Wednesday, May 6, 2020

Econ - 1874 Words

1. Amos McCoy is currently raising corn on his 100-acre farm and earning an accounting profit of $100 per acre. However, if he raised soybeans, he could earn $200 per acre. Is he currently earning an economic profit? Why or why not? -By raising corn instead of soybeans Amos is missing out on an economic profit of $100. Therefore Amos should start growing Soybeans to maximize his profit. 2. Determine whether each of the following is an explicit cost or an implicit cost: a) Payments for labor purchased in the labor market EXPLICIT COST b) A firm’suse of a warehouse that it owns and could rent to another firm IMPLICIT COST c) The wages that owners could earn if they did not work for themselves IMPLICIT COST 3. What are†¦show more content†¦10. Please read an article about productivity online at http://ccs.mit.edu/papers/ccswp202/ What is the expected long-run impact of information technology on productivity and cost? Chapter 9 questions: 11. (Demand Under Perfect Competition) What type of demand curve does a perfectly competitive firm face? Why? * Perfect Elastic Demand function 12. Explain the different options a firm has to minimize losses in the short run. - in order to know the the short run it depend s on the size and the product of your firm 13. (The Short-Run Firm Supply Curve) Each of the following situations could exist for a firm in the short run. In each case, indicate whether the firm should produce in the short run or shut down in the short run, or whether additional information is needed to determine what it should do in the short run a. Total cost exceeds total revenue at all output levels. SHUT RUN b. Total variable cost exceeds total revenue at all output levels. SHUT DOWN 14. (The Long-Run Industry Supply Curve) A normal good is being produced in a constant-cost, perfectly competitive industry. Initially, each firm is in long-run equilibrium. Briefly explain the short-run adjustments for the market and the firm to a decrease in consumer incomes. What happens to output levels, prices, profits, and the number of firms? - IN THE SHORT RUN , THE QUANITY OF VARIABLKE RESOURCES CAN CHANGE, BUT OTHER RESOURCES,Show MoreRelatedEcon984 Words   |  4 PagesMaximum four per group, all students must be registered in the same section of the same course. Names must be in alphabetical order on the cover page. †¢ Graded work will be available for pick-up beginning on the afternoon of Friday March 14 in the Econ Distribution Center, Dunning Hall Room 334. You will require your student card. †¢ This assignment covers material from Chapters 20-24 of the text. True, False, or Uncertain [48 marks - 6 marks each] Explain why each of the followingRead MoreEcon1249 Words   |  5 PagesECON 410.502 Macroeconomic Theory Spring 2010 Instructor: Guangyi Ma Extra Problems #1 Suggested Answers and Comments Notice: (1) This set of extra problems contains 25 multiple-choice problems and 6 analytic (short-answer) problems. These problems are not homework and will not be graded. The aim of these problems is to provide you with additional exercises. (2) I will give solutions of the assignment and the â€Å"extra-problem† set after the due date. Page 1 Problem 1~25: MultipleRead MoreEcon Ans975 Words   |  4 PagesECON2103 – Problem Set (1) Multiple Choice Questions: 1. Understanding opportunity cost You work as an assistant coach on the university basketball team and earn $12 per hour. One day, you decide to skip the hour-long practice and go to the local carnival instead, which has an admission fee of $7. 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Such a setback will be accounted as the merchant’s: Part I: Choose the one alternative that best completes the statement or answers the question. (1 Point each) 1. Which of the following is a positive statement? a. Heavy snowfall drives up the demand for heaters. b. Fiscal expenditures should be increased to combat recession. c. Government should encourage foreign direct investments to generate employmentRead MoreEcon634 Words   |  3 PagesQuestion Results Question 1: In our  macro  Circular Flow, the Businesses are choosing to  borrow  Ã‚  _____________ billion dollars. Your Answer(s): * 5000 Correct Answer(s) (in green): * 5000 * 3500 * 1000 * 500 Question 2: In the Private Sector, there are many  choices  to be made by Business managers regarding which â€Å"projects† to borrow for and which â€Å"projects† to invest in.  Ã‚  These choices often contain a great deal of ______________________  as well as  the potential for benefitsRead MoreEcon1039 Words   |  5 PagesPreface In our data analysis we do some univariate analysis before proceeding to models. In survival analysis it is highly recommended to look at the Kaplan-Meier curves for all the categorical predictors. This will provide insight into the shape of the survival function for each group and give an idea of whether or not the groups are proportional. We also consider the tests of equality across strata to explore whether or not to include the predictor in the final model. For the categorical variablesRead MoreEcon1239 Words   |  5 PagesQuestions based on â€Å"Too Big to Fail† movie Watch the movie and answer the following questions briefly. Upload your answers on Moodle using the Link â€Å"Submit Assignment on Too Big to Fail here† 1. When Lehman brothers was in trouble, Henry Paulson called the other banks’ CEOs on a meeting to find a solution to Lehman Brothers’s problem? Why did Henry Paulson think that a private sector solution, instead of government bailout, was needed? 2. (Up to about 43:00 of the movie) Why did the Lehman

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