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Essay on Econ
Using the data and your own economic knowledge, assess the case for financing universities mainly
through charging fees to their students.
Charging of fees means that payments will be taken from students instead of receiving subsidies
from the government. Education is a merit good as it produces positive externalities (i.e. a better
educated workforce that can increase productivity of the society) and is under–consumed as a result.
Alternatives to charging fees include government funding, gifting money to university and selling
research to commercial companies. There is evidently existence of market failure in education.
Extract B, line 1 suggests that universities need more income, and they were finance largely through
government ... Show more content on Helpwriting.net ...
The government uses taxes to subsidize universities and students. In order to achieve this, the
government needs higher tax revenue to create money for subsidies.
Graph for Government Subsidies:
However, if government uses taxes to subsidize university students, taxes such as incomes tax will
have to increase and this will increase the overall social cost. Furthermore, this will decrease
citizen's disposal income, which will lower their purchasing power and winder economic growth as
a whole. There are two other alternative methods, selling research to companies and encouraging
donation. However, even in the most successful cases in America, businesses only provide about 1%
or 2% of university income. Also, Britain is very different from America and lacks a culture of
charitable gifting to universities. Therefore these two methods may not be very effective if applied
in Britain. Government subsidies may sound like a beneficial policy, but it will carry some
unintended consequences. When the government subsidizes some product, it causes the price to go
down and consumption to go up. While this will help university students initially because of the
reduction in price, it also has the effect of leading to shortages because universities have limited
places. In addition to creating a larger burden on taxpayers, the government will also have to bear
opportunity costs of not being able to spend the tax
... Get more on HelpWriting.net ...
Essay On Econ
Econ Ex9Am
I–1 1) Macroeconomics is the branch of economics that deals with which of the following topics? A)
The behavior of individual consumers B) Unemployment and interest rates C) The behavior of
individual firms and investors D) B and C E) A and C Answer: B I–2 2) Which of the following is a
normative statement? A) The taxes paid by the poor should be reduced in order to improve the
income distribution in the U.S. B) State governments should not subsidize corporations by training
welfare recipients. C) Presidential candidates should not be given funds from the federal
government to run campaigns. D) The sea otter should not be allowed to spread into Southern
California coastal waters, because it will reduce the value of fisheries. ... Show more content on
Helpwriting.net ...
As a result, the demand for good B shifts to the left. From this we can infer that: A) good A is used
to produce good B. B) good B is used to produce good A. C) goods A and B are substitutes. D)
goods A and B are complements. E) none of the above Answer: Scenario 2.1: The demand for books
is: Qd = 120 – P The supply of books is: Qs = 5P II–7 15) Refer to Scenario 2.1. What is the
equilibrium price of books? A) 5 B) 10 C) 15 D) 20 E) none of the above Answer: II–8 16) Refer to
Scenario 2.1. What is the equilibrium quantity of books sold? A) 25 B) 50 C) 75 D) 100 E) none of
the above Answer: III–1 17) The slope of an indifference curve reveals: A) that preferences are
complete. B) the marginal rate of substitution of one good for another good. C) the ratio of market
prices. D) that preferences are transitive. E) none of the above Answer: III–2 18) In what ways can
economists help auto manufacturers estimate the marginal rate of substitution between features such
as vehicle interior size and acceleration? A) Examining production cost data B) Conducting
consumer surveys about willingness to pay for auto features C) Solving the standard consumer
model D) Statistically analyzing historical data on purchases of different types of autos E) B and D
only Answer: III–3 19) Indifference curves are convex to the origin because of: A) transitivity of
consumer preferences. B) the assumption of a diminishing
... Get more on HelpWriting.net ...
Essay On Econ
Econ
Practice Test 18 Multiple Choice Identify the letter of the choice that best completes the statement or
answers the question. ____ 1. Labor markets are different from most other markets because labor
demand is a. represented by a vertical line on a supply–demand diagram. b. represented by an
upward–sloping line on a supply–demand diagram. c. such an elusive concept. d. derived. ____ 2.
How much of the income in the United States is in the form of wages and fringe benefits? a. more
than 90 percent b. about 75 percent c. about 50 percent d. less than 75 percent ____ 3. The value of
the marginal product of any input is equal to the marginal product of that input multiplied by the a.
additional revenue. b. ... Show more content on Helpwriting.net ...
Figure 18–4 ____ 14. Refer to Figure 18–4. The shift of the labor demand curve from D1 to D2
could possibly be explained by a. technological progress. b. an increase in the price of firms ' output.
c. an increase in the supply of a relevant factor of production other than labor. d. All of the above are
correct. ____ 15. Owners of land are compensated according to the a. absolute level of production
from the land. b. number of laborers the land can support. c. purchase price of the land stock. d.
value of the marginal product of land. ____ 16. Because of diminishing returns, a factor in abundant
supply has a. a high marginal product and a high rental price. b. a high marginal product and a low
rental price. c. a low marginal product and a high rental price. d. a low marginal product and a low
rental price. ____ 17. If the government designates certain areas within a community to be
"wetlands," and therefore illegal to build upon, what happens to land not classified as "wetlands"
within the community? (i) The price of non–wetland land will rise. (ii) The marginal product of
non–wetland land will fall. (iii) The marginal product of non–wetland land will rise. a. (i) and (ii) b.
(ii) and (iii) c. (i) and (iii) d. (ii) only ____ 18. With regard to capital, it is important to distinguish
between a. the supply price of capital and the demand price of capital. b. the rental price
... Get more on HelpWriting.net ...
Essay On Econ

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Essay On Econ

  • 1. Essay on Econ Using the data and your own economic knowledge, assess the case for financing universities mainly through charging fees to their students. Charging of fees means that payments will be taken from students instead of receiving subsidies from the government. Education is a merit good as it produces positive externalities (i.e. a better educated workforce that can increase productivity of the society) and is under–consumed as a result. Alternatives to charging fees include government funding, gifting money to university and selling research to commercial companies. There is evidently existence of market failure in education. Extract B, line 1 suggests that universities need more income, and they were finance largely through government ... Show more content on Helpwriting.net ... The government uses taxes to subsidize universities and students. In order to achieve this, the government needs higher tax revenue to create money for subsidies. Graph for Government Subsidies: However, if government uses taxes to subsidize university students, taxes such as incomes tax will have to increase and this will increase the overall social cost. Furthermore, this will decrease citizen's disposal income, which will lower their purchasing power and winder economic growth as a whole. There are two other alternative methods, selling research to companies and encouraging donation. However, even in the most successful cases in America, businesses only provide about 1% or 2% of university income. Also, Britain is very different from America and lacks a culture of charitable gifting to universities. Therefore these two methods may not be very effective if applied in Britain. Government subsidies may sound like a beneficial policy, but it will carry some unintended consequences. When the government subsidizes some product, it causes the price to go down and consumption to go up. While this will help university students initially because of the reduction in price, it also has the effect of leading to shortages because universities have limited places. In addition to creating a larger burden on taxpayers, the government will also have to bear opportunity costs of not being able to spend the tax ... Get more on HelpWriting.net ...
  • 3. Econ Ex9Am I–1 1) Macroeconomics is the branch of economics that deals with which of the following topics? A) The behavior of individual consumers B) Unemployment and interest rates C) The behavior of individual firms and investors D) B and C E) A and C Answer: B I–2 2) Which of the following is a normative statement? A) The taxes paid by the poor should be reduced in order to improve the income distribution in the U.S. B) State governments should not subsidize corporations by training welfare recipients. C) Presidential candidates should not be given funds from the federal government to run campaigns. D) The sea otter should not be allowed to spread into Southern California coastal waters, because it will reduce the value of fisheries. ... Show more content on Helpwriting.net ... As a result, the demand for good B shifts to the left. From this we can infer that: A) good A is used to produce good B. B) good B is used to produce good A. C) goods A and B are substitutes. D) goods A and B are complements. E) none of the above Answer: Scenario 2.1: The demand for books is: Qd = 120 – P The supply of books is: Qs = 5P II–7 15) Refer to Scenario 2.1. What is the equilibrium price of books? A) 5 B) 10 C) 15 D) 20 E) none of the above Answer: II–8 16) Refer to Scenario 2.1. What is the equilibrium quantity of books sold? A) 25 B) 50 C) 75 D) 100 E) none of the above Answer: III–1 17) The slope of an indifference curve reveals: A) that preferences are complete. B) the marginal rate of substitution of one good for another good. C) the ratio of market prices. D) that preferences are transitive. E) none of the above Answer: III–2 18) In what ways can economists help auto manufacturers estimate the marginal rate of substitution between features such as vehicle interior size and acceleration? A) Examining production cost data B) Conducting consumer surveys about willingness to pay for auto features C) Solving the standard consumer model D) Statistically analyzing historical data on purchases of different types of autos E) B and D only Answer: III–3 19) Indifference curves are convex to the origin because of: A) transitivity of consumer preferences. B) the assumption of a diminishing ... Get more on HelpWriting.net ...
