Categories
Economics

1.2 Out of a population of 170 million, there are 30 million type 1 individuals,

1.2 Out of a population of 170 million, there are 30 million type 1 individuals, and 100 million
type 3 individuals. You learn that, when the prices of the two vehicles are
?
⃗ = (??1, ??2) = (7,15), ??1(?
⃗ ) = 130 million, ??2(?
⃗ ) = 25 million.
1.2.1 How many individuals are type 4?
1.2.2 How many individuals are type 2?
1.3 Using your answer in 1.2, and holding fixed ??2 = 15, draw ??1(?
⃗ ) as a function of ??1
.
Remember, it is best to draw price on the Y-axis, and quantity on the X-axis.
1.4 What would be the effect on quantities and consumer surplus of an increase in the price
(e.g. due to a tax) of polluting fast vehicles from ?
⃗ = (??1, ??2) = (7,15) to (7,25)?
1.5 What would be the effect on quantities and consumer surplus of a reduction in the price
(e.g. due to a subsidy) of “green” slow vehicles from ?
⃗ = (??1, ??2) = (7,15) to (4,15)?
1.6 What would be your considerations if you were to choose between a policy (tax) inducing
the price change in 1.4 and a policy (subsidy) inducing the price change in 1.5?
Please discuss with fewer than 50 words.
1.7 The marginal costs of the two vehicles are ???1 = 6 and ???2 = 5.
1.7.1 If the prices are ?
⃗ = (??1, ??2) = (7,15), is this market perfectly competitive? Why?
1.7.2 If the prices are ?
⃗ = (??1, ??2) = (7,15), is there any allocative inefficiency? Why?
1.8 Knowing that the marginal costs are ???1 = 6 and ???2 = 5, how many individuals would
own a vehicle if prices were perfectly competitive? (Recall: your answers in 1.2 tell you
the number of individuals for each type.)
1.9 Knowing that the marginal costs are ???1 = 6 and ???2 = 5, would your considerations
in 1.6 be different? Please discuss with fewer than 100 words

Categories
Economics

Granny lives in the Woods and consumes only bread and fruits and has $60 dollars

Granny lives in the Woods and consumes only bread and fruits and has $60 dollars to spend of food each week. One week she falls ill and has to ask her niece, Red, to buy her weekly food (Granny will reimburse Red for the $60 she spends on food, of course). Red lives in the City, where the price of fruit is $2 per kilogram and the price of bread is also $2 per loaf. Red decided to buy 20 loaves of bread for Granny.
1. How much fruit did Red buy for Granny?
2. In a diagram measuring the quantity of bread on the horizontal axis draw: i. Red’s budget line, ii. the point (label it C) showing the basket Red purchased in the city, and iii. the Indifference curve passing through point C.
3. What is the slope of the budget line, and its economic meaning?
Heading to Granny’s house in the Woods with the food from question 1 in her basket, Red unexpectedly meets the infamous trader B. B. Wolf, which offers to buy or sell food at a price of $6 per kilogram of fruits, and $3$ per loaf of bread.
4. In the diagram you used to answer question 2, and add Red’s budget line after meeting Wolf. Should Red trade with Wolf? Note: Red can always afford point C (if she desires so), by simply not trading with Wolf. This means her new budget line must pass through point C! And since you know the prices at which she can trade with Wolf, you should easily be able to calculate the slope. If you know a point and the slope of a line passing through it, it should be easy to draw that line.
5. Draw, in the diagram you used to answer question 2 and 4: i. the point (label it W) showing Red’s basket after trading (or not trading) with Wolf, and ii. the indifference curve passing through it.
6. Draw, in the same diagram you used to answer questions 2, 4, and 5, the compensated budget line of Red’s meeting with Wolf.
7. Show, in the same diagram you used to answer questions 2, 4, 5, and 6, the income effect and the substitution effect on Granny’s consumption of bread due to Red’s meeting Wolf.

Categories
Economics

[25 points] Problem 3. Consider the following Cobb-Douglas production function:

[25 points]
Problem 3.
Consider the following Cobb-Douglas production function: ? = ????.???.?. Suppose that the
price of labor is ? = ?? and the price of capital is ? = ??.
3.1 Derive the total cost curve for this production function.
3.2 Derive the marginal cost curve for this production function.
3.3 Plot the marginal and total cost curves for ? = ?, ?, ?, ?, ?. What does this tell you about
economies of scale for the production function?
3.4 Suppose that the wage rate went up from 20 to 30. What would happen to the total wage
bill relative to total costs,
??/??+??
? What would happen to total costs?

Categories
Economics

[25 points] Problem 3. Consider the following Cobb-Douglas production function:

[25 points]
Problem 3.
Consider the following Cobb-Douglas production function: ? = ????.???.?. Suppose that the
price of labor is ? = ?? and the price of capital is ? = ??.
3.1 Derive the total cost curve for this production function.
3.2 Derive the marginal cost curve for this production function.
3.3 Plot the marginal and total cost curves for ? = ?, ?, ?, ?, ?. What does this tell you about
economies of scale for the production function?
3.4 Suppose that the wage rate went up from 20 to 30. What would happen to the total wage
bill relative to total costs,
??/??+??
? What would happen to total costs?

