Class, There Is Much Discussion In The Press About Several States Moving To Legalizing
Transcribed Image Text from this QuestionClass, there is much discussion in the press about several states moving to legalizing marijuana, either for only medical purposes, or more extremely, for recreational purposes. Looking only at the economic impact (not moral implications) of such changes in the laws, discuss how the existing system of supply and demand for illegal marijuana will be changed with the new legalization. 1. What will happen to existing supply avenues? 2. Will legalization significantly change demand? How? 3. Would one expect prices to change significantly? How?
History Bookmarks Window Help Erto.mheducation.com Courses Untitled Docum Blackboard Le Blackboard Le Word Document
Transcribed Image Text from this QuestionHistory Bookmarks Window Help erto.mheducation.com Courses Untitled docum Blackboard Le Blackboard Le Word Document docx My Drive Goo Saved eet 2 Lecture 5 Use the information below to calculate the market supply Price Quantity Supplied Quantity Supplied Quantity Supplied Quantity Supplied ABC, Inc. HU, Inc. LMN, Inc. XYZ, Inc. $0 0 0 0 0 $100 10 200 300 400 $200 15 400 300 600 $300 20 400 500 800 $400 25 500 600 900 Market Quantity Supplied Price $0 $100 $200 $300 $400 ME Hill a
Max Has Income Of 10.a, Facing Price P1=1, P2=1, He Chooses The Bundle (q1=1,q2=9).
max has income of 10. a, facing price p1=1, p2=1, he chooses the bundle (q1=1,q2=9). now facin gprices p1=1/2, p2=2, he chooses (q1=18, q2=1) draw and clearly label a picture of both budget sets and optimal choices. b. does his behavior violate the WARP? explain. c. suppose instead that fscung p1= 1/2, p2= 2. does his behavior violate WARP? explain.
Suppose The Production Function Is Given By Q – 2LİKl, Price Of Labor (w)
Transcribed Image Text from this QuestionSuppose the production function is given by Q – 2LİKl, price of labor (w) = 3 and price of capital (-) = 12. The market price for the output produced is P = 128. Answer parts a (i)-a (iv) and b(i) to b(u) based on this information Long-run production: i. What is an iso-cost? ii. Write down this firm’s LONG-RUN cost minimization problem. (Note: In long-run, nothing is fixed, so the firm can choose both labor and capital optimally to minimize its cost.) Solving the long-run cost minimization problem, we get the long-run cost function C(q) = 3Q. Find out the long-run cost of the firm for producing 18 units of output. iii. Write down the functional forms of the long-run average cost and marginal cost. iv. Find out the profit maximizing choice of output in the long-run. How much is the profit?
A Firm’s Total Explicit Costs Are $1,000. Its Total Implicit Costs Are $500, And
Transcribed Image Text from this QuestionA firm’s total explicit costs are $1,000. Its total implicit costs are $500, and it has a total revenue of $1500. This firm receives neither an economic profit nor an accounting profit. O an accounting profit only. O both an economic profit and an accounting profit. O an economic profit only. Revenue and Costs (dollars) 160 TC TR 140 120 100 80 60 40 20 . 0 2 4 6 8 10 12 14 16 18 20 Quantity A) In the above figure, what is the profit- maximizing rate of production (Q) for the perfectly competitive firm? B) In the above figure, what is the perfectly competitive firm profit at the profit-maximizing rate of production ? HTML Editor B I VA – A – Del 2 IX E 1 1 x x, EE V G V T T 12pt Paragraph 1. To determine profit-maximizing level of output (Q) use Firm’s profit-maximizing condition: MR – MC. 2. To determine the per unit price (P), you will need the DEMAND curve. Recall Demand curve gives Price – Quantity relationship. 3. Total cost (TC) of production can be calculated as ATC Q. Why? Because ATC – TC/Q. 4. Total Revenue (TR) – PQ 5. Economic profit – TR – TC = P’Q – ATC “Q = (P-ATC) ‘Q MC ATC AVC Price 10 Demand MA 8 9 10 11 12 Quantity Perfect Competition: A) In the above figure, what is the profit-maximizing price (P) and output (Q) in a perfect competitive market? (2 points) B) In the above figure, what is total profit at the profit-maximizing point? (1 point) C) What happens if the market price is less than $7? (1 point)
MU Of Pepsi Pepsi 1st Can 2nd Can 3rd Aan 4th Can 5th Can
Transcribed Image Text from this QuestionMU of Pepsi Pepsi 1st can 2nd can 3rd aan 4th can 5th can 18 15 12 9 Pizza 1st slice 2nd slice 3rd slice 4th slice 5th slice MU of Pizza 7 6 CT ل بيا د 6 Assume that Jack has the preferences shown in the above table. Also assume that the price of a can of Pepsi is $3.00 and that the price of a slice of pizza is $1.00. If he has $16 available to spend, what combination of Pepsi and pizza will be his consumer optimum? NOTE: Consumer Optimum is reached at MUS Ps MUS Рg Hint: Create 2 more columns to find out MUs/Ps, MUg/Pg. HTML Editora BIU A A – IX E71 XX, DE E V VO 12pt Paragraph Total Product Input of Labor Average Product (AP) No of snowboards produced Marginal Product 0 0 1 22 2 52 3 81 4 100 5 115 6 126 A. In the above table, what is the average product (APs) for 5 units of labor? (1) B In the above table, what is the marginal product (MP Jof the sixth worker? (1) C. Refer to the above table. At what quantity of labor (L.) is the average product of labor (APL)maximized? (1) D. Refer to the above table. At what quantity of labor(L) does it become obvious that the law of diminishing marginal product has set in? (1) Hint: Need to fill out at least the column for Marginal product (MP) (1) (2) (3) Output Time 4 Refer to the above figure. Curve (1) is the: Curve (2) is the: Curve (4) is the:
