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1. Consider a firm with the following production schedule and a fixed cost in the short run of 19. This fixed cost comes from using the unique quantity of the fixed input that minimizes LRAC. Assume all of the firms are identical firms in the long run and all the firms can only produce whole quantities (i.e., Q=3.5 not possible) q VC 1 16 2 29 3 40 4 49 5 59 6 71 7 86 8 106 a) Find the LR comp. eq. price, firm quantity, and market quantity if this LR equilibrium has 100 firms. (1 point) Assume there is a new market demand for this good that contains the following points: P QD P QD P QD 8 1316 13 1101 18 886 9 1273 14 1058 19 843 10 1230 15 1015 20 800 11 1187 16 972 21 757 12 1144 17 929 22 714 c) Find the new SRCE price, firm quantity, market quantity, and firm profit, and the new LRCE price, firm quantity, and number of firms. (1 point) d) Draw a picture of the market and firm illustrating the SR and LR situation in (c). (1 point) 2. For the production schedule of a perfectly competitive firm given below, answer the following: Units of Labor Total Output Units of Labor Total Output 1 7 4 19 2 12 5 21 3 16 6 22 a) If the price of output is $50 per unit, find the specific values for the Marginal Revenue Product and the quantity of labor the firm hires if the market wage is $75 (1 point) b) If the price of the firm’s output changes to $30, explain how this changes the results in (a). Is it possible that this price change would lead to lower market wages? What would this tell you about the firms that make up the market demand for this type of labor? (1 point) c) An increase in the price of capital causes this firm to hire less labor. Explain how this information allows you to determine whether the factor substitution effect or the output effect is larger. (1 point) 3. A firm has the choice of the following investments Investment A: costs $5000 today, pays a total of $4000 next year and $1700 the second year. No value beyond that. Investment B: costs $10000 today, pays $2000 next year and $9800 the second year. No value beyond that a) Show which, if any, investments the firm will make if the interest rate is 10%. (1 point) b) Show which, if any, investments the firm will make if the interest rate is 5%. (1 point) c) Someone claims that the rate of return of project B is 9%. Explain whether or not you can refute this claim base only on the data from parts (a) and (b). Then set up (but do not solve) and equation that you give us an exact answer for the rate of return of the project. (2 points) .

Education

Assume there is a new market demand for this good that
contains the following points:
P QD P QD P QD
8 1316 13 1101 18 886
9 1273 14 1058 19 843
10 1230 15 1015 20 800
11 1187 16 972 21 757
12 1144 17 929 22 714
c) Find the new SRCE price, firm quantity, market quantity,
and firm profit, and the new LRCE price, firm quantity, and
number of firms. (1 point)
d) Draw a picture of the market and firm illustrating the SR and
LR situation in (c). (1 point)

2. For the production schedule of a perfectly competitive firm
given below, answer the following:
Units of Labor Total Output Units of Labor Total Output
1 7 4 19
2 12 5 21
3 16 6 22
a) If the price of output is $50 per unit, find the specific
values for the Marginal Revenue Product and the quantity of
labor the firm hires if the market wage is $75 (1 point)
b) If the price of the firm’s output changes to $30, explain how
this changes the results in (a). Is it possible that this price
change would lead to lower market wages? What would this tell
you about the firms that make up the market demand for this
type of labor? (1 point)
c) An increase in the price of capital causes this firm to hire
less labor. Explain how this information allows you to
determine whether the factor substitution effect or the output
effect is larger. (1 point)
3. A firm has the choice of the following investments

Investment A: costs $5000 today, pays a total of $4000 next
year and $1700 the second year. No value beyond that.
Investment B: costs $10000 today, pays $2000 next year and
$9800 the second year. No value beyond that
a) Show which, if any, investments the firm will make if the
interest rate is 10%. (1 point)
b) Show which, if any, investments the firm will make if the
interest rate is 5%. (1 point)
c) Someone claims that the rate of return of project B is 9%.
Explain whether or not you can refute this claim base only on
the data from parts (a) and (b). Then set up (but do not solve)
and equation that you give us an exact answer for the rate of
return of the project. (2 points)

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PAGE 4 Multiple-Choice Questions 1. The difference between the short-run and the long-run production function is: a. three months or one business quarter. b. the time it takes for firms to change all production inputs. c. the time it takes for firms to change only their variable inputs. d. more information is required to answer this question. 2. Which of the following statements about the short-run production function is true? a. MP always equals AP at the maximum point of MP. b. MP always equals zero when TP is at its maximum. c. TP starts to decline at the point of diminishing returns. d. When MP diminishes, AP is at its minimum point. e. None of the above is true. 3. Assume a firm employs 10 workers and pays each $15 per hour. Further assume that the MP of the 10th worker is 5 units of output and that the price of the output is $4. According to economic theory, in the short run a. the firm should hire additional workers b. the firm should reduce the number of workers employed c. the firm should continue to employ 10 workers. d. more information is required to answer this question. 4. A firm using two inputs, X and Y, is using them in the most efficient manner when a. MPX = MPY b. PX = PY and MPX = MPY c. MPX/PY = MPY/PX d. MPX/MPY = PX/PY 5. Average fixed cost is a. AC minus AVC b. TC divided by Q c. AVC minus MC d. TC minus TVC 6. Diseconomies of scale can be caused by a. the law of diminishing returns. b. bureaucratic inefficiencies. c. increasing advertising and promotional costs. d. all of the above. 7. Which of the following cost relationship is not true? a. AFC = AC - MC b. TVC = TC - TFC c. the change in TVC divided by the change in Q = MC d. the change in TC divided by the change in Q = MC 8. When a firm produces at the point where MR = MC, and the price of its product is higher that the cost per unit, the profit that it is earning is considered to be a. maximum b. normal c. above normal d. below normal 9. Which of the following is not characteristic of perfect competition? a. A differentiated product b. No barriers to entry c. Large number of buyers d. Complete knowledge of market price 10. Suppose a firm is currently maximizing its profits (i.e., following the MR = MC rule). Assuming that it wants to continue maximizing its profits, if its fixed costs increase, it should a. maintain the same price b. raise its price c. lower its price d. not enough information to answer this question 11. Which of the following is true about a monopoly? a. Its demand curve is generally less elastic than in more competitive markets. b. It will always earn economic profit. c. It will charge the highest possible price. d. It will always be subject to government regulations. 12. If an oligopolistic firm decides to raise its price, a. other firms will automatically follow. b. none of the other firms will follow. c. other firms may follow if it is the price leader. d. None of the above. 13.

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Compute the inflation rate for each year 1993-201 2 and determine which were years of inflation. ln which years did deflation occuP ln which years did disinflation occur? Was tirere hyperinflation in any yeaf * (Sources of tnflation)Usingthe concepts of aggregate supply and aggregate demand, explain why inflation usually increases during wartime. s. (nftatiln and lnterest Rates) Using a demand-supply diagram for loanable funds (like the exhibit below), show what happens to the nominal interest rate and the equilibrium quantity of loans when both bonowers and lenders increase their estimates of the expected inflation rate from 5 percent to 1 0 percent. The Market for Loanable Funds Loanable funds per period 7-4 Explain how unanticipated inflation harms some individuals and harms the economy as a whole 10, (AnticipatedVersus Unanticipated lnflation) lf actual inflation ex- ceeds anticipated inflation, who will lose purchasing power and who will gain? How does unanticipated inflation harm the economy? GHAPTER 8 8-1 Describe how we measure labor productivity, and explain why is it important for a nation's standard of living (Measuring Labor Productivily) How do we measure labor productivitf How do changes in labor productivity affect the U.S. standard of living? (Growth and the PPF) Use the production possibilities frontier (PPD to demonstrate economic growth. a. With consumption goods on one axis and capital goods on the other, show how the combination of goods selected this period affects the PPF in the next period. b. Extend this comparison by choosing a different point on this period's PPF and determining whether that combination leads to more or less growth over the next period. (Shifts in the PPflferrorist attacks foster instability and may affect productivity over the short and long term. Do you think the September 1 l, 2001, terrorist attacks on the World Trade Center and the Pentagon affected short- and/or longterm productivity in the United States? Explain your response and show any move- ments in the PPF. o o o o o .Ei o c c oz 33O PROBLEMS APPENDIX 8-2 Summarize the history of U.S.labor productivity changes since World War II and explain why these changes matter (Labor Productivity) ldentify at least four definable periods of labor productivity growth beginning right after World War ll. During which periods was productivity growth lowest and why? (Refer to Exhibit 6 inthe chapter.) (Long-Term Productivity Growfhl Suppose that two nations start out in 201 3 with identical levels of output per work hour-say, $100 per hour. ln the first nation, labor productivity grows by 1 percent per year. ln the second, it grows by 2 percent per year. Use a calculator or a spreadsheet to determine how much output per hour each nation will be producing 20 years later, assuming that labor productivity growth rates do not change. Then, determine how much eacll will be producing per hour 100 years later. What.

