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Problem 1The perfectly competitive firm and market in the short run.In Venice, there are fifty souvenir stores that sell plastic replicas of the local gondola boats. Each store has a short run total cost function TCSR(q) = 0.1q2 + 2q + 200. In the short-run, 80% of the fixed cost is sunk. The demand for plastic gondolas is QD = 3,000 – 100P. a) What is the FC, the VC, the MC and the AVC of the typical souvenir store in Venice? b) In a ...
Comparing Responses for Inconsistent Discount FunctionThese are answers to questions we asked the professor, please try to follow her answers to get a sense of what she wants when trying to see whether the discount function is inconsistent with the assumption that it decreases, should we compare the responses between the two sessions or across each session separately? Please check for each individual within each session. ii. In relation ...
Types of UnemploymentCase Study A country’s economic performance is measured using three key indicators, one of which is the unemployment rate. When adults who are willing and able to work cannot find a job, it may be a sign that an economy is producing less than it could. On the other hand, unemployment is also a natural phenomenon that even healthy economies experience. While the official unemployment rate is helpful in representing t...
Problem 1 - Utility functionProblem 1 - Utility function1. What is a utility function?2. What are the indifference curves?3. Plot a family of indifference curves for U (x, y) = x4. Do indifference curves depend on the budget constraint?5. Can indifference curves intersect? Explain. Problem 2 - TaxesA worker receives a wage rate w and has L hours of leisure every day (the total endowment of hours is 24 hours per day). The government taxes his ...
Task Step 3: Economic Analysis Using the concepts covered in the course you need to analyze the macroeconomic data for your Country and identify the following: - Identify and explain trends in the major macroeconomic indicators (GDP growth rate, GDP per capita, unemployment, inflation)- Identify and explain trends in the budget balance, trade balance, and interest rates- Identify and explain trends in the Labour market and/or important industr...
Question 1 Indicate whether each of the following statements is true, false, or uncertain, and explain your answer. Use mathematics and/or diagrams to support your answer. (a) The demand for automobiles must be less elastic than the demand for CD players because a $100 reduction in the price of cars does not affect the number sold nearly as much as a $100 reduction in the price of CD players. (b) The Internet makes price discrimination less fe...
Q1: Business Cycles and VolatilityQ1. According to a report by IMF in 2007: “World growth in recent years has been much more rapid than at any time since the oil price surges of the 1970s. This growth is being shared across countries to an unprecedented degree. Moreover, output volatility in most countries and regions has significantly declined. Analyses show that these changes in business cycle characteristics and finds that the increas...
Topic When paying your taxes isn't enough Article Link Is Below: https://www.wgbh.org/news/national-news/2018/11/03/voters-may-tax-tech-companies-to-fight-homelessness Research outside the textbook is required for each forum. Each thread must contain two cited references in current APA format. Acceptable research sources include periodicals, journals, newspapers, magazines, and the Bible. Sources such as Wikipedia, About.com, book rev...
Understand and apply the tools used in economic decision making. Apply market dynamics of supply and demand to concepts of market equilibrium, surpluses and shortages. describe the current microeconomic environment within the context of any economy including the Canadian system; Students must achieve total ratings of at-least 60% of marks to demonstrate written competence. Any Assignment submission made after Three&n...
Estimation of linear empirical demand function with appropriate tests and evaluationBelow is a case on estimation and analysis of demand for Bottled Water. Read the case carefully and use the appropriate techniques given in the text book on demand estimation and analysis then make your decisions, judgments and evaluation based on the results. For solving any part of the case you have to give your explanations write the proper formula, and sho...
Questions: Assignment Select any one country in Europe OR the Middle East. What in your opinion is the most important factor needed to help this country develop? Identify the specific United Nations Sustainable Development Goal (SDG), that addresses this issue and show what policies the country’s government has implemented to help achieve its development objective. Instructions Reports must be in MS Word format. ...
Question: Many well known transnational corporations, especially in the apparel industry have been criticized for the use of sweatshop-like conditions in its factories in developing countries. Garment workers in Honduras claim that some plants pay less than 40 cents an hour, insist on compulsory overtime and impose unreachable production quotas. It is a result of intensive competition between corporations to maximize profits. Discuss the reaso...
How Workforce Education Responds to Supply and Demand for Cybersecurity Professionals1. Give an example of a current situation that describes the concepts of supply, demand, or elasticity, and how workforce education has responded. In my opinion, workforce education has strongly responded to the supply, demand, or elasticity throughout the last decade, trying to cope with technology demands. The need for highly trained hands in the field of t...
Assessment AimsAssessment Aims: To: i) Evaluate different National Accounts Aggregates for cross-country comparisons of economic growth; ii) assess the position of selected countries in the business cycle and iii) the extent to which these business cycles have become integrated. -Your own mark is weighted 75 per cent for your section and 25 per cent for the shared element. -You must join a group of between 4 and 6 students from more&n...
Question 1: Market Equilibrium for TofuFor question 4, worked out solution for 4 (a): The Demand equation for Alpha is known to be : D = $1000-bQ To find out b, based from the diagram, b = (P1 - P2) / (Q1 - Q2) When P1 = $1000, Q1 = 0 When P2 = $100, Q2 = 180 b = ($1000-$100) / (0-180) b = 5 Therefore, the demand equation for Alpha is: D = $1000-5Q. will require the solutions for: (b) Identify the optimal output and the price for Alpha. Calc...
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