What is marginal product, and what does it mean if it

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Get college assignment help at uniessay writers What is marginal product, and what does it mean if it is diminishing?

Describe the basic way that the modern banking industry work(namely, fractional

Describe the basic way that the modern banking industry work(namely, fractional reserve banking). What impact can this type of banking system have on the supply of money and possibly on inflstion and prices.

why do changes in bank reserves resulting from open-market operations by

why do changes in bank reserves resulting from open-market operations by the fed produce multiple changes in checkable deposits in the economy?

You decide to work in Japan for the next 10 years,

You decide to work in Japan for the next 10 years, accumulate some savings, then move back to the United States and convert your savings from yen to dollars. At the time of your move, economists predict that consumers in the United States have reignited their love of Japanese products, especially hybrid cars, and expect that this strong preference for Japanese products will continue for the next decade. How should this influence your decision to work and save in Japan?

using the following schedule, define the equilibrium price and quantity.descibe the

using the following schedule, define the equilibrium price and quantity.descibe the situation at a price of $10.00.what will occur? decribe the situation at $2.00 price. what will occur? price:1,2,23,4,5,7,8,9,10 quantity demanded :500,400,350,320,300,275,260,230,200,150 quantity supplied:100,120,150,200,300,410,500,650,800,975

farmers often find that large bumper crops are associated with declines

farmers often find that large bumper crops are associated with declines in their gross incomes this suggest that: a.farm products are normal goods. b farm products are inferior goods c the price inelasticity of demand for a farm is less than 1 d he price inelasticity of demand for a farm is greater than 1

Aunt Rose owned a dress shop on 81st Street and Broadway

Aunt Rose owned a dress shop on 81st Street and Broadway

suppose that the firm’s only variable inpuyt is labor. When 50

suppose that the firm’s only variable inpuyt is labor. When 50 workers are used, the average product of labor is 50 and the marginal product of labor is 75. The wage rate is $80 and the total cost of the fixed input is $500. What is the average total cost?

The demand for tickets to an event is given by the

The demand for tickets to an event is given by the equation The supply of tickets to the event is given by the capacity of the stadium, which is 150,000. a) What is the equilibrium price of tickets to the event? b) Compute the price elasticity of demand at the equilibrium price and c) state whether demand is elastic or inelastic. d ) How do you know?

The federal government created ___________ to help small and medium sized

The federal government created ___________ to help small and medium sized businesses get involved in exporting

Use the following information on a hypothetical short-run production function to

Get college assignment help at uniessay writers Use the following information on a hypothetical short-run production function to answer questions a-c. Units of Labor/Day 5 6 7 8 9 Units of Output/Day 120 140 155 165 168 The price of labor is $20 per day. Ten units of capital are used each day, regardless of output level. The price of capital is $50 per unit. a. Calculate the marginal and average variable product of each unit of labor input. b. Calculate total, average total, average variable, and marginal costs. c. Can you tell where diminishing marginal returns sets in?

The purpose of this problem is to study the sacrifice ratio.

The purpose of this problem is to study the sacrifice ratio. Suppose that initially actual and natural real GDP both equal 11,000 and that the rate of inflation is 3.5 percent. Natural real GDP grows by 3% per year over the next 5 years. Actual real GDP decreases by 2% in the first year, but then grows 4 % in the second year, 5.5% in the third year, 4.2% in the fourth year, and 3.5% in the fifth year. Inflation in years 1-5 equals 3.1%, 2.2%, 1.6%, 1.3%, and 1.1% respectively. a) Calculate natural real GDP for years 1-5. b) Calculate actual real GDP for years 1-5. c) Calculate the output ratio for years 1-5. d) Calculate the cumulative loss of output for years 1-5. e) Calculate the sacrifice ratio.

Use the following table to answer questions a-c. Output (Q): 0

Use the following table to answer questions a-c. Output (Q): 0 1 2 3 4 5 6 Total Cost(TC): $36 $45 $52 $61 $74 $91 $110 a. What is the average fixed cost of producing 4 units of output? b. What is the marginal cost of producing the third unit of output? c. At what level of output does the firm encounter diminishing marginal returns? How do you know?

The creation of knowledge is a public good. Because knowledge is

The creation of knowledge is a public good. Because knowledge is a public good, profit-seeking firms tend to free ride on the knowledge created by others and, as a result, devote too few resources to the creation of knowledge. How does the U.S. government correct for this apparent market failure?

If disposable income increases from $9,000 billion to $ 11,000 billion,

If disposable income increases from $9,000 billion to $ 11,000 billion, and consumption increases from $ 9,500 billion to $ 11,000 billion, the mpc must be A) 0.75 b) 1.00 c) 0.90 d) 0.25

The Grand Movie Theater has one box office clerk, M/G/1. On

The Grand Movie Theater has one box office clerk, M/G/1. On average, each customer that comes to see a movie can be sold its ticket at the rate of 6 per minute. For the theater’s normal offerings of older movies, customers arrive at the rate of 3 per minute. Assume arrivals follow the Poisson distribution and service times follow the exponential distribution.