  • 5. Econ Practice Test 18 Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. ____ 1. Labor markets are different from most other markets because labor demand is a. represented by a vertical line on a supply–demand diagram. b. represented by an upward–sloping line on a supply–demand diagram. c. such an elusive concept. d. derived. ____ 2. How much of the income in the United States is in the form of wages and fringe benefits? a. more than 90 percent b. about 75 percent c. about 50 percent d. less than 75 percent ____ 3. The value of the marginal product of any input is equal to the marginal product of that input multiplied by the a. additional revenue. b. ... Show more content on Helpwriting.net ... Figure 18–4 ____ 14. Refer to Figure 18–4. The shift of the labor demand curve from D1 to D2 could possibly be explained by a. technological progress. b. an increase in the price of firms ' output. c. an increase in the supply of a relevant factor of production other than labor. d. All of the above are correct. ____ 15. Owners of land are compensated according to the a. absolute level of production from the land. b. number of laborers the land can support. c. purchase price of the land stock. d. value of the marginal product of land. ____ 16. Because of diminishing returns, a factor in abundant supply has a. a high marginal product and a high rental price. b. a high marginal product and a low rental price. c. a low marginal product and a high rental price. d. a low marginal product and a low rental price. ____ 17. If the government designates certain areas within a community to be "wetlands," and therefore illegal to build upon, what happens to land not classified as "wetlands" within the community? (i) The price of non–wetland land will rise. (ii) The marginal product of non–wetland land will fall. (iii) The marginal product of non–wetland land will rise. a. (i) and (ii) b. (ii) and (iii) c. (i) and (iii) d. (ii) only ____ 18. With regard to capital, it is important to distinguish between a. the supply price of capital and the demand price of capital. b. the rental price ... Get more on HelpWriting.net ...
  • 7. Econ Tutorial |ECON1220 |Principles of Macroeconomics |2012–2013 | |Sections 001–004 |Tutorial Exercise 5 |2nd semester | Short–Answer Questions 1. Suppose you deposit $1,000 at your bank, and the required reserve ratio (r) is 10%. Furthermore, assume that banks do not hold any excess reserves, and that the public do not hold any cash. Explain the money creation process that follows due to your initial deposit of $1,000, and calculate the maximum amount of money that can be created. 2. Suppose, as in Q.1, you deposit $1,000 at your bank, and the required reserve ratio (r) is 10%. Assume again, ... Show more content on Helpwriting.net ... C. bank receiving the check loses reserves and deposits equal to the amount of the check. D. bank against which the check is cleared acquires reserves and deposits equal to the amount of the check. 8. If actual reserves in the banking system are $8,000, checkable deposits are $70,000, and the required reserve ratio is 10 percent, then excess reserves are: A. zero. B. $1,000. C. $2,000. D. $500. 9. Money is destroyed when: A. loans are made. B. checks written on one bank are deposited in another bank. C. loans are repaid. D. the net worth of the banking system declines. 10. The total demand for money curve will shift to the right as a result of: A. an increase in nominal GDP. B. an increase in the interest rate. C. a decline in the interest rate. D. a decline in nominal GDP. 11. In which of the following situations is it certain that the quantity of money demanded by the public will decrease? A. nominal GDP decreases and the interest rate decreases B. nominal GDP increases and the interest rate decreases C. nominal GDP decreases and the interest rate increases D. nominal GDP increases and the interest rate increases 12. If in the market for money the amount of money supplied exceeds the amount of money households and businesses want to hold, the interest rate will: A. fall, causing households and ... Get more on HelpWriting.net ...
  • 9. Econ Islmbp Open Economy Macroeconomics: The IS–LM–BP Model When we open the economy to international transactions we have to take into account the effects of trade in goods and services (i.e. items in the current account) as well as trade in assets (i.e. items in the capital account). Opening the economy to international trade in goods and services means that we have to take into account the increased demand for our goods by foreigners (our exports), as well as the decreased demand for our goods that occurs because we purchase foreign goods (i.e. our imports). Total expenditures in an open economy are C + I + G + NX, where NX –– net exports –– is equal to the level of exports (X) less the level of imports (V). Thus, our exports (X) represent ... Show more content on Helpwriting.net ... Thus, the relative price of that foreign good has risen and therefore, less of it will be purchased by domestic residents. So, an increase in e will cause a decrease in imports: a higher e raises the relative cost of foreign goods and therefore reduces V. Conversely, a decrease in e lowers the relative price of foreign goods and therefore increases V. Thus, imports are determined by domestic income levels and the exchange rate. An increase in Y or a decrease in e causes V to increase. A decrease in Y or an increase in e causes V to decrease. The effect of opening the economy to trade in goods and services, is that the IS curve needs to be specified for a given exchange rate. The IS curve still depicts the combinations of i and Y for which the level of total expenditures equals the level of production, but now, in addition to being determined by the interest rate, total expenditures are also determined by the exchange rate (since the exchange rate affects the level of NX). Under a fixed exchange rate regime, the IS curve is fixed (unless there is a change in government spending or tax rates, or the government devalues or revalues the currency). Under a flexible exchange rate regime, the price of foreign exchange fluctuates to equate the demand and supply of foreign exchange. Thus, e changes on a frequent basis. Whenever e changes, the IS curve shifts. If ... Get more on HelpWriting.net ...
  • 11. Econ 1. Improvements in technology for producing all goods must result in (A) an inward shift in the production possibilities curve (B) an outward shift in the production possibilities curve (C) a flatter production possibilities curve (D) a steeper production possibilities curve (E) greater unemployment of labor 2. The quantity of peanuts supplied increased from 40 tons per week to 60 tons per week when the price of peanuts increased from $4 per ton to $5 per ton. The price elasticity of supply for peanuts over this price range is (A) Elastic (B) Inelastic (C) unit elastic (D) perfectly elastic (E) perfectly inelastic 3. Which of the following best describes the law of demand? (A) The ... Show more content on Helpwriting.net ... 7. Which of the following must be true if a firm is experiencing economies of scale? (A) All costs are explicit. (B) Long–run average total cost decreases as the firm's output increases. (C) Economic profits decrease as the firm's output increases. (D) Long–run average total cost remains constant as the firm's output decreases. (E) Proportionate increases in inputs result in less–than–proportionate increases in output. 8. Compared to a perfectly competitive industry with the same demand and cost curves, a monopoly's price and output will be which of the following? | Price | Output | (A) | The same | Higher | (B) | Higher | The same | (C) | Higher | Lower | (D) | Lower | The same | (E) | Lower | Higher | 9. If the demand for a good is perfectly price inelastic in the short run and the supply curve is upward sloping, imposing a sales tax on the good will (A) leave the price paid by consumers unchanged (B) decrease the after–tax revenues received by suppliers (C) increase the after–tax revenues received by suppliers (D) not change the after–tax revenues received by suppliers (E) not change the total expenditures by consumers on the good 10. The characteristic of oligopolistic firms that makes them different from all other types of firms is that oligopolistic firms (A) are regulated by a state agency or federal agency (B) consider each other's ... Get more on HelpWriting.net ...
  • 13. Richard Thaler Econs The podcast started out with new vocabulary right away, hyper–rational: always doing things to make you better. I took this in a relaxed way to what it actually meant. I know lots of people who seem like they only do things that will make them better; eat healthy, stay active, challenge their mind and other things that make it seem like they are only doing things to make them better. But as I learn later in the talk, they take this term to an entirely different level. Richard Thaler, one of the founders of behavioral economics, shared information that made me think about economics in an entirely different way. Home economicus (econs) was something that at the beginning I thought was almost a joke, I had never heard of anything like this before. Throughout the talk I realized that being this different type of person seems impossible. The examples to me seemed kind of rude, although done just to see what would happen. Using a fake cane or cast to get a seat on the subway and printing out fake "I Voted" stickers to me seems like more work than what it's worth, but that was the whole reason for this talk. There was a cost within those examples that made going the extra length to get the subway seat or fit the norm that you voted, worth it. Econs would live the "perfect" life. They ... Show more content on Helpwriting.net ... Yes, there would be positives to it. But econs demonstrated habits of free–loading. How would the world be better if everyone always took but never gave? Living as an econ would be difficult, Greg Rosalsky made that very apparent. He had a spreadsheet made to decide if asking a girl to date him was optimal. I don't know anybody who would go to that extent, but I guess some people do. There is an opportunity cost with everything we do. An econ would really weigh the cost and chose which option would truly be the most optimal, where everyone else just chooses which one they think is better in a quick ... Get more on HelpWriting.net ...
