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Question 1
Considering oil as an inelastic product, discuss why OPEC cannot keep price of oil high? You need to consider the type of good, price elasticity of demandand supply, and the time factor. Your answers must company twodiagrams, one foreach timeframe.
Question 2
Discuss binding price ceiling and binding price floor with an example. Your answersmust companytwo diagrams, one for each. Youare allowed to refer to concepts/context in prescribedtext book; however,discussion will haveto come from academic sources.
Question 3
Discuss various measures of cost by completing thefollowing table.This should includefixed and variable costs, averagetotal cost, average variablecost, averagefixed cost, andmarginal cost. Show all of thesein one diagram in relation to Quantityand Price.
Quantity of soap sold per hour
Total cost($)
Fixed cost($)
Variablecost($)
Average fixed cost($)
Average variable cost($)
Average total cost($)
Marginalcost($)
0
8.0
0.0
1
8.30
0.30
2
8.50
0.50
3
9.80
1.80
4
10.10
2.10
5
10.20
2.20
6
10.60
2.60
7
11.0
3.0
8
11.30
3.30
9
11.60
3.60
10
12.0
4.0
Changes in disposable income affect government purchases and the government purchase function. How do changes in net taxes affect the consumption function.
Could you please explain in detail the advantages and disadvantages of both fiscal policy and monetary policy in the global economy framework
1. Identify the threats posed to information and network security, as well as the common attacks associated with those threats
What is the key problem with measuring marginal q? Is there an alternative measurement that can be used instead? Is this alternative measurement likely to be an accurate proxy for marginal q?
Pollution is often an unavoidable byproduct of production, and is usually (not always!) an external cost of production. Would it be socially efficient to clean up all man-made pollution? Why is pollution an external cost? When might pollution NOT be ..
According to the neoclassical theory of distribution, a worker’s real wage reflects her productivity. Let’s use this insight to examine the incomes of two groups of workers: farmers and barbers. Over the past century, the productivity of farmers Af h..
What is Marginal Utility? Why does it diminish? Explain verbally, and using appropriate math/symbols, the slope of the indifference curve. Write out the equation for and explain the “Consumer Equilibrium Condition” or, as it is sometimes labeled, the..
Consider an antique auction where bidders have independent private values. There are two bidders, each of whom perceives that valuations are uniformly distributed between $100 and $1,000. One of the bidders is Sue, who knows her own valuation is $200..
What sets the boundaries for trade? Globalization, comparative advantage, absolute advantage, or opportunity cost?
You are given the following information for Sookie’s Cookies Co.: sales = $51,000; costs = $39,800; addition to retained earnings = $2,300; dividends paid = $925; interest expense = $1,580; tax rate = 40 percent. Calculate the depreciation expense.
Fairfield Homes is developing two parcels near Pigeon Fork, Tennessee. In order to test different advertising approaches, it uses different media to reach potential buyers. The mean annual family income for 15 people making inquiries at the first dev..
Find the value of X such that the loan is fully repaid with the last payment. b) What is the dollar amount of each of the five payments ? c) Find the value of all the intrest paid to ken ?
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