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Tag: microeconomics

Calculate the equilibrium price and quantity in the market for hockey sticks.

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Microeconomics Instructions: Problem 1 The demand and supply functions for hockey sticks are represented by the following equations, where Qd is the number of crates of sticks demanded, Qs is the number of crates of sticks supplied and P is the price per stick in dollars: Qd = 286 – 2P Qs = 88 + […]

Explain how these concepts describe the benefits and costs of international trade.

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Your son is graduating from high school and is about to enter the work force. He has developed a strong curiosity about our economic system and how it works. Because you have a good understanding of basic economics, he has asked you to explain several concepts that are essential to an understanding of how the […]

2. Indicate whether each of the following statements applies to microeconomics or macroeconomics. L01.3 a. The unemployment rate in the United States was 3.7 percent in December 2018. b. A U.S. software firm laid off 15 workers last month and transferred the work to India. c. An unexpected freeze in central Florida reduced the citrus crop and caused the price of oranges to rise. d. U.S. output, adjusted for inflation, increased by 2.3 percent in 2017. e. Last week Wells Fargo Bank lowered its interest rate on busi-ness loans by one-half of i percentage point f. The consumer price index rose by 2.2 percent from Novem-ber 2017 to November 2018. 4. Suppose that you are given a $100 budget at work that can be spent only on two items: staplers and pens. If staplers cost $10 each and pens cost $2.50 each, then the opportunity cost of purchasing one stapler is. I-01A a. 10 pens. b. 5 pens c. zero pens. d. 4 pens 1. Decide whether each (.lf the following descriptions most closely corresponds to being part of a command system, a market system, or a laissez faire system. L02.1 a. A woman who wants to start a flower shop finds she cannot do so unless the central government has already decided to allow a flower shop in her area b. Shops stock and sell the goods their customers want, but the government levies a sales tax on each transaction in order to fund elementary schools, public libraries, and welfare pro-grams for the poor. c. The only taxes levied by the government are to pay for national defense, law enforcement, and a legal system designed to enforce contracts between rITIVatP riti7pne 5. Identify each of the following quotes as being associated with either the concept of the invisible hand or the concept of cre-ative destruction. L02.4 a. “If you compare a list of today’s most powerful and profit able companies with a similar list from 30 years ago, you will see lots of new entries ” b. “Managers in the old Soviet Union often sacrificed product quality and variety because they were being awarded bonuses for quantitative, not qualitative, targets.” c. “Each day, central planners in the old Soviet Union were tasked with setting 27 million pricesβ€”correctly.” d. it is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest “

Posted on by Shady

2. Indicate whether each of the following statements applies to microeconomics or macroeconomics. L01.3 a. The unemployment rate in the United States was 3.7 percent in December 2018. b. A U.S. software firm laid off 15 workers last month and transferred the work to India. c. An unexpected freeze in central Florida reduced the citrus […]

Explain how microeconomics provides answers to this, outlining key insights from microeconomics theory on Choice under Uncertainty.How and why might an individual’s attitude to risk affect this decision?

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Answer ONE of the following questions, fully addressing all parts. The word count guideline is 1750 words. 1. How do rational individuals decide what to buy? a) Explain how microeconomics provides answers to this, outlining key insights from microeconomics theory on Rational Consumer Choice. b) Why might optimal choices vary between individuals? c) Why might […]

Discuss the factors that you believe give America (or your country of choice) such an advantage.

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Description Do I really need a mechanic? Technically I can learn how to fix cars when my car breaks down, right? But is it efficient to do so? Maybe yes or maybe no! As we discussed in microeconomics, people are utility maximizers (always seek to gain the most possible outcome while giving up the less […]

Select a relevant microeconomics industry and consider how it relates to the PPF.Discuss

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Select a relevant microeconomics industry and consider how it relates to the PPF. Consider why countries engage in international trade and how that country aligns with the PPF concept. Choose a topic that explores one or more factors of production and how they relate to the PPF. Locate a recent article or event (published within […]

What are educational outcomes effect on economic development? Is education necessary to promote economic development?Explain

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Research Project area: Education and Economic Research Objective: Below is what I think about the paper can write, you can think about new questions to write about, anything thing just related to Microeconomics and Education To evaluate the Education effects on Economic Development? What are educational outcomes effect on economic development? Is education necessary to […]

Choose one microeconomic concept applied in your final project. Explain your findings and the implications to your chosen firm’s sustainability.

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Over the past seven weeks, we have explored the foundational concepts and principles of microeconomics, and we have applied them to the world around us. Take this time to share what you have learned with your classmates. In your initial post, respond to the following: Choose one microeconomic concept applied in your final project. Explain […]

Explain the microeconomics foundations of the Real Business Cycle model,and the modern DSGE approach to studying economic fluctuations.

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Explain the microeconomics foundations of the Real Business Cycle model,and the modern DSGE approach to studying economic fluctuations.The equilibrium of the DSGE model is characterised by the following equations.Constraints:π‘Œπ‘‘=𝐢𝑑+𝐼𝑑𝐾𝑑+1=𝐼𝑑+(1βˆ’π›Ώ)πΎπ‘‘π‘Œπ‘‘=𝐴𝑑𝐹(𝐾𝑑,𝑁𝑑)ln𝐴𝑑=πœ“lnπ΄π‘‘βˆ’1+πœ€π‘‘Firms:𝐴𝑑𝐹𝐾(𝐾𝑑,𝑁𝑑)=π‘Ÿπ‘‘+𝛿=𝑅𝑑⇒𝐾𝑑𝑑=𝐾𝑑𝑑(𝐴𝑑,𝑁𝑑)𝐴𝑑𝐹𝑁(𝐾𝑑,𝑁𝑑)=π‘Šπ‘‘β‡’π‘π‘‘π‘‘=𝑁𝑑𝑑(π‘Šπ‘‘,𝐴𝑑,𝐾𝑑)Households:𝑒𝐢𝑑(𝐢𝑑,1βˆ’π‘π‘‘)=𝛽𝐸𝑑[(1+π‘Ÿπ‘‘+1)𝑒𝐢𝑑+1(𝐢𝑑+1,1βˆ’π‘π‘‘+1)]𝑒𝑁𝑑(𝐢𝑑,1βˆ’π‘π‘‘)=𝑒𝐢𝑑(𝐢𝑑,1βˆ’π‘π‘‘)π‘Šπ‘‘β‡’π‘π‘‘π‘ =𝑁𝑑𝑠(π‘Šπ‘‘,𝐢𝑑)Explain and use these equations to describe an economic cycle triggered by a persistent shock to total factor productivity(TFP). In as much detail as possible explain how […]

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