  • 15. Econ 101 Economics: intro Economic questions arise bc we want more than we can get. Inability to satisfy want: scarcity Incentives: rewards that encourage action or penalties that discourage action. Economics studies the allocation of scarce recourses among people Alfred marshell (1842–1924) shaped macro economics Joan robinson: " the main reason to study econ is to avoid being fooled by it Two main parts: A) Microeconomics: studying the choice of individual decision makers. And how they interact in markets B) macroeconomics: how the overall economy performs. 2 big questions 1. What, how and for whom do goods and services get produced? 2. When do choices made in self interest align with the social interest? ... Show more content on Helpwriting.net ... (holding other goods constant) PPF shows boundary between what we can produce and what is unattainable Building a PPF: First good: "numbers" Ex. X + 3=7 Second good: "words" Our PPF for X's & words EX. In textbook PFF's show marginal cost. "opportunity cost of producing one more unit" Preferences& marginal benefit your "likes" and dislikes marginal benefit: what your willing to give up to get an additional unit of something what does MB look like? Principle: the more you have of a good, the less you're willing to pay for an additional unit. Allocative efficiency: $ up the left side of graph, pizza across the bottom. MC is a positive incline, MB is a negative decline at pt Awe have allocative efficiency. We cant produce more of any one godd without giving up some other good that we value more highly lesson 4 recap: allocative efficiency (MB=MC) Economic growth isn't free 2 key factors Technological change o research and development Capital accumulation o Devote resources to production of capital Both require resources that could be used for current consumption Economic growth doesn't eliminate scarcity Opportunity cost of growth is reduced current consumption Consuming outside ... Get more on HelpWriting.net ...
  • 17. Econ 120 Reflection Paper 1. Before entering this class, what was your grade expectation? Why? When I decided to take this course I was expecting to get an A, because I believed that Econ 120 was going to be similar to my Econ class on high school; unfortunately, it was not. Econ 120 is more challenging. The first weeks of class were easy, but as the time passes the class got harder for me and my grades on the exams dropped my overall grade on the class. 2. What is your grade before the final test? What level of performance had you been at? My actual grade before the final is almost as my expectation grade when I entered this class, I have a B with 89% without the final. I believe I had been doing good, not as I wanted it, but good. My lower level of performance is on the multiple choice part of the exam, because I had been doing good on the writing portion on the test, since I try to prepare to the best of my capacity. I think I have a good level of performance because I have turned all my assignments on time and complete. Nevertheless, my performance, decreased with the third exam. 3. ... Show more content on Helpwriting.net ... What grade are you going to get in the final? How can this be accomplished? I am hoping to get an A on the final so my final grade could be an A, however I had been getting B on the exam; therefore, I believe I will get a B on the final because it sounds more realistic according to my level of performance. But in this exam I will prepare more than the last exam, I will read all the chapters more than once or even more than twice. I also plan to review the homework from connect and the practice quiz. Something new that I am planning to do is to try to answer the questions and exercises that are at the end of each ... Get more on HelpWriting.net ...
  • 19. Essay on ECON 2155 ECON (2155) DOCUMENT DATA EXERCISE #1 Consists of four parts Part 1: Expenditures Approach to Calculating GDP (weight 25% of the assignment grade) Complete the following exercise Visit the Bureau of Economic Analysis Web site at www.bea.gov In U.S. Economic Accounts under National click on Gross Domestic Product (GDP), then Interactive Tables: GDP and the National Income and Product Account (NIPA) Historical Tables, click "Begin using the data", and use Section 1 – Tables 1.1.5 and 1.1.6 to identify the GDP (nominal GDP) and real GDP for the past four quarters. a) Present the information that you received in your project as a table. b) Write a report (1 page double – spaced), which contains ... Show more content on Helpwriting.net ... What is the difference between gross domestic product (GDP) and gross national product (GNP)? What is the difference in what GDP measures compared to GNP? 2. Based on the table, what calculations must you make to determine GNP from GDP? 3. What is national income (NI)? What does NI measure? 4. Which was higher in this year, GNP or NI? By how much? 5. What calculations must you make to determine NI from GNP? 6. NI is composed of a number of categories. What category makes up the largest portion of NI? Part 3: GDP in Different Countries (weight 25% of the assignment grade) Complete the following exercise: Go to World Development Indicators database: http://databank.worldbank.org/data/views/variableSelection/selectvariables.aspx?source=world– development–indicators The countries for this part of the Data Exercise will be assigned by your professor. Select the 8 countries assigned for the project by checking the check boxes under Country. Select the 2 data series GDP (current US$) and Population (Total) under Series. Select the most recent year under Time. You can now retrieve that data by clicking one of the options on the upper right of the window. Clicking "Table" will allow you to view and copy the data for each country. Clicking "Download" will allow you to download the data in Excel, which can then be copied into your report table. Fill in the table below. Calculate the per capita GDP for the most recent available year for the countries with the equation
  • 20. ... Get more on HelpWriting.net ...
  • 22. Starbucks Econ Introduction: Starbucks Corporation, a global coffeehouse that reformed the coffee industry by introducing high– quality coffee under a pleasing and attractive environment. Coffee is the 5th most widely traded commodity in the world and it is believed that nearly 2.5 billion cups of coffee are consumed every day. Millions of people are directly and indirectly depends on the production, consumption and sales of coffee for their livelihood. The global market for coffee is characterized by volatile prices and production levels which impacts directly on the incomes of producers and prices facing consumers. Starbucks is the number one coffee retailer in the world market. Starbucks markets its coffee through grocery stores and licenses its brand ... Show more content on Helpwriting.net ... The strategies of MNEs to sustain their competitive advantage over their rivals are unique and specific in nature. Based on the recession indicators, this current recession is considered to be the worst in the last 40 years. This global economic meltdown severely affected all business in United States. Starbucks is of no exception. The tough economy, with consumers focused on stretching their paychecks and also with sales at established locations declining and profit sliding – the company is in the midst of a cost–cutting campaign that forced the closure of more than 600 underperforming stores in the U.S and 61 stores in Australia. It was really a very tough year for the company. Starbucks profit margin was severely hit during recession and rebuilding the company seemed to be the toughest challenge to the CEO Howard Schultz. While in United States and China, the sales were quite strong, but the sales for Starbucks coffee fall drastically in European market. Europe was considered to be the single market that poses a number of challenges for Starbucks. Apart from the challenges on sales and profitability ground, Starbucks had to confront challenges on the ethical issues at their overseas business operations. In the year 2005, Starbucks had to face serious criticisms in Ethiopia as the Ethiopian government shed the negative lights on the company's business ethics. ... Get more on HelpWriting.net ...
  • 24. Take Home Econ. ECON 101 – Macroeconomics Exam 1 (Take–home Part) Name Daniel Martinez Multiple Choice. Encircle the correct answer. [Bring a pencil on Saturday because you will put all your answers to this exam on a scantron sheet.] 1. Rice and potatoes are substitutes. Suppose the price of rice rises and and at the same time there is a bumper (bountiful) crop of potatoes, in the market for potatoes one would expect the: A) equilibrium price to rise, fall, or stay the same and equilibrium quantity to rise. B) equilibrium price to rise and the equilibrium quantity to fall. C) equilibrium price and quantity both to fall. D) equilibrium price to rise and the equilibrium quantity to fall, rise, or stay the same. 2. ... Show more content on Helpwriting.net ... Your decision is an example of the economic principle called: A) opportunity–cost decision. B) people responding to incentives. C) equity decision. D) marginal decision making. 12. Which of the following is most likely to shift the supply of milk to the right? A) a tax on each gallon of milk produced B) an increase in household income and milk is a normal good
  • 25. C) a decrease in the price of feed given to dairy cows D) the bankruptcy of many small dairy farms 13. If we add up the consumer spending on goods and services, investment spending, government purchases of goods and services, and the value of exports, then subtract the value of imports, we have measured the nation 's: A) disposable income. B) gross domestic product. C) trade deficit. D) value added. 14. Gross domestic product is defined as: A) consumer spending + government purchases + financial spending + exports – imports. B) consumer spending + government transfers + investment spending + exports – imports. C) disposable income + taxes + investment spending + exports + imports. D) consumer spending + government purchases + investment spending + exports – imports. 15. Rapidly increasing health costs have been a major political concern since at least 1992. Suppose the government sets the maximum price for a normal doctor 's visit at $20 to control rising health costs but the current ... Get more on HelpWriting.net ...
  • 27. Econ Suggested Ans Suggested Answers for Tutorial 8 [Team B] Chapter 31 3. a. When an American art professor spends the summer touring museums in Europe, he spends money buying foreign goods and services, so U.S. exports are unchanged, imports increase, and net exports decrease. b. When students in Paris flock to see the latest movie from Hollywood, foreigners are buying a U.S. good, so U.S. exports rise, imports are unchanged, and net exports increase. c. When your uncle buys a new Volvo, an American is buying a foreign good, so U.S. exports are unchanged, imports rise, and net exports decline. d. When the student bookstore at Oxford University sells a pair of Levi's 501 jeans, foreigners are buying U.S. goods, so U.S. exports increase, imports are ... Show more content on Helpwriting.net ... Indonesia: 15,900/3.41 = 4,663 rupiah/$ Hungary: 600/3.41 = 176 forint/$ Czech Republic: 52.9/3.41 = 15.5 koruna/$ Brazil: 6.9/3.41 = 2.02 real/$ Canada: 3.88/3.41 = 1.14C$/$ b. Under purchasing–power parity, the exchange rate of the Hungarian forint to the Canadian dollar is 600 forints per Big Mac divided by 3.88 Canadian dollars per Big Mac equals 155 forints per Canadian dollar. The actual exchange rate is 180 forints per dollar divided by 1.05 Canadian dollars per dollar equals 171 forints per Canadian dollar. c. The exchange rate predicted by the Big Mac index (155 forints per Canadian dollar) is somewhat close to the actual exchange rate of 171 forints per Canadian dollar. ... Get more on HelpWriting.net ...
