MICROECONOMICS QUESTIONS NEED ANSWERS ASAP.

MAKE IT OWN WORK PLEASE. EXTENSIVE HOMEWORK

INSTRUCTIONS GIVEN FOR EACH QUIZ

1.

Average Hourly private employee wages from the Bureau of Labor Statistics March 2006 - October 2016 Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2006 10.04 10.04 10.00 10.02 10.00 9.97 10.06 10.12 10.15 10.13 2007 10.13 10.13 10.10 10.09 10.08 10.11 10.10 10.11 10.09 10.07 10.02 10.02 2008 9.99 10.00 10.01 9 9.98 9.90 9.86 9.92 9.93 10.03 10.26 10.38 2009 10.36 10.34 10.38 10.39 10.38 10.31 10.33 10.32 10.31 10.30 10.28 10.29 2010 10.31 10.34 10.33 10.35 10.37 10.37 10.38 10.38 10.39 10.38 10.36 10.32 2011 10.33 10.31 10.25 10.23 10.23 10.24 10.25 10.20 10.20 10.24 10.21 10.22 2012 10.20 10.19 10.21 10.20 10.23 10.27 10.29 10.22 10.21 10.17 10.22 10.26 2013 10.25 10.21 10.25 10.30 10.30 10.32 10.30 10.30 10.30 10.31 10.32 10.30 2014 10.29 10.33 10.31 10.29 10.30 10.32 10.32 10.35 10.34 10.34 10.40 10.41 2015 10.54 10.53 10.54 10.55 10.54 10.51 10.53 10.57 10.59 10.59 10.60 10.61 2016 10.66 10.68 10.70 10.69 10.69 10.68 10.72 10.71 10.71(P) 10.72(P) P = projected C = corrected Consumer Price Index for Jan 2006 - October 2016 from the Bureau of Labor Statistics Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2006 198.3 198.7 199.8 201.5 202.5 202.9 203.5 203.9 202.9 201.8 201.5 201.8 2007 202.416 203.499 205.352 206.686 207.949 208.352 208.299 207.917 206.490 208.936 210.177 210.036 2008 211.080 211.693 213.528 214.823 216.632 218.815 219.964 219.086 218.783 216.573 212.425 210.228 2009 211.143 212.193 212.709 213.240 213.856 215.693 215.351 215.834 215.969 216.177 216.330 215.949 2010 216.687 216.741 217.631 218.009 218.178 217.965 218.011 218.312 218.439 218.711 218.803 219.179 2011 220.223 221.309 223.467 224.906 225.964 225.722 225.922 226.545 226.889 226.421 226.230 225.672 2012 226.665 227.663 229.392 230.085 229.815 229.478 229.104 230.379 231.407 231.317 230.221 229.601 2013 230.280 232.166 232.773 232.531 232.945 233.504 233.596 233.877 234.149 233.546 233.069 233.049 2014 233.916 234.781 236.293 237.072 237.900 238.343 238.250 237.852 238.031 237.433 236.151 234.812 2015 233.707 234.722 236.119 236.599 237.805 238.638 238.654 238.316 237.945 237.838 237.336 236.525 2016 236.916 237.111 238.132 239.261 240.229 241.018 240.628 240.849 241.428 241.729 2. Has the average wage kept up with inflation? How do we calculate this? Increase in average wages = ((average wage October 2016 - average wage Mar. 2006)/average wage Mar. 2006) x100 Increase in inflation = ((cpi October 2016 - cpi Mar. 2006)/ cpi Mar. 2006) x 100Economics 302: Intermediate Microeconomics II Assignment 3 (Due in my office 3:00, Thursday March 19) 1. Consider two firms, 1 and 2, each producing an identical good simultaneously. This good has market demand given by the (inverse) demand function p = 10 - Y, where p is price, and Y = y1 + yz is market quantity. of represents the amount produced by firm i. These firms have cost functions as follows: C, = cut, where c1 = c2 = 1. (60 pts) a) Solve algebraically for these firm's reaction functions, expressing each firm's optimal output level given some level of its competitor's output. b) Graph these reaction functions and show the equilibrium point. Include isoprofit contours through the equilibrium point for both firms. c) Solve algebraically for the equilibrium: Determine the equilibrium market price, as well as each firm's equilibrium quantity and profit. d) Is your answer to part c) the only equilibrium possible? Explain.4. There exists high-ability and low-ability workers. Firms are willing to pay up to $80,000 for a high-ability worker and $20,000 for a low-ability worker. Going to college provides a signal that one is a high-ability worker at a cost of $40,000. (a) Is a separating equilibrium where high-ability workers go to college and low-ability workers do not possible? That is, do high-ability workers have an incentive to go to college? (b) Suppose there are an equal number of high-ability and low-ability workers. What is the average willingness to pay for a random worker for a firm? Do high-ability workers go to college? (c) Do high-ability workers prefer the pooling or the separating equilibrium? What about low-ability workers? (d) Does increasing the difference between the firm's value of the two workers make it more likely a pooling or a separating equilibrium exists? (e) Does increasing the cost of college make it more likely a pooling or a separating equilibrium exists? (f) Does increasing the number of high-ability workers make it more likely a pooling or a separating equilibrium exists? (g) Using this framework, explain how increased income inequality (increased differences between the wages of high and low income workers) can lead to a higher willingness to pay for college and thus might be a driver of tuition increases.Consider the following Microeconomic market model, vvhere T is the level of Tax and A is the level of technology. Q=D(P,T) [oP0; sA>01 Analyze the comparative statics of the model to find the effect of the level of tax and that of technology on the equilibrium quantity and price simultaneously. (25) You can make use of any letter to symbolize the partial derivative as along as you explain it. for determinant J =DJ, DJ1, DJ2, etc