasticity Chapter 7 - Taxes Unit 6. Students learn best from an inductive approach, in which they are first confronted with a problem, and then led Intermediate Microeconomics, Fall 2023 Problem set 4, due Nov. Column L M R T 5,5 6,3 3, Row M 3,6 5,0 4, B 2,3 6,4 5, a. Test your knowledge of the skills in this course. Unit 2 Supply and Demand. One of the initial applications areas is the study of a firm, a topic in microeconomics. Retains the engaging style and method of Rubinstein’s well-known lectures. The course starts by introducing consumer preferences and utility function. OPTIONAL BUT HIGHLY ENCOURAGED EXCEL PROBLEM SETS: these are problem sets (with answers) that you are encouraged to do. d. Assignments. travisperkins. Topic 3: Individual Demand and Market Demand. An increase in the price of jet fuel caused an increase in the cost of air travel. The Production Possibilities Curve. t. For example, the first unit produced adds $20 to costs resulting in a total cost of $320. The lowest level of y* that can be set and still have only the high-productivity people meet it is a. Problem 1 Microeconomics studies the economic (choice) behavior of consumers and firms. Unit 7 AP®︎ Microeconomics Standards mappings. What are the equilibrium price and equilibrium quantity before the price ceiling? 3. 38 MB. pl vd io qy up oh cv lv xf hi