  • 29. econ Essay Microeconomics Homework Problem 1: C(Q) = 100 + 20Q + 15Q^2 + 10Q^3 a) Fixed Cost (doesn't change depending on output produced) = 100 b) Variable Cost of producing Q = 10 units: 20*10 + 15*10^2 + 10*10^3 = 200 + 1,500 + 10,000 = 11,700 c) Total Cost of producing Q = 10 units: C(10) = 100 + 20*10 + 15*10^2 + 10*10^3 = 11,800 Alternatively, we have Total Costs of Producing Q=10 units = Fixed Costs + Variable Costs of producing Q = 10 units = 100 + 11,700 = 11,800 d) Average Fixed Cost = Total Fixed Costs / Output = 100/10 = 10 e) Average Variable Cost = Total Variable Costs of producing Q= 10 units / Output = 11,700/10 = 1,170 f) Average Total Cost = Total Costs of producing Q=10 units / ... Show more content on Helpwriting.net ... (c) The inverse demand function will give us the equilibrium price by inputting the equilibrium output P* = 200 – 3(Q1* + Q2*) P* = 200 – 3(18 + 20) = 86 P* = 86 (d) Profit = Revenue – Cost = P x Q – C(Q) Firm 1's Profit = 86*20 – 26*20 = $1200 Firm 2's Profit = 86*18 – 54*18 = $972 Hence, according to the Cournot model, firm 1 will produce more than firm 2 resulting in a profit greater than that earned by firm 2. Problem 8:– Cournot Model:– The Inverse Demand function is as follows: P = 600 – 3Q1 – 3Q2 c1 = c2 = 300 = marginal cost of both firms Comparing the inverse demand function to the P = a – b(Q1 + Q2) form we get, a = 600 ; b = 3 We arrive at the equilibrium output using the reaction functions for both firms which we get by equating the firm's Marginal Revenue to Marginal Cost to maximise profits:–
  • 30. Firm 1's Reaction Function: Q1 = (a – c1)/2b – Q2/2 Q1 = 300/6 – Q2/2 = 50 – Q2/2 Also, Firm 2's Reaction Function: Q2 = (a – c2)/2b – Q1/2 → Q2 = 50 – Q1/2 Solving both equations, Q1 = Q2 = 100/3 = 33.33 Price = 600 – 100 – 100 = 400 Firm 1's profit – P*Q1 – C*Q1 = 400*100/3 – 300*100/3 = 10,000/3 = $3,333.33 Firm 2's profit – P*Q2 – C*Q2 = 400*100/3 – 300*100/3 = 10,000/3 = $3,333.33 Stackelberg Model:– In the ... Get more on HelpWriting.net ...
  • 32. Econ Ans ECON2103 – Problem Set (1) Multiple Choice Questions: 1. Understanding opportunity cost You work as an assistant coach on the university basketball team and earn $12 per hour. One day, you decide to skip the hour–long practice and go to the local carnival instead, which has an admission fee of $7. The opportunity cost of skipping practice and going to the carnival, valued in dollars is _________. 1) 2) 3) 4) $20 $12 $19 $7 2. Determining opportunity cost Winona is deciding whether to buy a suit that she wants, as well as where to buy it. Three shops carry the same suit. She can go to her local department store, located 15 minutes away from where she works, and pay $120 for the suit. She can travel to a shop across town, located 30 ... Show more content on Helpwriting.net ... How people Interact Consider the following scenario: Because a type of fish is on the verge of extinction, the government Imposes rules that prohibit fishing in the publicly owned spawning grounds. At first, owners of fishing boats complain about this restriction on where they can fish, but soon they notice that the number of adult fish swimming outside the protected area is much higher than it was before. With the restriction, each fishing boat ends up catching more fish than it did before the restriction was in place. Which of the following principles of economic interaction best describes this scenario? 1) 2) 3) 4) There is a tradeoff between equity and efficiency. Markets usually lead to efficiency. Markets move toward equilibrium. When markets do not achieve efficiency, government intervention can improve overall welfare. 7. Determinants of an economy's standard of living What can a government do to raise the living standard of an economy in the long term? Check all that apply. 3 1) Adopt measures to attract foreign investments in the economy. 2) Increase the period of free education for all its residents from nine years to 12 years. 3) Offer generous unemployment benefits for workers who are laid off. Questions from Textbook QUESTIONS FOR REVIEW (P.18): Q3, Q4, and Q5 PROBLEMS AND APPLICATIONS (P.19): Q3, Q5, Q11 ... Get more on HelpWriting.net ...
  • 34. Econ Assume that a cargo ship carrying the merchandise of a cloth merchant has been wrecked. Such a setback will be accounted as the merchant's: Part I: Choose the one alternative that best completes the statement or answers the question. (1 Point each) 1. Which of the following is a positive statement? a. Heavy snowfall drives up the demand for heaters. b. Fiscal expenditures should be increased to combat recession. c. Government should encourage foreign direct investments to generate employment. d. Organs trade should be banned across nations. ANS: A PTS: 1 DIF: Medium NAT: Reflective Thinking 2. Assume that a cargo ship carrying the merchandise of a cloth merchant has been wrecked. Such a setback will be accounted ... Show more content on Helpwriting.net ... d. Jacob's opportunity cost is equal to Harold's. ANS: B PTS: 1 DIF: Medium NAT: Reflective Thinking 7. Jake can wash 6 cars or mow 3 lawns during the same time. His marginal cost of washing a car is: a. mowing one–third lawn. b. mowing half a lawn. c. mowing one lawn. d. mowing 2 lawns. ANS: B PTS: 1 DIF: Medium NAT: Analytic 8. Which of the following is true about the U.S. trade with Ireland post–1990? a. The U.S. became a net exporter of software to Ireland. b. Output of potato per acre doubled with the introduction of new techniques, making the U.S. a net exporter of potatoes to Ireland. c. The U.S. production set shifted inward and Ireland gained advantage in the production of both software and potatoes. d. Productivity growth in the U.S. software industry was higher despite the cost–shifting innovations witnessed Ireland. ANS: B PTS: 1 DIF: Easy NAT: Analytic Part II: Please answer the following question on the space provided below and show all your work. (2 Points) 1. Explain the significance of economic institutions in international trade. Please give and explain three forms of institutions. 1. Explain the significance of economic institutions in international trade. ANS: Economic institutions define the environment in which people can trade. As an example, criminal law is one of many conditions that affects trade between people. The law limits peoples' opportunities, it threatens a person with ... Get more on HelpWriting.net ...
  • 36. Econ Questions based on "Too Big to Fail" movie Watch the movie and answer the following questions briefly. Upload your answers on Moodle using the Link "Submit Assignment on Too Big to Fail here" 1. When Lehman brothers was in trouble, Henry Paulson called the other banks' CEOs on a meeting to find a solution to Lehman Brothers's problem? Why did Henry Paulson think that a private sector solution, instead of government bailout, was needed? 2. (Up to about 43:00 of the movie) Why did the Lehman Brothers sell not work out? Why did Paulson want Lehman Brothers to file Bankruptcy before markets opened? 3. Why did the markets in Europe and the USA still panic after Leman Brother's bankruptcy? 4. (From about 53:00) How does the real ... Show more content on Helpwriting.net ... CDSs were side bets on whether home borrowers would default. CDSs are one of a type of financial instrument known as derivatives, because their value is "derived" from the value of the underlying asset (in this case, home mortgage loans). Financial institutions used CDSs to place trillions of dollars of bets. The movie Inside Job clearly explains and illuminates this daisy chain of risk. Links that might be somewhat related to the movie, and the questions: A recent interview of Alan Greenspan (watch from the 6:00th minute) http://www.youtube.com/watch?v=AWM0l8_F_X0 About CDOs: https://www.khanacademy.org/economics–finance–domain/core–finance/derivative– securities/CDO–tutorial/v/collateralized–debt–obligation–overview What is the total cost of TARP program? http://www.cbo.gov/publication/43663 4 Answer the following questions as precisely as you can. Please try to be brief and to the point whenever possible. Question 1: Do you think events would have unfolded differently if the U.S. banks that made subprime loans had kept them instead of selling them to the Wall Street companies? Explain briefly Question 2: Are all CDOs risky at all times? How/why are the top tranches of CDOs relatively safe even though they are created from sub–prime loans? Question 3: Alan Greenspan appears throughout Inside Job. The film describes how ... Get more on HelpWriting.net ...
