Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Microeconomics Expert

Answer the following problems.

Describe your thinking to show your understanding of economic terms and concepts related to your answer.

1) A production possibilities table for two products, corn and paper, is found below.  Normal assumptions regarding production possibilities are implied.  Corn is measured in tons, and paper is measured per unit.

Combination    Corn    Paper

A                       0         6
B                      18        5
C                      33        4
D                      45        3
E                      54        2
FF                    60        1
G                     62        0

Compute numbers which show increasing opportunity cost in the production of paper.

2) Personal computers are becoming less expensive as new technology reduces cost of production. In the supply and demand model, describe the effects of the technological innovations and their effect on quantity of computers in the market.

3) "The internet is non rival, which means it is a public good". Do you agree or disagree? Describe.

4) Describe in detail how a decrease in consumer demand for a product would result in less of the product being produced and in fewer resources being allocated to its production.

5) What effect must each of the following have upon demand for portable music players in a competitive market?  Describe your reasoning in each case.

(a) an increase in population and incomes

(b) consumer expectations of substantial price increases in music players

6) Provided the products below and events which affect them, indicate what happens to demand or supply, and equilibrium price and quantity in a competitive market.  Identify the determinant of demand or supply that causes the shift.

(a) Computers.  Parts for making computers fall in price because of improvements in technology.

(b) Chicken.  Beef prices rise because severe winter weather reduces cattle herds.

7) Discuss one of the ingredients of growth pertinent to today's economy.

8) Describe why a producer who is causing external costs does not have the incentive to reduce these costs.

9)  Net investment spending on capital goods can be positive, negative, or zero, but gross investment could never be less than zero.  Describe. 

10)   Some stores give “free” products to consumer. An economist will say the products are not free. Why the difference?

11)    Give two exs of investment spending which could increase future production capacity of the economy:

(a) by business firms and

(b) by government 

12) The following is a list of figures for a given year in billions of dollars.  Using this data, find out: (a) GDP;  (b) NDP;  (c) Net exports.

                                                           Billions
                                                        of dollars
Transfer payments                             $   16
Government purchases                           70
Personal taxes                                        38
Corporate income taxes                         28
Taxes on production and imports            15
Social Security contributions                    8
Undistributed corporate profits               19
Proprietors’ income                                25
Compensation of employees                 258
Personal consumption expenditures       300
Consumption of fixed capital                    6
Rents                                                    10
U.S. Exports                                          26
Corporate profits                                   70
Interest                                                 12
Dividends                                               23
Imports to U.S.                                    155
Gross private domestic investment        66
Net foreign factor income                      10

Statistical discrepancy                            35

13)  Assume an economy’s real GDP is $50,000 in year 1 and $55,000 in year 2.

(a)   Compute growth rate of real GDP per capita if population was 100 in year 1 and 101 in year 2.

(b) What is the most recent growth rate in real GDP reported in the news or economic statistics of the U.S.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M92057

Have any Question? 


Related Questions in Microeconomics

Assignmentpart idirections read the prompts below and

Assignment PART I Directions: Read the prompts below and formulate a response of at least one half of one page in length for each question. Please show Your references on a reference page 1. Explain records checks. List ...

Leasing equipmentfor catherine owens onlybullsuggest one

Leasing Equipment For Catherine Owens Only • Suggest one key economic factor that motivates leasing as an option in acquiring an asset. Explain the potential asymmetries that may exist where leasing may be beneficial to ...

Assignment multiyear plans and Assignment: Multiyear Plans and Analysis Preparation •

Assignment: Multiyear Plans and Analysis Preparation • Review the document titled "City of Charlottesville 2010 Annual Comprehensive Plan" located in the course shell. Write a three to four (3-4) page paper in which you: ...

Microeconomics paper-project paperthe paper is to be a

Microeconomics Paper- Project Paper The paper is to be a properly formatted (APA) paper that I expect will take at least 5 pages to do properly. It is to take the material discussed in the course and apply it to some iss ...

Assignment maximizing profits and minimizing lossesconsider

Assignment: Maximizing Profits and Minimizing Losses Consider a supplier of agricultural equipment who is deciding how much of two products should be produced by his firm. You determine what the two products are. Now cre ...

Assignmentthere is the widespread notion that economists

Assignment There is the widespread notion that economists rarely agree with each other. This seems perplexing when we note also that economics is often called the "Queen of the Social Sciences" (meaning that it is the mo ...

Assignmentthe paper is to be a properly formatted apa paper

Assignment The paper is to be a properly formatted (APA) paper that I expect will take at least 5 pages to do properly. It is to take the material discussed in the course and apply it to some issue or observation in your ...

Assignmentyou are the director of safety and health at

Assignment You are the Director of Safety and Health at Rotorcraft America, a mid-sized company that designs, manufactures and sells helicopters. Your organization has manufacturing operations in San Francisco, Californi ...

Samsung smartphone manufacturer vs google inc search engine

Samsung (smartphone manufacturer) Vs. Google Inc. (search engine) - economic and financial analysis Objectives: • Assess and compare the market types of Google Inc.(as a search engine) and Samsung • Determine the various ...

Assignment economics read the following case study and

ASSIGNMENT: ECONOMICS Read the following case study and answer the given question. THE MACROECONOMICS OF POVERTY REDUCTION: THE CASE STUDY OF BANGLADESH Adapted: Osmani, S.R; Mahmud, W; Sen, B; Dagdeviren, H; and Seth, A ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro