Problem Set #1-2 2
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Feb 20, 2024
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12
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Problem Set #1
(Due February 16, 2024)
Name:
Econ 2020 Discussion
Section:
Directions: You can choose to complete this problem set on your own or in collaboration with
others, but each person should submit an individual copy. There is no need to print this document
- please feel free to use your own paper but please clearly label which questions you are
answering.
1.
(Trade, 0.3 points) In 2000, Pfizer bought the pharmaceuticals company Warner Lambert
for $90 billion, creating the second largest drug company on the US market at the time
behind Johnson & Johnson. Assume that this acquisition was not coerced in any way,
such that both sides agreed to come to the table and make the deal.
a.
(0.2 points) What are the four principles of trade that help explain why both
companies made the trade that they did? Make sure to identify the Rotunda
Principle verbatim.
b.
(0.1 points) Is this interaction a trade we would typically consider in
microeconomics or macroeconomics? Explain.
2.
(Production Possibilities Curve, 0.7 points) Suppose that Country X only produces cacao
and bananas, and is deciding how to allocate resources between the two goods.
a.
(0.1 points) Draw a production possibilities curve that shows the tradeoff between
the production of cacao and bananas.
b.
(0.2 points) Explain the orientation (positive/negative slope) and concavity of the
curve within the context of economic analysis.
c.
(0.1 points) Label 3 points - inefficient, efficient, and unattainable - on your
curve.
d.
(0.1 points) Show what happens if an increase in technology impacts the
production of only cacao.
e.
(0.2 points) Assume that Country X operates through the market system within
the agricultural sector. How does Country X determine how much cacao vs. how
many bananas it will produce, assuming that it uses resources efficiently?
3.
(Components of GDP, 1 point) For each of the following scenarios, identify the full
change in 2023 GDP alongside the components of GDP (C, I, G, NX) affected.
a.
(0.2 points) Lockheed Martin sells $23 billion worth of F-16 fighter jets to the
Turkish Government.
i.
Change in GDP:
ii.
Component(s) Affected:
b.
(0.2 points) A soybean farmer buys $130 worth of soybean seeds to plant on their
commercial land for future sale.
e
i.
Change in GDP:
ii.
Component(s) Affected:
c.
(0.2 points) The US government awarded a total $814 billion worth of stimulus
checks to American households at the height of the COVID-19 pandemic.
i.
Change in GDP:
ii.
Component(s) Affected:
d.
(0.2 points) A US consumer buys a new Audi produced in Belgium for $50,000.
i.
Change in GDP:
ii.
Components Affected:
e.
(0.2 points) Apple produces $6 million worth of computers in 2023 to place into
inventory for that year.
i.
Change in GDP:
ii.
Components Affected:
4.
(Growth Rates and Standard of Living, 1 point)
Country
Year
Nominal
GDP
Nominal
Per Capita
GDP
Population
Price Level
GDP in
2021
Dollars
Country A
2021
20,000
3,000
100
Country A
2022
66,000,000
4,000
105
Country B
2022
80,000,000
16,000
110
a.
(0.2 points) Is nominal GDP the best indicator of standard of living for a country
or locality? If not, identify what modifications should be made to better represent
average welfare.
b.
(0.4 points) Fill in the blanks in the table, making sure to round to the nearest
whole number.
c.
(0.2 points) Which country, A or B, had a higher standard of living in 2022? Give
a number as a justification for your answer.
d.
(0.2 points) What was the rate of economic growth for Country A between 2021
and 2022? Answer in percentage terms and round to one decimal place.
5.
(Unemployment, 1 point)
Classification
Number of People
Relevant Population
276 million
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(Give clear handwritten answer please)
What are the purpose of the ISO/ IEC 17025 document?
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Question (2): Solve the following problem:
Hussein Plastics produces plastic containers for use in the food packaging industry. Last year its
average monthly production included 20 000 containers produced using one shift five days a week
with an eight -hour -a -day operation. Of the items produced 15% were deemed defective.
Recently, Hussein plastics has implemented new production methods and a new quality
improvement program. Its monthly production has increased to 25000 containers with 9 percent
defective.
(a) Compute productivity for the old and new production system per month.
(b) Compare the changes in productivity between the two production systems.
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7
Topic:
Electric vehicles are being promoted by governments and automakers worldwide as a critical innovation for reducing oil consumption and combating climate change.
Can you help me with the introduction, body, and conclusion? maybe 1-3 pages will do. Thanks!