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ECON 1102 Test 3 (061416) Test 3: ECON 1102 Sec. 711 (Microeconomics) Answer all 40 questions (Use the answer sheet) 1) The MR = MC rule applies: A) only when the firm is a "price taker." B) to firms in all types of industries. C) only to monopolies. D) only to purely competitive firms. Answer questions 2 through 4 based on the graph below of a perfectly competitive firm 2) The profit maximizing level of output for the firm is equal to ___ units. (put your answer on the answer sheet.) 3) At the profit maximizing level of output, the firm is earning A) an economic loss equal to $123.50. B) an economic loss equal to $119.00. C) an economic loss equal to $187.00. D) a normal profit 4) What will the firm choose to do in the short-run and why? A) shut down because the firm incurs an economic loss B) stay in business because it is earning a normal profit C) stay in business because the firm's economic loss is less than fixed costs D) stay in business because the firm is making an economic profit 5) An example of a perfectly competitive industry is A) the market for corn in the United States. B) a big city police department. C) the market for French impressionists' paintings. D) the National Football League. 6) The market for lawn services is perfectly competitive. Larry's Lawn Service cannot increase its total revenue by raising its price because ________. A) Larry's supply of lawn services is perfectly elastic B) the demand for Larry's services is perfectly inelastic C) Larry's supply of lawn services is inelastic D) the demand for Larry's services is perfectly elastic ECON 1102 Test 3 (061416) 7) A perfectly competitive firm will operate and incur an economic loss in the short run if A) the loss is smaller than its total fixed costs. B) it knows it can recoup the loss in the long run. C) shareholders do not know about the loss. D) the loss can offset future profits. The table below shows output and costs of Evan's Subs, a typical perfectly competitive firm in a local market for sandwiches. Evan's fixed cost is $9 per hour. The current market price of a sandwich is $8. Answer questions 8 through 11 based on the numbers in the table. Output (sandwiches per hour) Average total cost ($ per sandwich) 1 17.00 2 10.00 3 8.00 4 8.00 5 8.80 6 10.00 8) What is Evan's marginal revenue from the 2nd sandwich sold? ____ 9) If Evan's sells the 5th sandwich, the marginal cost is ________ the marginal revenue, so the firm's profit ________. A) greater than; decreases B) greater than; increases C) less than; increases D) less than; decreases 10) What quantity of sandwiches produced will maximize Evan's economic profit in the short run? A) 2 sandwiches per hour B) 3 sandwiches per hour C) 4 sandwiches per hour D) 5 sandwiches per hour 11) If the market price does not change, Evan's will A) continue to operate in ...