  • 38. GLOBAL ECON Essay Global Economic Environment Group Presentation Written Report (Group 1) Christy Lai Kei Kwan 12119785D 30th September 2013 Question 1 (a) How has Apple capitalized on the globalization of production? What advantages does manufacturing in China offer the company? ANS: Globalization has been a heat topic in these past years. Many international companies will use this advantage for their own production, and Apple is definitely one of the significant examples. Below shown are the ways that Apple capitalized on the globalization of production. Firstly, Apple finds and searches subcontractors from places such as Korea, Taiwan, China and even Germany. It keeps expanding itself by improvements as well. For example, it replaced plastic ... Show more content on Helpwriting.net ... Thirdly, since these Indian workers do not work directly under the American law environment, they will then work in a more free and relaxed environment. With the existence of the benefits above, there are certain risks that are involved in outsourcing. The workers are not directly supervised by the American law firm therefore the service will then not be guaranteed. If there are any mistakes, the firm will have a worse reputation and image consequently. Also, there may be a chance of exploitation of Indian workers because they have lower bargaining power. In this certain case, the workers will be less devoted during work and have less sense of belonging to that law company. (b) Which group gain from the outsourcing of legal services? Which group loses? On balance, do you think that this kind of outsourcing is a good thing, or a bad thing? Why? ANS: Using a monetary point of view, the owners of the firm surely gain from the reduction in costs. Besides, the US firms will earn by enlarging its profits. Most significantly, the Indian workers are gaining from this outsourcing activity. They can have a stable profession in the States and they may earn a higher salary comparing to the low skilled jobs provided in India. For the groups that will lose, they are the US lawyers or some of the Indian workers in special cases. The US lawyers may have difficulties in finding jobs since the Indian workers are hired. There will be then less US lawyers will be
  • 39. ... Get more on HelpWriting.net ...
  • 41. Econs INTRODUCTION TO MANAGERIAL ECONOMICS Dr. Gong Jie National University of Singapore Why Do We Study Economics  People have to "Choose" ♦ Resources are scarce. ♦ There is No Such Thing as Free Lunch!  Economics: the science of Rational Choice ♦ Rationality: the basic assumption ♦ Rational Choice: Economic agents use all the information available to make decisions that most efficiently satisfy their needs and achieve stated objectives. ♦ How do people make rational choice? This is the subject of Economics! Paul A. Samuelson's definition of Economics  "Economics is the study of how men and society choose, with or without the use of money, to employ scarce productive resources, which could have alternative uses, to produce various ... Show more content on Helpwriting.net ... What is the cost if you run you own restaurant?  Suppose that you own a house on Orchard Road, and you decide to run a restaurant, your total cost would include: Explicit Cost: Implicit Cost Utility: electricity, water and gas The rental income you give up Material Your possible employment income Furniture and Equipment
  • 42. Wage paid to employees Economic Modeling  Models are simplifications...like maps  Resemble reality  Abstract from the rich details  Help understand the fundamental forces Endogenous vs Exogenous Variables  Exogenous variables: Variables that have values that are taken as given in the model.  Endogenous variables: Variables whose value is determined within the model being studied.  Analyze the business of a lemonade stand: Exogenous Endogenous Customer volume Price Input price Quantity Temperature Product Quality # of competitors Advertisement Decision making has two components  First, there is a goal ♦ Basic Managerial Objective: to maximize net benefits  Net Benefits = Total Benefits – Total Costs  Profits = Revenue – Costs ♦ Objective function: functional relationship between the value of the goal, and the values of endogenous variables and exogenous variables.  Second, there is a set of options taken to achieve the goal: ♦ How much of the endogenous variable should be used to maximize net benefits?
  • 43. Find the optimal choice: Marginal (Incremental) Analysis  Marginal Benefits (MB): Change ... Get more on HelpWriting.net ...
  • 45. Econ Preface In our data analysis we do some univariate analysis before proceeding to models. In survival analysis it is highly recommended to look at the Kaplan–Meier curves for all the categorical predictors. This will provide insight into the shape of the survival function for each group and give an idea of whether or not the groups are proportional. We also consider the tests of equality across strata to explore whether or not to include the predictor in the final model. For the categorical variables such as marital, eservice, plusservice and totalservice we use the log–rank test of equality across strata which is a non–parametric test. For the continuous variables such as age, address, income, education, employment, and reside we use a ... Show more content on Helpwriting.net ... Consequently we find the better model after dropping variables with the p–values more than 0.05. Model 5 is the best model which has all the significant variables and has lowest AIC value of 1478.82 and BIC value of 1513.17. If the marital status is altered from married to unmarried, while holding all other variables constant, the rate of churn decreases by (100% – 66.5%) = 33.5%. As year in current address is increased by one year, all other variables are held constant, the rate of churn decreases by (100% – 94.5%) = 5.5%. As year with current employer is increased by one year, all other variables are held constant, the rate of churn decreases by (100% – 93.2%) = 6.8%. As people switch from non eservice to e service, all other variables are held constant, the churn rate decrease by (100% – 56.5%) = 43.5%. As people switch from non plusservice to plusservice, all other variables are held constant, the churn rate decrease by (100% – 54.5%) = 45.5%. As education level increases, all other variables are held constant, the churn rate increases by 12.83%. Finally, I adjust my model for heteroscedasticity by using robust function. The final adjusted model is presented below: Table 1: Final Model (Corrected for Heteroscedasticity) |Variable |Haz. Ratio |Robust Standard Error |Z–value |Significant | |marital |0.665 |.0790557 |–3.43 |** | ... Get more on HelpWriting.net ...
  • 47. Econ 213 Problem Set 1 Name: ______________________________________________ Problem Set 1 is due by 11:59 p.m. (ET) on Monday of Module/Week 2. 1. Based on the information provided below for the market for video games, answer the following questions: PRICE | Q DEMANDED | Q SUPPLIED | $50 | 5 | 9 | $45 | 7 | 7 | $40 | 9 | 5 | $35 | 11 | 3 | $30 | 13 | 1 | 50[5]9 45[7]7 40[9]5 35[11]3 30[13]1 a) Draw and properly label the demand and supply graphs (this means you must label the axes and any lines you include on the graph). S Pe D Qe (Qd=Qs) Pe,Qe(Qd=Qs) The market price clears 45 What is the equilibrium price and quantity? 45 7 PRICE: ______________________ ... Show more content on Helpwriting.net ... ________________________ Who has the comparative advantage in testing games? _____________________ Who has the comparative advantage in making pizzas? ... Get more on HelpWriting.net ...
  • 49. Core Econ Textbook The Core Econ textbook provides a very clear overview of the microeconomics concepts. Some ideas that were introduced by the textbook are very interesting and somewhat relevant to real world, but do not completely explain real life phenomenons. On the other hand, it also introduced many ideas that allowed me to perceive certain topics in a different light. One very interesting idea that the textbook brought up is the idea of "altruism". The textbook treated this idea as purely a social preference. The book defined it as: someone is willing to bear a cost to benefit somebody else. Though I agree that this is true in many cases, there are also many cases in which some people are willing to bear a cost because there are negative externalities, which is something that was not talked about in Chapter 4. For example, nations join together to reach agreement on reducing ... Show more content on Helpwriting.net ... The chapter on inequality discussed some important ideas that were not frequently talked about in the classroom. When Professor Joseph E. Stiglitz came to Stuy to talk about economics a few terms ago, he brought up inequalities in different countries. He mainly focused on how to eliminate income gap in different countries, and, in the data he showed, many Northern European countries were extremely effective in keeping the income gap low. After reading the textbook, I realized something that was not mentioned in his lecture, which was the effect of income gap on GDP. As the book stated, income gap motivates people to work harder in order for them to ascend through social classes. I think this partially explains why though those Northern European countries are able to reduce income gap, their ranking in worldwide annual GDP ranks are usually not extremely high. Because those societies are fairly equal and social benefits are great and readily available to most people, residents in those countries become less motivated to work extremely ... Get more on HelpWriting.net ...
  • 51. Econ KEATMX01_p001–008.qxd 11/2/12 2:22 PM Page 1 Calculations for Time Value of Money TVM In this appendix, a brief explanation of the computation of the time value of money is given for readers not familiar with this subject. Modern technology has made these calculations very easy. Many computer programs have built–in time–value functions, and a large assortment of handheld calculators will solve these problems using special keys. However, some people who use these methods do not understand the rationale for the answers and merely accept the results. At the other extreme, the calculations could be made using exponentials and/or logarithms. Such a procedure may provide a thorough learning experience, but it is tedious ... Show more content on Helpwriting.net ... 2 Managerial Economics KEATMX01_p001–008.qxd 11/2/12 2:22 PM Page 3 T HE F UTURE VALUE Module 3A
  • 52. OF AN A NNUITY In the previous section, we deal with the compounding of a single sum. But suppose a uniform amount is set aside each period (e.g., each year), and we want to know how much will be in the account after several years. For example, suppose five annual deposits of $500 each will be made to an account paying 7 percent annually, starting 1 year from now. What will be the amount at the end of 5 years? A simple diagram will illustrate: FVa ϭ ? 500 0 500 500 500 500 1 2 3 4 5 The first $500 will collect interest for 4 years, the second for 3 years, and so on. This problem could be solved by making all the separate calculations and adding the items: FVa ϭ A (1 ϩ i )nϪ1 ϩ A (1 ϩ i)nϪ2 ϩ · · · ϩ A (1 ϩ i )0 where FVa ϭ Future value of the annuity A ϭ Annuity This expression simplifies to (1 + i )n − 1 i Again, a table has been constructed to ease the effort involved in this calculation. Table A.1b in Appendix A shows the sum of an annuity. For the question posed here the answer is: FVa ϭ A (Factor) ϭ 500 (5.7507) ϭ 2,875.35 where "factor" is found in Table A.1b. The preceding calculation solves for the future value of the annuity. But suppose we have a problem
  • 53. stated in the following form: To finance the college education of a just–born child, the ... Get more on HelpWriting.net ...