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COVID-19 and the Economy The rapid spread of the coronavirus across the world has rendered a large proportion of the workforce unable to commute to work, to reduce the spread of the virus. This has resulted in both employers and employees seeking alternative work arrangements. Many companies have shifted to remote work, with video calls and instant messaging replacing meetings. In other words, most if not all workers have experienced work from home. Hence, working remotely has become a priority for most governments and companies in the time the pandemic. In a well-organized four-paragraph effect essay, discuss two effects COVID-19 has had employees, employers, or the economy as a result of working from home.Choose ONLY ONE prompt and develop it into an essay with an Introduction, TWO Body Paragraphs, and a Conelusion. Pls i need help
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QUESTION 5)
The table below contains the production information of a company. In the table, the first column
shows the firm's use of capital and the first row shows the firm's use of labor. The other figures in the
table show the company's production amounts. For example, if the firm employs 200 units of capital
and 150 units of labor, it can produce 3180 units of product.
Labor Amount
Amount of Capital
100 worker
150 worker
200 worker
250 worker
100
2200
2950
3450
3700
150
2300
3070
3585
3840
200
2390
3180
3700
3970
250
2470
3280
3810
3990
a) What is the marginal product of the workforce when the amount of capital used by the firm is
fixed at 150 units and increases the labor force employment from 150 to 200 workers?
b) Suppose the firm increases its capital usage from 150 units to 200 units. In (a) you have calculated
the marginal product of the labor force when the capital is 150 units, when the firm increases the
amount of labor from 150 to 200 workers. What is the marginal product…
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Note : Please (Only do part 3)
Part 1: Some Once-lers live in a wonderful land filled with beautiful truffula trees. They each independently chop down the truffula trees to make and sell thneeds. The total value of thneeds sold is f(x) = 150x − 5x2, where x is the number of truffula trees chopped down. If it costs 20 dollars to chop down a truffula tree, how many trees will the members of the Once-ler family collectively chop down?
a. 13
b. 28
c. 24
d. 15
e. 14
Part 2: (continued from previous question) The Lorax appears from a truffula stump and demands that the Once-lers act more responsibly. He demands that they chop down the socially optimal number of truffula trees. How many trees would be chopped down in the social optimum?
a. 13
b. 16
c. 15
d. 14
e. 12
Part 3: (Continued from above) Because the Once-lers are motivated by individual profit and won’t simply do what the Lorax says, he instead imposes a fine for every tree that the Once-lers chop down. How big must this fine be…
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Your uncle is thinking about opening a hardware store. He estimates that it would cost Rs.5,000,000 per year to rent the location and buy the stock. In addition, he would have to quit his Rs500,000 per year job as an accountant. A. Define opportunity cost. (2 Marks)What is your uncle’s opportunity cost of running the hardware store for a year? If your aunt thinks he can sell Rs. 5,100,000 worth of merchandise in a year, should he open the store? Explain.
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- 16 (10%) (page 2 of 3)- Google Chrome
urses.open.uwi.edu/mod/quiz/attempt.php?attempt3D43724&cmid3D461748&page=D1
Exchange 2020
12015 Mathematical Methods of
Economics I | S2 20
Ensure that you show ALL workings. Graphs NOT required.
n tyn-
A company produces two types of can openers: Model I and Model 2. Each require the use of three
machines: A, B and C. Model I requires 2 hours on machine A, 1 hour on machine B and 1 hour on machine
C. Model II requires 1 hour on machine A, 2 hours on machine B and 1 hour on machine C.The maximum
number of hours available for machine A, B and C are 180, 160 and 100 respectively. The profit on Model I is
$4 and Model Il is $6.
on
Write down the LP model.
Identify the coordinates of the extreme points of the feasible region.
Paragraph
-BIEE
W
99+
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Homework2 (1) [Compatibility Mode] Word
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Mailings
Q Tell me what you want to do
Review
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Help
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2) You have the following information concerning the production of wheat and cloth in the
United States and the United Kingdom:
Labor Hours Required to Produce One Unit
United Kingdom United States
Wheat
1
Cloth
6.
5
a) What is the opportunity cost of producing a unit of wheat in the United Kingdom? In the
United States?
b) Which country has an absolute advantage in producing wheat? In producing cloth?
c) Which country has a comparative advantage in producing wheat? In producing cloth?
d) Which country should specialize in producing wheat? In producing cloth?