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1. Should the federal government continue to provide Amtrak with subsides? Provide economic arguments for and against and explain which you believe is soundest based on your understanding. 2. Based on the economic concepts of opportunity costs and the profit motive (defined broadly as the desire to become better through our choices), hoe should your limited resources of time and energy be allocated between market work, nonmarket work and leisure? Provided examples 3. Explain how economies of scale can be a barrier to entry. 4. Identify the other two barriers to entry and explain how they block new firms from this market. 5. Suppose that a certain manufacturer has a monopoly on the sorority and fraternity ring business because it has persuaded the “Greeks” to give it exclusive rights to their insignia. a. Using demand and coast curves, draw a diagram depicting the firm’s profit- maximizing price and output level. b. Why is marginal revenue less than price for this firm? c. On your diagram, show the deadweight loss that occurs because the output level is determined by a monopoly rather than by a competitive market. d. What would happen to price and output if the Greeks decided to charge the manufacturer a royalty fee of $3 per ring? 6. List three conditions that must be met for a monopolist to price discriminate successfully. 7. Why is the perfectly discriminating monopolist’s marginal revenue curve identical to the demand curve it faces? 8. A monopolistically competitive firm faces the following demand and cost structure in the short run: Output Price FC VC TC TR Profit/Loss 0 100 100 0 1 90 50 2 80 90 3 70 150 4 60 230 5 50 330 6 40 450 7 30 590 a. Complete the table b. What is the highest profit or lowest loss available to this firm? c. Should the firm operate or shut down in the short run? Why? d. What is the relationship between marginal revenue and marginal cost as the firm increase output? 9. Illustrated below are the marginal cost and average total cost curves for a small firm that is in long-run equilibrium. a. Locate the long run- equilibrium price and quantity if the firm is perfectly competitive. b. Label the price and quantity p1 and q1. c. Draw in a demand and marginal revenue curve to illustrate long-run equilibrium if the firm is monopolistically competitive. Label the price and quantity p2 and q2. d. How do the monopolistically competitive firm’s price and output compare to those of the perfectly competitive firm? e. How do long-run profits compare for the two types of firms? 10. Why is a firm in monopolistic competition said to be competitive? In What sense is tha ...

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1. List the horizontal and vertical levels of systems that exist in .docx

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1. Kemal Ataturk carried out policies that distanced the new Turkish republic of the 1920s from the Ottoman past. Why? What specific policies did Ataturk pursue? 2. Why many Arabs felt betrayed by the British (and the French) after the First World War? 3. Discuss at least three features of patrimonial leadership. List three or more Middle Eastern states where such type of political leadership persists 4. Describe the key processes (both internal and external) that initiated political and economic disintegration of the Ottoman Empire in the nineteenth century. 5. European military superiority in the late eighteenth century prompted Ottoman rulers to respond with what specific political measures? 6. The Zionist political movement originated in Europe rather than in the Middle East. Explain why and how. 7. After the Second World War, several Arab countries went through the process of transition from constitutional monarchies to republics. Identify three such countries and describe the course of events that brought about this transition. 8. How is religious Zionism different from secular Zionism? What is the relevance of this difference for the creation of the state of Israel? Has the relative influence of the two remained stable since the creation of the Israeli state? 9. What was the principle source of political legitimacy of the Ottoman Empire? 10. While most Ottoman European provinces, riding the tide of the nineteenth century nationalism, sought and won independence from Istanbul, Ottoman Arab provinces maintained their political loyalty to the Ottomans. What explains this difference between Arab and European provinces? 11. Social and political forces in favor of a constitutional reform in Iran (1905-1911) were markedly different from the groups that promoted constitutional limitations on executive powers of the sultan in the Ottoman Empire prior to the First World War? Explain this difference. 12. What are some of the key features of Arab socialisms? Which Arab leaders adopted socialist ideology? Which Arab leaders were opposed to it? 13. After the First World War, the new Middle Eastern protectorates (e.g., Syria, Lebanon, Iraq) were expected to develop into modern secular states. What specific policies did France and Britain try to implement? How successful have theses policies been? 14. The 1967 war was a watershed event for all major actors in the Middle East. Explain the consequences of the war for domestic politics in Israel and Egypt respectively. .