  • 55. Econ 2301 Study Guide ECON 2301: Principles of Macroeconomics Hennessy ECON 2301 Principles of Macroeconomics Time: Th 7:05 pm – 9:45 pm Synonym: 40512 Section: 023 Room: NRG2 2120 Instructor: Gregory Hennessy Office: NRG PB3 Hours: Th 6:30 pm – 7:00 pm Th 9:45 pm – 10:15 pm And by appointment Phone: Email: Course Description Principles of Macroeconomics deals with consumers as a whole, producers as a whole, the effects of government spending and taxation policies, and the effects of the monetary policy carried out by the Federal Reserve Bank. Macroeconomics is concerned with unemployment, inflation, and the business cycle. Text Required: Macroeconomics, Roger A. Arnold, 7th Edition, 2005 Recommended: Macroeconomics Study Guide, Roger A. Arnold, 7th ... Show more content on Helpwriting.net ... The last day to withdraw is Monday, November 27, 2006. Austin Community College Fall 2006 Department of Economics ECON 2301: Principles of Macroeconomics Hennessy Scholastic Dishonesty Acts prohibited by the college for which discipline may be administered include scholastic dishonesty, including but not limited to cheating on an exam or quiz, plagiarizing, and unauthorized collaboration with another in preparing outside work. Academic work submitted by students shall be the result of their thought, research or self–expression. Academic work is defined as, but not limited to tests, quizzes, whether taken electronically or on paper, projects, either individual or group; classroom presentations, and homework. Students with Disabilities Each ACC campus offers support services for students with documented physical or psychological disabilities.
  • 56. Students with disabilities must request reasonable accommodations through the Office for Students with Disabilities on the campus where they expect to take the majority of their classes. Students are encouraged to do this three weeks before the start of the semester. Austin Community College Fall 2006 Department of Economics ECON 2301: Principles of Macroeconomics Hennessy Course Calendar Date Start of Class (7:05 pm – 7:15 pm) 1st Half of Class (approx. 7:15 pm – 8:15 pm) 2nd Half of Class (approx. 8:30 pm – 9:45 pm) ... Get more on HelpWriting.net ...
  • 58. Econ Homework Assignments Problems & Applications Chapter 1 Homework 4. You win $100 in a basketball pool. You have a choice between spending the money now or putting it away for a year in a bank account that pays 5% interest. What is the opportunity cost of spending the $100 now? 5. The company that you manage has invested $5 million in developing a new product, but the product is not quite finished. At a recent meeting, your salespeople report that the introduction of competing products has reduced the expected sales of your new product to $3 million. If it would cost $1 million to finish development and make the product, should you go ahead and do so? What is the most that you should pay to complete the development? Chapter 2 ... Show more content on Helpwriting.net ... 9. Suppose a technological advance reduces the cost of making computers. a. Draw a supply and demand diagram to show what happens to price, quantity, consumer surplus, and producer surplus in the market for computers. b. Computers and adding machines are substitutes. Use a supply and demand diagram to show what happens to price, quantity, consumer surplus, and producer surplus in the market for adding machines. Chapter 8 Homework 7. The late Daniel Patrick Moynihan, once senator from New York, introduced a bill that would levy a 10, 000.00% tax on certain hollow tipped bullets a. Do you expect that this tax would raise much revenue? Why or why not? b. Even if the tax would raise no revenue, why might the senator have proposed it? 11. Hotel rooms in Small– town USA goal for $100, and 1,000 rooms are rented on a typical day. a. To raise revenue, the mayor decides to charge hotels a tax of $10 per rented room. After the taxes imposed, the going rate for hotel rooms rises to $108, and the number of rooms rented falls to 900. Calculate the amount of revenue this tax raises for the town in the dead weight loss of the tax ( hint: the area of a triangle is one half X base X height.) Chapter 9 Homework 1. Mexico represents a small part of the world orange market. a. Draw a diagram depicting the equilibrium in the Mexican orange market without international trade. Identify the ... Get more on HelpWriting.net ...
  • 60. Econ answers Homework 4 Master 1. College logo t–shirts priced at $15 sell at a rate of 25 per week, but when the bookstore marks them down to $10 it finds that it can sell 50 t–shirts per week. What is the price elasticity of demand for the logo t–shirts? Is the demand elastic or inelastic? Answer Ed = –1.675 (elastic) 2. Check out the following video (http://www.youtube.com/watch?v=ncZkrO06le8). Do the early shoppers appear to have elastic or inelastic demand on Black Friday? Answer Elastic. Very responsive to price changes. 3. In the accompanying table, assume that the price of ice skates increases from $10 to $20 per pair. Using the midpoint method, calculate the price elasticity of demand for ice skates for hockey ... Show more content on Helpwriting.net ... Leah was willing to pay $100. When her friend Becky sees the sweater, she loves it and thinks it is worth $150, so she offers Leah $125 for the sweater and Leah accepts. Leah and Becky are both thrilled with the exchange. Determine the total surplus from the original purchase and the additional surplus generated by the resale of the sweater. ($1,000) Answer: Leah was willing to pay $100 and the sweater cost $80, so she keeps the difference, or $20, as ... Get more on HelpWriting.net ...
  • 62. Econ ECON 410.502 Macroeconomic Theory Spring 2010 Instructor: Guangyi Ma Extra Problems #1 Suggested Answers and Comments Notice: (1) This set of extra problems contains 25 multiple– choice problems and 6 analytic (short–answer) problems. These problems are not homework and will not be graded. The aim of these problems is to provide you with additional exercises. (2) I will give solutions of the assignment and the "extra–problem" set after the due date. Page 1 Problem 1~25: Multiple choice problems 1. C 2. A 3. D This problem helps you pay attention to the difference between variables and functions. First, whether prices (wages are prices for labor) are assumed to be flexible or 4. C sticky depends on the time ... Show more content on Helpwriting.net ... Page 3 28. Economic statistics are not perfect. Explain at least one way in which each of the following statistics as currently calculated in the United States fails to completely or accurately measure the corresponding economic concept (in parentheses): a. real GDP per person (economic well–being); b. CPI (cost of living); c. unemployment rate (involuntary unemployment). Ans. a. The official measure of GDP does not include measurements of leisure time available, nonmarket production, production in the underground economy, the distribution of income, or production externalities (e.g., pollution). b. The CPI does not allow substitution away from products with rising prices and has difficulty distinguishing between price changes and quality changes in products included in the index. c. The official unemployment rate does not take into account discouraged workers, parttime workers who desire full–time employment, and workers employed in jobs not matching their skill level, such as taxi drivers with PhDs in physics. In short, it is difficult to exactly measure these economic variables. The prevalence of measurement error in economic variables is one of the difficulties faced by economists. 29. Nominal GDP ($ billions) Real GDP ($ billions 2000 chain–weighted) 2009 $14,700 $12,100 2010 $15,200 $11,900 Based on the data in the table above, explain what happened to output and prices in the economy between 2009 and 2010. Ans. Real ... Get more on HelpWriting.net ...
  • 64. Econ 483 Reflection Throughout my time at Bowie State University I have gained experience with analytical concepts and a perfect example of that was in my Econ 483 class which dealt with quantitative analysis. During my time in the class we would deal with common decision making, with emphasis on application. Topics discussed included decision making and decision analysis, linear programming, transportation and assignment problems, forecasting and time–series analysis, inventory concepts and mathematical simulation. Perfect example of this was we were told to find valuable information about a company as far as the last 10 years and should we invest in the company. We were to evaluate the companies stock on whether it was increasing or decreasing and make a logical ... Get more on HelpWriting.net ...
  • 66. Econ 201 Essay Sarah Khairunisa Microeconomics 201 Prof. Barry Kotlove 7 June 2014 Current Microeconomic Events Tobbaco Companies in Indonesia Tobacco industries are categorized as oligopolies. Oligopoly, according to McConnell Brue Flyyn's textbook, is "characterized by multiple firms, one or more of which will produce a significant portion of industry output." Tobacco had been present in Indonesia since the 1600s. It was brought in to Java Island by Portuguese merchants. At first, Indonesia's cigarettes were handmade at home. They were rolled and wrapped with cornhusks, but that was a long time ago. The Indonesian tobacco industry today is characterized by the dominance of big three tobacco companies––– Gudang Garam, Bentoel, and Sampoerna. These ... Show more content on Helpwriting.net ... Once their sales come back to normal, using more machines instead of hiring thousands of people will be more effective as it presses down the labor cost. Tobacco companies should invest more in doing research to do a breakthrough invention so they could produce products that are healthier as the anti–cigarettes campaign is showing definite results. With e–cigarettes that states themselves as healthier products, maybe in the future the demand will shift again to e–cigarettes. Only by discovering new things that satisfy the customer's want and need will the company be successful. Sarah Khairunisa Case: African Beer SABMiller and Diageo are two largest beer producer in Africa. "SABMiller, if combined with its partnership with France's Castel Group, sells roughly 60% Africa's beer by volume. Diageo's also expands its operation successfully that Senator Keg, its supercheap beer, is also now number two most popular beers in Kenya. As these giant brewers monopolized Africa's beer market, it can be said that the market has an oligopoly market structure, and both pursue identic operations, so the market can be labeled as competitive. The interdependence that is happening between both brewers makes the competition happens. As SABMiller produces Impala that is half price from its previous beer Manica, Diageo produces Senator Keg to balance it. Diageo ... Get more on HelpWriting.net ...
