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Microeconomics is the study of economics at the individual or micro level. One of the most well known microeconomic models is the production possibilities frontier, which is the maximum combination of output that an economy can produce given resources and technology. For this SLP, we will focus on the production of a country other than the United States. Think of a country that interests you. You can choose a country that you have lived in, visited, or even thought of visiting. Remember it can't be the US. You can use the list of popular new sources in module 2 and find a current article about this country and answer the following questions:
[A] What country did you choose? Why does this county interest you? What are some facts about this country (population, GDP, etc.)? (try to use other sources to find additional facts about this country.
[B] What does the article discuss? Why is this issue important?
[C] How do you think the current event will affect the global economy?
Create a list of reasons for your recommendation and include considerations of product features and use of advertising.
Always Round Tire has a production function of Q = 300 L.75 K.5. In the short run, if L = 250 and K = 25, what happens to the output of tires if L jumps to 300 and then 350. What law does this illustrate?
Assume the firm can produce 5000 units of out put by combining its fixed capital with 100 units of labor and 450 units of raw materials. What are the total cost and average total cost of producing 5000 units of output?
What would be the equilibrium quantity and equilibrium price? Assume the Government imposes a $5 per unit tax on the seller, which equation would be affected and how?
The market is created by demand and supply of products in the economy. Describe the law of demand. Explain a situation in your life where you noticed this law at work.
What are some of the ways these curves shift and what is the corresponding change to the point of equilibrium?
Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:
What will be the effect of the following events on the market for French wine and the quantity consumed? Distinguish between the short-run and the long-run impact.
Discuss why it would cost Pete Sampras or Venus Williams more to leave the pro tennis tour and open a tennis shop than it would cost a coach of a tennis team to do so.
A firm is making production plans for upcoming quarter, but the manager doesn't know what the price of the product will be next month. She thinks there is a 30 percent chance price will be $500 and a 70 percent chance price will be $750.
In the aftermath of September 11 terrorist attacks, the quantity of sold airline tickets in 2002 fell by a large percentage when compared to 2001. During the same time period the average price for airling tickets also fell.
What is average productivity? What is marginal productivity? Explain the relationship between average and marginal productivity. What would happen to average and marginal productivity if a technological innovation were introduced to the production..
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