1. Kemal Ataturk carried out policies that distanced the new Turkish.docx

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1. If we consider a gallon of gas as having 100 units of energy, and 25 of those units are used to move the car, what law of thermodynamics accounts for the other 75 units of energy? (Points : 2) the first law the second law 2. Which of these is not a component of a molecule of adenosine triphosphate (ATP)? (Points : 3) adenosine phosphate deoxyribose sugar ribose sugar 3. Glycolysis is a sequence of ______ chemical reactions. (Points : 3) nine six five ten 4. Exergonic reactions produce products with a ___ energy level than that of the initial reactants. (Points : 3) lower higher the same 5. When chemical X is reduced, which of these expressions would be an accurate representation of its reduced state? (Points : 3) XO XH X HX 6. Most enzymes are which kind of organic compound? (Points : 3) carbohydrates lipids proteins none of the above 7. The area on an enzyme where the substrate attaches is called the: (Points : 3) active site allosteric site anabolic site inactive site 8. Which of the following creatures would not be an autotroph? (Points : 3) cactus cyanobacteria fish palm tree 9. The process by which most of the world's autotrophs make their food is known as: (Points : 3) glycolysis photosynthesis chemosynthesis herbivory 10. Plants are the only organisms that use ATP for the transfer and storage of energy. (Points : 2) True False 11. The colors of light in the visible range (from longest wavelength to shortest) are: (Points : 3) ROYGBIV VIBGYOR GRBIYV ROYROGERS 12. Chlorophyll is a green pigment because it absorbs only the green part of the visible light spectrum. (Points : 2) True False 13. The photosynthetic pigment that is essential for the process to occur is: (Points : 3) chlorophyll a chlorophyll b beta carotene xanthocyanin 14. A photosystem is: (Points : 3) a collection of hydrogen-pumping proteins a series of electron-accepting proteins arranged in the thylakoid membrane a collection of photosynthetic pigments arranged in a thylakoid membrane found only in prokaryotic organisms 15. Which of these molecules is NOT a product of the Electron Transport System? (Points : 3) ATP Water Pyruvate NAD+ 16. The dark reactions require all of these chemicals to proceed except: (Points : 3) ATP NADPH carbon dioxide oxygen 17. The structural unit of photosynthesis, where the photosystems are located, are called: (Points : 3) chlorophylls eukaryotes stroma thylakoids 18. Which of the following does NOT occur during the light independent process? (Points : 3) CO2 is used to form carbohydrates NADPH converts to NADP ADP converts to ATP ATP converts to ADP 19. The production of ATP that occurs in the presence of oxygen is called: (Points : 3) aerobic respiration anaerobic respiration chemiosmosis photosynthesis 20. The first stable chemical formed by the Calvin Cycle is: (Points :.

1. If we consider a gallon of gas as having 100 units of energy, and.docx

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1. In 200-250 words, analyze the basic issues of human biology as they relate to chronic conditions and describe the interaction between disability, disease, and behavior. Examine and discuss the impact of biological health or illness on social, psychological, and physical problems from the micro, mezzo, and macro perspectives. Choose a chronic condition from those provided in your text and consider how you might feel, think, and behave differently if the condition were affecting you versus if the condition were affecting a stranger. How might you think differently about this chronic condition if it were affecting someone close to you, your neighbor, or someone in your community? Please include at least two supporting scholarly resources. 2.Our stage of life, intellectual/cognitive abilities, and sociocultural position in life, affect our perspectives and resultant behaviors about a number of conditions including cancer. Consider the information provided in the “Introduction to the Miller Family” document. Both Ella and Elías have been diagnosed with cancer. Ella has been fighting cancer with complementary and alternative methods with some success for many years. Elías, her grandson, is 10 years old and has recently been diagnosed with leukemia but has not yet begun treatment. Putting yourself in either Ella or Elías’s place, what might your perspective on your cancer be? Integrate how the stage of life, cognitive abilities, and sociocultural position of your chosen person impacts her/his perspective on his/her individual disease. .

1. In 200-250 words, analyze the basic issues of human biology as th.docx

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