  • 68. Business Econ Research Paper Hope you are having a great summer. I took ECON188 in spring, and it was an amazing experience. Your rich knowledge and insight into the business world really opened my eyes. There is a question that I have debated with myself for a long time. I think you probably are the only person who could help me answer this question. The question is: Business Econ or Econ? I am currently a Business Econ student with an accounting minor. I feel sorry that I did not well organize my course schedule as a transfer student. In order to avoid delay in graduation, I am thinking about switching my major to straight econ(with an accounting minor), because then I will take 2 courses less. Almost everyone who heard that thought I am crazy. People(my peer students) ... Show more content on Helpwriting.net ... Here is an example. One day I heard two students' conversation: A: Are you in business econ? B: No, just econ. A: With an accounting minor? B: No. A: So you are neither biz econ nor accounting minor, what are you gonna do? A lot of people have the stereotype that, if a student is majoring in biz econ, then he/she is smart, outstanding, having a good GPA. If a student is majoring in econ, then he/she must does not have a high enough GPA to get into biz econ (economics students are "leftovers"), this student is not as "good" as a biz econ student, recruiters would be less likely interested in this student compared to a biz econ major student. This phenomenon creates a fear, just like that student A keeps questioning me: If I change my major to econ, what am I gonna do? In terms of the course requirement, there are not big differences. Business Econ students have priority enrollment for certain 106 series and management courses, but econ students can take them, too. Since most students in both majors seek for the same areas of jobs, I am wondering, in the eyes of recruiters, do they prefer business econ students? Do they think business econ students are more outstanding(or more well educated in certain fields)? Does business econ major provides more opportunities when it comes to job/internships? Is Business Economics really "better" than ... Get more on HelpWriting.net ...
  • 70. Econ Question Results Question 1: In our macro Circular Flow, the Businesses are choosing to borrow _____________ billion dollars. Your Answer(s): * 5000 Correct Answer(s) (in green): * 5000 * 3500 * 1000 * 500 Question 2: In the Private Sector, there are many choices to be made by Business managers regarding which "projects" to borrow for and which "projects" to invest in. These choices often contain a great deal of ______________________ as well as the potential for benefits (profits). Your Answer(s): * Risk (the possibility of costs being more than originally perceived) Correct Answer(s) (in green): * Risk (the possibility of costs being more than originally perceived) * Uncertainty (the ... Show more content on Helpwriting.net ... * inclusion * exclusion * questions * none of the above Question 10: _____________ taxation is present when marginal (additional) tax rates increase with additional income. * Progressive * Flat * Regressive * none of the above Question 11: The median income of _____________ of nations in the world is less than $10,000 per year. Your Answer(s): * a few Correct Answer(s) (in green): * a few * half * none * a majority Question 12: In our macro Circular Flow, the Households are choosing to save _________ billion dollars. Your Answer(s): * 500 Correct Answer(s) (in green): * 5000 * 3500 * 1000 * 500 Question 13: By taking more income through personal income taxes and providing more welfare funds (transfer payments), _________ can be re–allocated. * labor * land * capital * all the above Question 14:
  • 71. A ____________ externality exists when third parties are benefited by a transaction that they did not directly undertake. * negative * positive * moderate * extreme Question 15: The basic principles of effective taxation would choose to avoid over–reliance on any one tax that can create ________ on the inflows. * up and down cycles * only down cycles * only up cycles * all the above Question 16: A monopoly is a ... Get more on HelpWriting.net ...
  • 73. Econ: Multiplier Effect 6. To fully explain the multiplier effect, we need first to define the Injections and Withdrawals, preferably through the model of Circular flow of income: It is a simple economic model describing a circulation of income between producers (firms) and consumers (households.). It consists of direct inner flow between firms and households and outer flow. The outer flow is caused by the fact that households do not spend all of their income on consumption; part of their income is withdrawn as net savings, Net taxes and Import expenditure. This happens through another three agents: Banks, Government and Abroad. These agents also represent part of the demand for firm's output. It is an additional component of aggregate demand called ... Show more content on Helpwriting.net ... The equilibrium will move from point a to point b on the new point when withdrawals equals the new injections J2. Thus the income will rise from Y1 to Y2. Thus, if we want to derivate a multiplier, we see that it is a change in national income divided by the change in injections: So as we can see from the graph, the size of multiplier depends on the slope of the W function which is given by the marginal propensity to withdrawn mpw. That is the proportion of an increase in national income that is withdrawn from the circular flow. The steeper the line (and hence the higher the mpw), the smaller will be the rise in national income and the smaller will be the multiplier. According to this, the less is withdrawn each time a new extra income is generated, the more will be recirculated and hence the bigger will be the rise in national income. By this, we get another formula of multiplier showing multiplier as the inverse of mpw: k= 1/mpw In practice, however, the withdrawals curve is likely to get progressively steeper. In other words, the mpw is likely to rise as national income rises. The reason is that people on higher incomes can afford to save a larger proportion of their income (the mps rises as incomes rise) and, assuming a progressive taxation system, will have to pay a higher proportion of their income in taxes (the mpt rises as incomes rise). Thus the value of the multiplier will tend to fall as national income rises. ... Get more on HelpWriting.net ...
  • 75. Econ ECON 11026 Assignment Item 1 . S0183732 Part A Q1ai) Article can be found in the following website : http://www.skynews.com.au/businessnews/article.aspx?id=738928&vId= The article ' Strong jobs figures put rate cut in doubt' described that there is an increase in employment in the last one month which might help in putting hold to rate cut by Reserve Bank of Australia. There are positive signs in Australian job market with increase in 44000 employed people showing signs of recovery and better production levels. This will also increase private consumption giving rise to increased demand. Q1aii) This news article describes tradeoffs between interest rate cuts, inflation rate and unemployment ... Show more content on Helpwriting.net ... Calculate your answer. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (McTaggart 2010) The point on the PPF at which goods and services are produced in the quantities which provide the greatest possible benefit .Hence, when goods and services are produced at the lowest possible cost and in the quantities that provide the greatest possible benefit, we achieved allocative efficiency. Hence, we must measure and compare costs and benefits. The diagram drawn above indicates the marginal cost and marginal benefit curves. The marginal cost of a good is the opportunity cost of producing one more unit of it. We calculate marginal cost from the slope of PPF.As more sunscreen are being produced ,the PPF gets steeper and the marginal cost of sunscreen increases. When the country is producing 150kg of food,75 litre of sunscreen is being produced at its best efficiency quantity, that is the quantity which uses resources efficiently because the marginal benefits intersects its marginal cost . 1biii) Calculate the opportunity cost of producing 1kg of food and the opportunity cost of producing 1litre of sunscreen. Along the PPF, there are only two goods, so there is only one alternative forgone: in this case, either food or sunscreen. It is given that when the country produced 200kg of food per ... Get more on HelpWriting.net ...
  • 77. Econ MULTIPLE CHOICE (CHAPTER 4) 1. Using a sample of 100 consumers, a double–log regression model was used to estimate demand for gasoline. Standard errors of the coefficients appear in the parentheses below the coefficients. Ln Q = 2.45 –0.67 Ln P + . 45 Ln Y – .34 Ln Pcars (.20) (.10) (.25) Where Q is gallons demanded, P is price per gallon, Y is disposable income, and Pcars is a price index for cars. Based on this information, which is NOT correct? a. Gasoline is inelastic. b. Gasoline is a normal good. c. Cars and gasoline appear to be mild complements. d. The coefficient on the price of cars (Pcars) is insignificant. e. All of the coefficients are insignificant. 2. In a ... Show more content on Helpwriting.net ... a, b, and c 12. The estimated slope coefficient (b) of the regression equation (Ln Y = a + b Ln X) measures the ____ change in Y for a one ____ change in X. a. percentage, unit b. percentage, percent c. unit, unit d. unit, percent e. none of the above 13. The standard deviation of the error terms in an estimated regression equation is known as: a. coefficient of determination b. correlation coefficient c. Durbin–Watson statistic d. standard error of the estimate e. none of the above 14. In testing whether each individual independent variables (Xs) in a multiple regression equation is statistically significant in explaining the dependent variable (Y), one uses the: a. F–test b. Durbin– Watson test c. t–test d. z–test e. none of the above 15. One commonly used test in checking for the presence of autocorrelation when working with time series data is the ____. a. F–test b. Durbin– Watson test c. t–test d. z–test e. none of the above 16. The method which can give some information in estimating demand of a product that hasn't yet come to market is: a. the consumer survey b. market experimentation c. a statistical demand analysis d. plotting the data e. the barometric method 17. Demand functions in the multiplicative form are most common for all of the following reasons except: a. elasticities are constant over a range of data b. ease of estimation of elasticities ... Get more on HelpWriting.net ...
