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- Imagine that you arrive at an economics experiment with six other people and are told that you will simulate a market. Graph A You will be the only seller. The other five people will be assigned a dollar value that they will receive if they buy the good for any amount of money (so if a person's value is $5, he will buy the good for any price less than $5 and will be happy). You are also given the marginal cost and demand curves to the right and told that it represents the values that the "buyers" are assigned. Using the graph, the marginal revenue from increasing output from 1 unit to 2 units is O A. 9. О В. 2 O C. 4. D. 3. MC On Graph A: Draw the marginal revenue curve that you face as the monopolist, based on the demand curve given to the right. MR D 1.) Using the multipoint curve drawing tool, depict the marginal revenue curve that you face as a monopolist. Label your curve 'MR.' (Only graph marginal revenues that are equal to or greater than zero.) Quantity Carefully follow the…What is relationships between general competitive equilibrium, pareto efficiency and equity in an economy ?When goods are called homogenous. What does this actually means?
- You'd like to study social networks. Consider the following 7 people {A,B,C,D,E,F,G} in a social network graph. (These people can be thought of as "nodes" or points drawn on a piece of paper.) Here, we'd like to model "followers." How many different ways can we draw arrows between two people from these 7? Here, "A-->B" (A is a follower of B) is not the same as "B-->A" (B is a follower of A). Order matters hereConsider the following dialogue between two economics students, Yvette and Bob, after a recent economics lecture. YVETTE: Hi Bob. Today the professor said that the market decides how much of each good or service to produce. I don’t understand what that means. Nobody decides how many goods to produce. I’m so confused! BOB: Okay, I see where you are confused. Let’s run through it one more time. You are correct that in a market system, no one person decides what quantities of goods to produce in the economy, though that may be the case in other types of economic systems. In a market economy, output levels are determined by individual producers and consumers buying and selling goods. Suppose that in the market for smart phones, more smart phones were produced than consumers wanted to buy. In other words, smart phone producers have surplus smart phones that they cannot sell. ______ (options: Producers, Consumers) will _____ (options: lower, raise) the price of each smart phone…What two groups control the availability of resources in "Mixed Systems"?
- What is a market efficiency and how is the market model used to test for the market efficiency? (a few hundred words)Shen and Valerie are farmers. Each one owns a 20-acre plot of land. The following table shows the amount of corn and rye each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing corn or rye or to produce corn on some of the land and rye on the rest. Corn Rye (Bushels per acre) (Bushels per acre) Shen 20 5 Valerie 50 10 On the following graph, use the blue line (circle symbol) to plot Shen's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Valerie's PPF. 200 180 Shen's PPF 180 140 120 Valerie's PPF 100 80 60 40 20 100 200 300 400 500 600 700 800 900 1000 CORN (Bushels) has an absolute advantage in the production of corn, and has an absolute advantage in the production of rye. Shen's opportunity cost of producing 1 bushel of rye is | bushels of corn, whereas Valerie's opportunity cost of producing 1 bushel of rye is | bushels of corn. Because Shen has a opportunity cost of producing rye than…Explain the difference between productive and allocation efficiency. How do you think a centrally planned economy versus a market economy would perform under each measure of efficiency