“#1 For each of the following draw a separate diagram to

“#1 For each of the following draw a separate diagram to demonstrate the answer. (Hint: Remember the difference in a change in demand [supply] and a change in quantity demanded [supplied]. Don’t shift both curves unless appropriate). Describe what happens to equilibrium price and sales. Explain why or why not this makes sense in the real world. a. Show the effect on the U.S. new construction residential housing market in the event of a severe economic recession. b. Show the effect on the U.S. air travel market if American Airlines unexpectedly folds (ceases operations) overnight. c. Show the effect on the U.S. domestic car market if the price of foreign cars increases due to an exchange rate shock. d. Show the effect on the market for large SUVs if the price of gasoline in the U.S. comes to rest at greater than $4 per gallon. e. Show the effect of setting the price of Super Bowl tickets at a price lower than equilibrium price #2 Price Per Gallon $2 2.25 2.5 2.75 3.00 3.25 3.5 Quantity Demanded 26 25 24 23 22 21 20 Quantity Supplied 16 20 24 28 32 36 40 a) what is the equilibrium price?, b) if supply at every price is reduced by 5 gallons, what will the new equilibrium price be?, c) if the government freezes the price of gasoline at its initial equilibrium price, how much of a surplus or shortage will exist when supply is reduced as described above?, and d) illustrate your answers on a graph. ”

Suppose that the discovery of cold fusion implies that the productivity

Suppose that the discovery of cold fusion implies that the productivity of each worker in the economy doubles. This would cause the A) AD curve to shift down and the SAS curve to shift upward. B) SAS curve to shift rightward. C) AD curve to shift up and the SAS curve to remain stationary. D) SAS curve to shift leftward.

You must decide to MANUFACTURE or NOT MANUFACTURE widgets. The uncertain

You must decide to MANUFACTURE or NOT MANUFACTURE widgets. The uncertain variable is the future price of widgets. Your OPTIONS: 1. Manufacture widgets Future price, probability and present value of manufacturing widgets are as follows: Price = High Prob. = .7 Present Value = $ 25,000 Price = Low Prob. = .3 Present Value = $-15,000 2. Not manufacture widgets with Present Value = $ 0 3. Hire a consultant: (at a cost of $ 2,000) to predict if widget prices will be higher or lower. THEN, based on that prediction, (estimated to be 55% higher and 45% lower), determine to MANUFACTURE or NOT MANUFACTURE widgets: 3A. Manufacture widgets Future price, probability and present value of manufacturing widgets are as follows if the prediction is for higher prices: Price = High Prob. = .85 Present Value = $ 25,000 Price = Low Prob. = .15 Present Value = $-15,000 Future price, probability and present value of manufacturing widgets are as follows if the prediction is for lower prices: Price = High Prob. = .4 Present Value = $ 25,000 Price = Low Prob. = .6 Present Value = $-15,000 3B. Not manufacture widgets with Present Value = $ 0 (a) Diagram the problem in the form of a decision tree. (b) Calculate which would be the better OPTION using Expected Value. Check answer: EV Manufacture = $13,000 EV Hire Consultant = $8,900

On the distant plant called Zorx, consumers only consume one good

On the distant plant called Zorx, consumers only consume one good called spice. In order to purchase the spice, a consumer will travel which will cost him $1/mile. Each consumer will pay $5 for 1 unit of spice. Each trading post that a firm sets up costs $10. The production cost of spice is $1/unit of spice. Think Zorx as a circle, and the consumers all live on its circumference. The radius of Zorx is 10/(2pie) miles. In terms of consumers, you have two modeling choices: 1. one possibility is that there is a finite number, 100, of them, so that they live at a distance of 0.1 mile from each other. 2. Another possibility is that there is a continuum mass of 100 consumers, and they are uniformly distributed over the circumference of Zorx. Question: 1. suppose that is only one monopolist firm. How many trading spots and where would it set in order to maximize profits? what price would it charge to the consumers? What would happen if the consumers on the N half of Zorx value spice more than those on S half? 2. Suppose there are two spice-producing firms, and each can set up one trading post. Where would they set up trading posts and what prices would they charge? 3. Now suppose that there are many spice-producing firms; again each can set up one trading post, and they can set up a trading post if they find that the ensuing profit would justify their setup costs. You may suppose that they either enter sequentially or that they decide to enter simultaneously, whichever you prefer. What happens on Zorx in this case? 4. Comment on whether the solutions to this problem depend on the fact that you are dealing with a circumference rather than a line of length 10.

To continue with your evaluation for the new vice pesident position,

To continue with your evaluation for the new vice pesident position, the president of your company, Mr. Wilson, has asked you to prepare a report for him determining the economic impact of a coffee push cart that will provide hot coffee and cappuccinos to the public. He explains to you that the cart will operate on sidewalks near the center of town from 6 a.m. to 6 p.m., and it will operate year-round. He also explains that the firm that has come up with the idea decided to start the coffee push cart in either Cleveland, Ohio, or Houston.

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