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Subject: Engineering Economics
List the "Ceteris Paripus" variables that affect demand and illustrate a shift in a Demand Curve. Now discuss how a change in each of these variables would lead to the shift you have illustrated in your drawing.
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Problem 4
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ework (Ch 09)
4.00
3.50
Monopoly Outcome
3.00
ATC
2.50
Profit
2.00
1.50
Loss
MC
1.00
K 0.50
D
2.0
QUANTITY OF OUTPUT (Thousands of cans of beer)
0.5
1.0
1.5
2.5
3.0
35
4.0
Suppose that BYOB charges $2.75 per can. Your friend Musashi says that since BYOB is a monopoly with market power, it should charge a higher p
of $3.00 per can because this will increase BYOB's profit.
Complete the following table to determine whether Musashi is correct. If BYOB is suffering a loss, enter a negative value for profit.
Price
(Dollarc nor can)
Quantity Demanded
Total Revenue
Total Cost
Profit
nollare)
nallare)
IDallare-1
17 +
ho.
144
DII
DDI
&
*
5.
6.
7.
8.
ba
R
PRICE AND COST PER UNIT (Dollars per can)
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cek 3 - Chapter 23
Interactive Book: Mea X
MindTap - Cengage L X
A Homework (Ch 23)
* MindTap - Cengage L x
n/static/nb/ui/evo/index.html?deploymentld%3D5981412232614779684085777463&elSBN=9780357133576&id=1316675399&snapshotld%=2635884&
CENGAGE MINDTAP
Q Searci
Homework (Ch 23)
Consider a simple economy that produces two goods: pens and muffins. The following table shows the prices and quantities of the goods over a three-
year period.
Pens
Muffins
Price
Quantity
Price
Quantity
Year
(Dollars per pen)
(Number of pens)
(Dollars per muffin)
(Number of muffins)
2018
1
150
160
2019
2
135
4
230
2020
110
4
165
Use the information from the preceding table to fill in the following table.
Nominal GDP
Real GDP
(Dollars)
(Base year 2018, dollars)
GDP Dėflator
Year
2018
2019
2020
72%
64°F Sunny
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The following spreadsheet is a sample that is currently being used to track company data. However,
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EMP_NAME
PROJ_NUM PROJ_NAME EMP_NUM
1 Hurricane
JOB_CODE JOB_CHG_HOUR PROJ_HOURS EMP_PHONE
101 John D. Newson EE
85.00
13.3 653-234-3245
1 Hurricane
105 David F. Schwann CT
60.00
16.2 653-234-1123
1 Hurricane
110 Anne R. Ramoras CT
60.00
14.3 615-233-5568
2 Coast
101 John D. Newson
EE
85.00
19.8 653-234-3254
2 Coast
108 June H. Sattlemeir EE
85.00
17.5 905-554-7812
3 Satellite
3 Satellite
3 Satelite
110 Anne R. Ramoras CT
62.00
11.6 615-233-5568
105 David F. Schwann CT
26.00
23.4 653-234-1123
123 Mary D. Chen
EE
85.00
19.1 615-233-5432
3 Satellite
112 Allecia R. Smith
BE
85.00
20.7 615-678-6879
1. List the issues that will arise by using this as a way to store and maintain company data. Use the actual
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2. Create a…
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QUESTION 1
Khaled has developed a new technology device that is so exciting he is considering quitting his job in order to produce and market it on a large-scale
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industrial design course at Dubai Men's College to help prepare for this venture. The course cost 800dhs. Khaled will rent production equipment at a
monthly cost of 4,000dhs. He estimates the material cost per unit will be 20dhs, and the labor cost will be 10dhs per unit. He will hire workers and spend
his time promoting the product. To do this he will quit his job which pays 20,000dhs per month. Advertising and promotion will cost 3,500dhs per month.
Required:
1-
2- Calculate the total Fixed cost=
3- Calculate the total variable cost per unit=
4-
If the machine max production capacity is 1000 units per month, what is the selling price he should set to break even monthly?=
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formula and calculations in detail. (Answers not showing the details of
calculations & formula will be awarded only fifty percent marks for this
question.)
(10 marks)
Output (Units) TC (OMR)AC (OMR) MC (OMR)
55
1
85
110
3
130
4
40
15
|42
280
17
90
8
110
19
610
10
150
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8:49
il LTE
https://undergrad.unilus.app/pluginfile... O
...
