Week 1 Assesment Questions
Tamara Powell
March 8, 2010
QRB 501
Prof. David Ferguson
Complete the following order of operations questions:
Chapter 7
12. Key Question The following table shows nominal GDP and an appropriate price index for a group of selected years.
Compute real GDP. Indicate in each calculation whether you are inflating or deflating the nominal GDP data
527.4/22.19 = 23.767
911.5/26.29 = 34.67
2295.9/48.22 = 47.61
4742.5/80.22 = 59.12
8790.2/103.22 = 85.16
|Year |Nominal GDP, |Price Index |Real GDP, |
| |Billions |(1996 = 100)
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a. Graph total fixed cost, total variable cost, and total cost.
Explain how the law of diminishing returns influences the shapes of the variable-cost and total-cost curves.
[pic]
b. Graph AFC, AVC, ATC, and MC. Explain the derivation and shape of each of these four curves and their relationships to one another. Specifically, explain in non-technical terms why the MC curve intersects both the AVC and the ATC curves at their minimum points.
[pic]
Marginal cost is the constant.
c. Explain how the location of each curve graphed in question 7b would be altered if (1) total fixed cost had been $100 rather than $60 and (2) total variable cost had been $10 less at each level of output.
|Total |Total |Total Variable |Total |Average |Average |Average |Marginal |
|Product |Fixed |Cost |Cost |Fixed |Variable |Total |Cost |
| |Cost | | |Cost |Cost |Cost | |
|0 |$ 60 |$ 0 |$ 60 |$ 0 |$ 0 |$ 0 |$ 0 |
|1 |$ 60 |$ 45 |$ 105 |$ 60 |$ 45 |$ 105 |$ 45 |
|2 |$ 60
Base: All (2,077), 16-24 (179), 25-34 (257), 35-44 (394), 45-59 (541), 60-74 (454), 75+ (252)
3. Geoff has a written agreement with Huck. To accomplish the objectives of this relationship, Geoff's authority can
B) a transaction in which the third party does not know the identity of the agent
* From the scenario for Katrina’s Candies, examine the key factors affecting the demand for and the supply of a good in general and Katrina’s Candies specifically. Distinguish between a change in demand and a change in the quantity demanded (movement along the demand curve).
There are 8 main diversity dimensions that determine whether people are in the majority or minority population. Which one of the following is NOT a dimension?
Did you know that the Louisiana territory was purchased from France in 1803 for $15 million?
If your evidence meets the requirements of the units of competency you will be assessed
material into smaller amounts of information to help her avoid feeling overwhelmed” (p. 63). This compares to my point in being hopeful. I was hopeful for my dad to get better and to get through his condition, as Beatty had hoped her patient (Lauren) would get through her challenge about being overwhelmed with her child. I believe nurses did to maintain a hopeful and optimistic attitude to support their
Study Questions: Answer the following questions (based on the reading), save it and then submit it to the professor.
|$6 = $30 - 24 |$12 = $30 - 18 |$18 = $30 - 12 |
40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59a b 60 61
“To give the people of Australia a shop they trust, delivering quality, service and value.”
665 0.34 174 216 537 234 122 1.2 0.2 60.4 9.6 0.22 65.0 2,149 554 66.6 2,483 80,300 492 14 23 6 21 15 874 524 12,216 30
20 55 29 25 27 37 53 37 60 62 63 51 41 37 43 42 47 44 44 40 35 21