Categories
Economics

Granny lives in the Woods and consumes only bread and fruits and has $60 dollars

Granny lives in the Woods and consumes only bread and fruits and has $60 dollars to spend of food each week. One week she falls ill and has to ask her niece, Red, to buy her weekly food (Granny will reimburse Red for the $60 she spends on food, of course). Red lives in the City, where the price of fruit is $2 per kilogram and the price of bread is also $2 per loaf. Red decided to buy 20 loaves of bread for Granny.
1. How much fruit did Red buy for Granny?
2. In a diagram measuring the quantity of bread on the horizontal axis draw: i. Red’s budget line, ii. the point (label it C) showing the basket Red purchased in the city, and iii. the Indifference curve passing through point C.
3. What is the slope of the budget line, and its economic meaning?
Heading to Granny’s house in the Woods with the food from question 1 in her basket, Red unexpectedly meets the infamous trader B. B. Wolf, which offers to buy or sell food at a price of $6 per kilogram of fruits, and $3$ per loaf of bread.
4. In the diagram you used to answer question 2, and add Red’s budget line after meeting Wolf. Should Red trade with Wolf? Note: Red can always afford point C (if she desires so), by simply not trading with Wolf. This means her new budget line must pass through point C! And since you know the prices at which she can trade with Wolf, you should easily be able to calculate the slope. If you know a point and the slope of a line passing through it, it should be easy to draw that line.
5. Draw, in the diagram you used to answer question 2 and 4: i. the point (label it W) showing Red’s basket after trading (or not trading) with Wolf, and ii. the indifference curve passing through it.
6. Draw, in the same diagram you used to answer questions 2, 4, and 5, the compensated budget line of Red’s meeting with Wolf.
7. Show, in the same diagram you used to answer questions 2, 4, 5, and 6, the income effect and the substitution effect on Granny’s consumption of bread due to Red’s meeting Wolf.

Categories
Economics

DO NOT ACCEPT IF YOU DO NOT KNOW WHAT SPSS IBM IS ? Create a word processing doc

DO NOT ACCEPT IF YOU DO NOT KNOW WHAT SPSS IBM IS ?
Create a word processing document to save your results. Open the customers_dbase.sav and use it to complete the following: (3 pts each)
Select respondents who live in a town with 50,000-249,999 people (so townsize=2). Create a frequency table of level of education and paste it into your document. Refer to variable view as needed. Describe what the table tells you.
Return to the full data set. Select respondents who live in cities with 250,000 or more people. Create an appropriate graph of primary commute transportation. Change the title of the graph to include the limited sample and paste it into your document. Describe what the graph tells you.
Return to the full data set. Select dog owners (number of dogs owned > 0). Create an appropriate graph for age in years (not the category). Change the number of bins on the histogram to 10, change the color to orange, change the title of the graph to include the limited sample, and paste it into your document. Describe what the graph tells you about the respondents in this data set.
Return to the full data set. Use the option to “split file” (under Data) by Gender and select the option to compare groups. Select Household Income and Credit Card Debt. Create tables showing mean, median, standard deviation, minimum and maximum of these two variables separated by gender. Describe what the table tells you about similarities and differences between male and female respondents.
Return to the full data set. Create a single bar chart with income category on the horizontal axis and both mean number of cats and mean number of dogs on the vertical axis. Change the vertical scale to start at 0.2 and increase by 0.05. Change the vertical axis labels to have two decimal places. Change the chart title to “Average number of cats and dogs by income level”. Describe what the graph tells you. Does this confirm or contradict what you would have thought about cats and dogs before? Explain.

Categories
Economics

A good financial strategy can always be improved. Having knowledge of your organ

A good financial strategy can always be improved. Having knowledge of your organization’s finances provides the leverage to make decisions that affect the outlook and goals of the company. This assignment gives you an opportunity to examine company practices from a financial lens, which provides you with insight into what drives financial decisions for a health care system.
Obtain a recent financial statement for your organization, detailing expenses and revenues (This can be from within the last year. You may need to work with your supervisor to obtain a financial statement.).
Note: If you cannot access a financial statement, discuss it with your faculty member.
Write a 1,225- 1,550-word report on the major trends in your organization’s expenses and revenues. Include the following points:
Analyze any trends in expenses and revenue that you see. Are they on target to meet budget goals?
How can your organization contain or reduce expenses without damaging services and quality of care?
Can your organization’s reimbursement strategy be improved to increase revenue? If so, what would it be, and how would it be implemented?
How can your organization use its financial performance to build its brand?
Cite any references to support your assignment.
Format your citations according to APA guideline

Categories
Economics

A good financial strategy can always be improved. Having knowledge of your organ

A good financial strategy can always be improved. Having knowledge of your organization’s finances provides the leverage to make decisions that affect the outlook and goals of the company. This assignment gives you an opportunity to examine company practices from a financial lens, which provides you with insight into what drives financial decisions for a health care system.
Obtain a recent financial statement for your organization, detailing expenses and revenues (This can be from within the last year. You may need to work with your supervisor to obtain a financial statement.).
Note: If you cannot access a financial statement, discuss it with your faculty member.
Write a 1,225- 1,550-word report on the major trends in your organization’s expenses and revenues. Include the following points:
Analyze any trends in expenses and revenue that you see. Are they on target to meet budget goals?
How can your organization contain or reduce expenses without damaging services and quality of care?
Can your organization’s reimbursement strategy be improved to increase revenue? If so, what would it be, and how would it be implemented?
How can your organization use its financial performance to build its brand?
Cite any references to support your assignment.
Format your citations according to APA guideline

Categories
Economics

Write an annotated bibliography of the article below Brander, J., and B., Spence

Write an annotated bibliography of the article below
Brander, J., and B., Spencer (1984b) “Tariff Protection and Imperfect Competion”, In the Kierzkowsk (eds.), “Monopolistic Competition and International Trade”, New York:Oxford University Press, pp.194-206.

Categories
Economics

Write an annotated bibliography of the article below Baltagi, B.H., (2001) “Econ

Write an annotated bibliography of the article below
Baltagi, B.H., (2001) “Econometric Analysis of Panel Data”, Second Edition, West Sussex, John Wiley & Son.