Combination 2
Combination 3
Country B
Efficient
Attainable Unattainable
Inefficient
Combination 1
K
M
N
Combination 2
R
Combination 3
T
U
(22 Marks)
b) Which country has an absolute advantage in production of wine? Justify your
answer with empirical evidence.
(2 Marks)
c) Which country has an absolute advantage in the production of clothes? Justify
your answer with empirical evidence.
(2 Marks)
d) Which country has a comparative advantage in the production of wine? Justify
your answer with empirical evidence.
(4 Marks)
e) Which country has a comparative advantage in the production of clothes?
Justify your answer with empirical evidence.
(4 Marks)
f) If both countries specialize in the production of the item they are good at,
draw the PPF for the condition where trade can take place.
(6 Marks)
(TOTAL: 40 MARKS)
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with an experimental test and errors were plotted in Figure 7.
a) Is the mesh with 8000 elements fine enough, and why?
b) Is there another error source in the simulation and what type of errors could it be?
Page 3 of 6
ENGG20071 Industrial Design & Product Case Studies
Errors
60%
50%
40%
30%
20%
10%
0%
500
1000
2000
4000 8000
Figure 7 Errors plot against number of elements
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(Choose the correct answer and briefly explain)
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Ch 15. #3 How do I solve this?
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What is the answer of this graph? Where my graph should shift?
Note:-
Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.
Answer completely.
You will get up vote for sure.
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equipment to start my business. Therefore I don't have any costs associated with
running my business".
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[1st_itemBCD] *problem situation in the photo below*
Required:
In Problem 1, what is Merrilyn’s accounting costs---type and magnitude?
In Problem 1, what is Merrilyn’s economic costs---type and magnitude?
In Problem 1, how much would Merrilyn need in revenue to earn positive accounting profits? Positive economic profits?
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THE QUESTIONS ARE POSTED IN IMAGE. Thank you so much:) please use excel
Dee is evaluating a mining prospect for her employer, ElectroShock, ES. The purpose of the mine is to acquire the key rare minerals for the construction of batteries needed for electric cars, EV.
The mining site is on federal government land. The parcel that Dee is considering is to be leased. This lease gives ElectroShock, ES, mineral rights for a period of 22 years. To acquire the lease and mineral rights, ES will have to initially spend $950K. There will also be a yearly $65K lease fee. However, the $65K lease fee, payable at each year’s end, will increase at a rate of 1% per year starting in the second year. Once acquiring the lease, ES expects to spend $375K for initial planning and $600K for core sample drilling by the end of the first year.
After selecting the ‘best’ site on the leased property, ES will focus on access and infrastructure development. Access roads and bridges as well as the necessary…
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15.
Subject : - Economy
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(hand written)please do it in 15 minutes please urgently... I'll give you up thumb
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PRe TEST: Situation Analysis ( Essay)
1. If you were to start a business, would you have to search for an idea, or do you
already have an idea to try? Explain.
2. Why would small business ownership have great appeal to immigrants, women, and
minorities?
3. How would you go about deciding whether you wanted to start a business from
scratch, buy an existing business, or buy a franchise?
4. Many entrepreneurs say they did a little planning, perhaps scratching notes on a legal
pad. How is it possible for them to succeed?
5. Do you think entreprenurs who launched a new business after deciding to leave a job
on their own versus those who have been forced to leave a job as a result of downsizing
are likely to have different traits? Which group is more likely to succeed?
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- Subject: Engineering Economics List the "Ceteris Paripus" variables that affect demand and illustrate a shift in a Demand Curve. Now discuss how a change in each of these variables would lead to the shift you have illustrated in your drawing.arrow_forwardProblem 4arrow_forwardework (Ch 09) 4.00 3.50 Monopoly Outcome 3.00 ATC 2.50 Profit 2.00 1.50 Loss MC 1.00 K 0.50 D 2.0 QUANTITY OF OUTPUT (Thousands of cans of beer) 0.5 1.0 1.5 2.5 3.0 35 4.0 Suppose that BYOB charges $2.75 per can. Your friend Musashi says that since BYOB is a monopoly with market power, it should charge a higher p of $3.00 per can because this will increase BYOB's profit. Complete the following table to determine whether Musashi is correct. If BYOB is suffering a loss, enter a negative value for profit. Price (Dollarc nor can) Quantity Demanded Total Revenue Total Cost Profit nollare) nallare) IDallare-1 17 + ho. 144 DII DDI & * 5. 6. 7. 8. ba R PRICE AND COST PER UNIT (Dollars per can)arrow_forward
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