  • 79. Econ Crisis In modern world, financial crisis at world level can be traced back to 1920's, when economic depression of 1929 occurred. It is said that history repeats itself. Today's world financial crisis which started with mortgage crisis is only one aspect of history. Crisis began with sub–prime lending crisis and whole financial system was engulfed. Sub–prime crisis refers to the crisis faced by the mortgage companies that were in loaning business that due to adverse situations ran in trouble. As a result the number of defaulters increased resulting in huge bad debts for the mortgagee companies. Several of world's best managed financial institutions went bankrupt and rests are dying for bail out. The world demand cycle is heading south and ... Show more content on Helpwriting.net ... To be more precise the investments from eh developed countries with their investment in the emerging of developing countries are from the big Trans national corporations that have stronger foothold in world capital markets. Thus any kind of investment either through opening of wholly foreign investment venture or joint ventures with domestic companies of the developing nations help in greater valuation of the companies world stock market increasing overall capitalization. However, there is a significant difference between the composition of financial capital assets between the more natured economics and some of the nascent economics. While the increasing in financial assets is more due to increases in banking deposits representing an immature financial system in emerging economies such as China. The largest contributor of increasing financial assets in natured economies especially like UK and US is the increasing role of equities of and securities and other corporate bonds. Nevertheless the fact cannot be undermined that in more recent times, the issuances of bonds and securities in emerging markets have seen a surge in financial capital. USA has played a major role in financial capital market deepening both within the country and outside the country i.e. the world financial capital assets was $56.1 trillion for the country that accounts for nearly one–third of the global total. Also the US foreign investments in ... Get more on HelpWriting.net ...
  • 81. Hw Econ Question ECON 3305 Managerial Economics Homework 1 The homework covers Ch 1~3. It has to be your individual work. Copying answer from others will violate ACADEMIC HONESTY policy to cause a failing grade. For each question, please show the necessary derivation (if applicable) and highlight the answer. Limit your answers within 5 pages. No cover sheet is required. Q1: Ch 1 (15%) At the beginning of the year, an audio engineer quit his job and gave up a salary of $ 175,000 per year in order to start his own business, Sound Devices, Inc. The new company builds, installs, and maintains custom audio equipment for businesses that require high– quality audio systems. A partial income statement for Sound Devices, Inc., is shown below: 2011 ... Show more content on Helpwriting.net ... a. "When demand for home heating oil increases, a shortage of heating oil will occur." b. "A decrease in the supply of random access memory (RAM) chips for personal computers causes a shortage of RAM chips." Q5: Ch 3 (10%) Appalachian Coal Mining believes that it can increase labor productivity and, there–fore, net revenue by reducing air pollution in its mines. It estimates that the marginal cost function for reducing pollution by installing additional capital equipment is MC= 40P, where P represents a reduction of one unit of pollution in the mines. It also feels that for every unit of pollution reduction the marginal increase in revenue (MR) is MR= 1,000 −10P. How much pollution reduction should Appalachian Coal Mining undertake? Q6: Ch 3 (15%) Twentyfirst Century Electronics has discovered a theft problem at its warehouse and has decided to hire security guards. The firm wants to hire the optimal number of security guards. The following table shows how the number of security guards affects the number of radios stolen per week. # of security guards # of stolen per week 0. 50 1. 30 2. 20 3. 14 4. 8 5. 6 a. If each security guard is paid $200 a week and the cost of a stolen radio is $25, how many security
  • 82. ... Get more on HelpWriting.net ...
  • 84. Econ 6–3 A bank in a medium sized Midwestern city, Firm X, currently charges $1 per transaction at it's ATM's. To determine whether to raise price, the bank managers experimented with a number of higher prices(in 25–cent increments) at selected ATM's. The marginal cost of an ATM transaction is $0.50. ATM Fee USAGE $ 2.00 1000 $ 1.75 1500 $ 1.50 2000 $ 1.25 2500 $ 1.00 3000 What ATM fee should the bank charge? When you say "marginal cost", we have to assume you mean marginal for transactions over 1000 and that the cost for the first 1000 transactions is zero. That means the revenue equation is specified as : R=(P*Q)–((Q–1000)*0.5) where R=Revenue Q= Quantity of transactions P= Price per transaction In this ... Show more content on Helpwriting.net ... In the above example the seller knows the quality of the product he is offering, and the functional draw back the product has. As the seller is not or cannot have a complete pros and cons of the product he will be in a dilemma to purchase the product. This is called a symmetric information Thus asymmetric information tends to reduce the reservation price of a buyer. And in the process it will drive out the high quality product, keeping only low quality in the market this is called adverse selection. Adverse selection results in market failure, to get away from this, producers generally give signaling to state the quality of their goods. For example a warranty given by a consumer durable seller is a signal that their good is of best quality. This is because if the good is of bad quality the cost of servicing will be high on the seller which reduces their profits.
  • 85. Thus a company giving a warranty or an extended warranty will signal the consumer regarding its quality. Soft selling is also a signaling process, here the product is offering to save a 10% costs for the firm, and if the price is front loaded the consumer will have a reservation price which will be much below 50% of saved costs. But due to soft selling by putting a proposal that 50% of the saved cost will be the price, signals the buyer that the seller is ... Get more on HelpWriting.net ...
  • 87. Econ River Wilderness Analysis The Econ River Wilderness Area is an amazing little swatch of how central Florida used to be. It was interesting to see how many different ecological areas there were in that small bit of land, I believe that we counted 7 in total. Each of these habitats were interesting in their own way and by walking through them and physically seeing how difficult it is to decipher a clear cut line between each habitat helped me appreciate them even more. After viewing each habitat it became easier to understand how each overlaps the other. You will have vegetation in the pine flatwoods that should be growing in the forested wetlands and other vegetation growing in the forested wetlands that should only be growing in the live oak hammock. It is understandable how someone who is surveying this area would have a difficult time determining the exact habitat they are in. I have done some additional research on this area and have cone to find out that this is an area where a ... Show more content on Helpwriting.net ... Our height must have been 15 to 18 feet above the water line thus indicating that an extreme amount of water must pass through that river in order for it to flood at those levels. I have seen the St. Johns River over flow after several hurricanes but because of the size of that rive the amount of water does to be that great but the Econ River is significantly smaller and to see the water marks 3 feet up a tree that was 15 feet above the river's water level really puts the necessity of flood plain areas into perspective. The lack of flood plains seems to be a growing concern with the rapid growth of central Florida and its surrounding areas. History has shown us over and over again that it is unpredictable and the more we encroach on certain areas and habitats bad things are bound to ... Get more on HelpWriting.net ...
  • 89. Econ 1. Amos McCoy is currently raising corn on his 100–acre farm and earning an accounting profit of $100 per acre. However, if he raised soybeans, he could earn $200 per acre. Is he currently earning an economic profit? Why or why not? –By raising corn instead of soybeans Amos is missing out on an economic profit of $100. Therefore Amos should start growing Soybeans to maximize his profit. 2. Determine whether each of the following is an explicit cost or an implicit cost: a) Payments for labor purchased in the labor market EXPLICIT COST b) A firm'suse of a warehouse that it owns and could rent to another firm IMPLICIT COST c) The wages that owners could earn if they did not work for themselves IMPLICIT COST 3. What are ... Show more content on Helpwriting.net ... 10. Please read an article about "productivity" online at http://ccs.mit.edu/papers/ccswp202/ What is the expected long–run impact of information technology on productivity and cost? Chapter 9 questions: 11. (Demand Under Perfect Competition) What type of demand curve does a perfectly competitive firm face? Why? * Perfect Elastic Demand function 12. Explain the different options a firm has to minimize losses in the short run. – in order to know the the short run it depend s on the size and the product of your firm 13. (The Short–Run Firm Supply Curve) Each of the following situations could exist for a firm in the short run. In each case, indicate whether the firm should produce in the short run or shut down in the short run, or whether additional information is needed to determine what it should do in the short run a. Total cost exceeds total revenue at all output levels. SHUT RUN b. Total variable cost exceeds total revenue at all output levels. SHUT DOWN 14. (The Long–Run Industry Supply Curve) A normal good is being produced in a constant–cost, perfectly competitive industry. Initially, each firm is in long–run equilibrium. Briefly explain the short–run adjustments for the market and the firm to a decrease in consumer incomes. What happens to output levels, prices, profits, and the number of firms? – IN THE SHORT RUN , THE QUANITY OF VARIABLKE RESOURCES CAN CHANGE, BUT OTHER RESOURCES, ... Get more on HelpWriting.net ...