• Section 1. (25%) The Eurogroup Is Debating EU-wide Unemployment Insurance Scheme. O Define
• Section 1. (25%) The Eurogroup is debating EU-wide unemployment insurance scheme. o Define the different types of unemployment and discuss which one is the target of such a measure. o Analyze the possible effects of this measure using the concepts delivered in class. • Section 2. (25%) The Eurogroup is debating EU-wide unemployment insurance scheme. o In the Eurozone, which institution oversees monetary policy, and which one controls fiscal policy? The main goal of the European Central Bank is controlling the inflation. Why it is so important? To answer this question: o define aggregate demand and aggregate supply in the long-run and short-run (use graphs), and o explain the main effects of rising prices in the economy using the concepts delivered in class. • Section 3. (25%) During the 2008 crisis, the Eurozone countries applied different strategies to prevent a fall of aggregate demand. o Provide two examples of fiscal policies in face of an economic crisis and discuss their positive and negative effects on aggregate demand. Use the concepts of the “multiplier effect” and “crowding-out effect” delivered in class. • Section 4. (25%) There is evidence of increasing protectionism in global trade (US and China trade war), which might cause a fall in global trade. o Explain what the expected impact of the fall in international trade on the Eurozone economy might be. Use the AD/AS model and the concepts delivered in unit 8. This section must include a written explanation and charts. • Bibliography
The Table Shows Nomial GDP And An Appropriate Index Group Of Selected Years. Indicate
Transcribed Image Text from this QuestionThe following table shows nominal GDP and an appropriate price index group of selected years. Compute real GDP. Indicate in each calculation whether you are inflating or deflating the nominal GDP data. (6 marks) GDP deflator Year Nominal GDP (bil- lions) 366.6 (2007=100) Real GDP (billions) $ 1981 47.1 1991 696.9 71.8 84.5 2001 103.9 $ 2008 1,134.8 1,646.0 1,770.0 2,144.4 108.3 2011 115.6 $ 2017
Given The Production Function In Y = AK^.5 L^.5 Recall The Growth Rate Of
Given the production function in Y = AK^.5 L^.5 Recall the growth rate of capital per worker = sy/k – sd – n. Given the Production function that means growth rate of capital per worker = sA/k^.5 – sd – n. This means the steady state of capital per worker, k* = (sA/ sd n)2 Recall y = A*ka , Thus for the problem y* = Ak*^.5 1. If s = 5% n = 2.5% d=10% and A = 3. a. What is the steady state of capital per worker b. What is the steady state of output per worker Econ 332 Practice Problem Solow Model 2. If s rises to 10% a. What is the steady state of capital per worker b. What is the steady state of output per worker c. How much does output per worker grow? 3. If s is back to 5% but n falls to 1% a. What is the steady state of capital per worker b. What is the steady state of output per worker c. How much does output per worker grow?
Assignment: Monopolistic Competition And Price Discrimination Purpose The Purpose Of This Discussion Is To
Assignment: Monopolistic Competition and Price Discrimination Purpose The purpose of this discussion is to apply the material on market structures and pricing to the real world. Please answer in paragraph form. Depending on your writing style, 200-400 words should be enough for a substantive reply to the prompt question. 1. Explain the role of brands in a monopolistic competition market. How can the pricing and profits for a firm in this market structure differ from perfect competition and when will the two market types reach the same outcome? Why does that make it essential for firms to have a strong brand identity? Give an example of a product with this type of market structure and discuss (briefly) how the firms have established their brands.
The Cost Of Producing Y Is C(y)=5 7y. Demand For Y Is Given By
Transcribed Image Text from this Question1. The cost of producing y is C(y) = 5 7y. Demand for y is given by yp) 0 if p > 10 10 if 8< p < 10 20 if 0 <p 10 0 if p > 10 yi(p) 7 if 8< p < 10 y2(P) = 3 if 8< p < 10 10 if 0 <p < 8 10 if 0 <p < 8 Find the prices, quantities, profit and total surplus.Accountig Assignment Writing Service