what determines when it is a good time for a company to raise or lower the price of their product using pricing of elasticity demand

two duopoly markets with a homogeneous good have a demand function of P= 100 - Q. Their costs are TC1=50q1 and TC2= 40q2. The two firms collude. What are the producer surplus, consumer surplus and profit?

1. The following data summarize the expenditures for the country of XYZ during 2015 in millions of alphabet, the currency of country XYZ. (5 point) Gross Private Domestic Investment $300 Business Fixed Investment $200 Change in Inventories $100 Exports $200 Imports $300 Personal Consumption Expenditures $900 Government Consumption Expenditures and $500 Statistical Discrepancy $20 Depreciation Expenditures $60

a. Calculate net exports

b. Calculate GDP

c. Calculate national income

d. Assume that the GDP deflator is 120 and calculate real GDP for 2015.

Consider the meaning of the term Renaissance man and the pursuit of this depth and breadth of accomplishment among leaders. Should leaders today strive to be Renaissance men and women? Why, or why not? Please use specific examples from the period 1300–1550 to support your response.

Read the following excerpt and answer question Robots’ rise to spark jobs crisis, says Seek chief A key player in the Australian jobs market [Seek chief executive Andrew Bassat] has warned that the rate at which robots replace humans in the workplace will spark an employment crisis and has urged companies and governments to urgently confront the issue. In a recent report, consulting giant McKinsey assessed more than 800 jobs to see how robots could replace people. It found the accommodation and food services sectors were the most ripe for automation, with machines able to perform about 75 per cent of the work in those sectors. In the resources sector, one of Australia’s biggest employers, it found robots could perform more than 60 per cent of the work. In another report, PwC claimed that automated bots in the future could take 38 per cent of jobs in the US, 30 per cent in Britain, 35 per cent in Germany and 21 per cent in Japan. The firm said the jobs most likely to be taken by robots would be in the transportation and storage sectors, as well as manufacturing and retail. But it said the productivity benefits could lead to higher salaries being paid to the remaining human workers. Mr Bassat said “Government also has a big role to play in closing the gap between supply and demand with the new jobs. Directing people to education and training that will lead to available jobs (where in some cases there are skill shortages), not to places where jobs are fast disappearing.’’ Author: Damon Kitney, Victorian Business Editor Source: The Australian (July 04, 2017) Required:

A) What are the likely effects of a change from human to robot labour on Aggregate Demand, Short Run Aggregate Supply and Long Run Aggregate Supply? What are the effects on GDP, employment and price level. Assume that robots are more productive and cheaper than human workers, and can be used in most sectors of the economy. Also, assume that, previously, the Australian economy was in short- and long-run macroeconomic equilibrium, with actual real GDP being equal to its potential level.

B) Describe how the ABS measures GDP using the income method.

C) Explain how the components of income that add to final GDP might change.

As you prepare to view Life + Debt which has been labeled as a  poor documentary, since it shows just one side of the story and makes a caricature of what is a complex issue - that of globalization. This documentary continues the conceptualization of Third World countries as passive actors in the global political economy. However armed with your knowledge of the global economy, and the place that Third World now occupy, please answer the following question.

Identify possible products that should have been sold to the caribbean region, and internationally.

With the development of information technology, advertising is becoming more intrusive in our daily lives.

Discuss the pros and cons of advertising of medical and pharmaceutical products? Should the government impose more restrictions on advertising on these products? If so, under what conditions?

Please type MAX 2 sentences for each question.

1) Why did the US invade Iraq in 2003?

2) Why was Hurricane Katrina a national issue in 2005?

3) What were the highlights of the George W. Bush administration?

4) What were the highlights of Barack Obama's administration?

5) What issues divided liberals from conservatives in the early 2000s?

Please explain in detail how Theodore Roosevelt was influential in the preservation/conservation of US resources,land, and wildlife.

include laws he wrote/passed along with where his personal motivations came from

include the history of the "Teddy Bear" and Roosevelts connection with its creation

QUESTION 6

1. Suppose a monopsonist is currently employing 10 workers and pays each of them $5. The wage paid to the additional worker is $7, and then the marginal expense of the 11^th worker is.

   		$50
   		$70
   		$77
   		$27

2 points   

QUESTION 7

1. Consider the simple leisure model in which the individual chooses between leisure (L) and money income (M). The marginal utility of leisure (MU_L) is 15 and the marginal utility of money (MU_M) is 3. At the optimum, the wage rate

   		$45
   		$0.20
   		$5
   		$15

2 points   

QUESTION 8

1. A curve that shows all of the alternative consumption bundles that the worker likes equally well is called

   		A budget constraint.
   		An indifference curve
   		An individual demand curve
   		A consumption bundle curve

2 points   

QUESTION 9

1. The budget set is _________ related to the nonlabor income and is __________ related to the wage.

   		positively and positively.
   		positively and negatively
   		negatively and positively.
   		negatively and negatively.

2 points   

QUESTION 10

1. The theory of household production assumes that the family derives utility from

   		income.
   		time spent in home production.
   		market purchased goods.
   		commodities ( meals, clean house, growth of children) produced by the family or purchased with family income.

2 points   

QUESTION 11

1. Marginal utility is

   		the change in a consumer's utility resulting from the addition of a very small amount of some good.
   		the total utility a resulting from consuming some good, divided by the amount consumed.
   		the change in a consumer's utility resulting from the addition of a very small amount of some good, divided by the amount added.
   		the change in a consumer's utility resulting from the addition of a very small amount of some good, divided by the total amount being consumed.

The relation between the real and the nominal interest rates is given by

                                                                   r=i-πe

1. Suppose that the nominal interest rate is 0.05. Compute the real interest rate
   1. when the expected inflation rate is 0.07.
   2. when the expected inflation rate is 0.05.
   3. when the expected inflation rate is 0.03.
   4. The nominal interest rate is subject to the zero lower bound constraint. Find the lowest real interest rate
      1. when the expected inflation rate is 0.03.
      2. when the expected inflation rate is 0.01.
      3. when the expected inflation rate is -0.03.
      4. when the expected inflation rate is -0.05.

1. (20 pts) The following questions deal with the market for electricity. In column I, answer with the following key:

A: equilibrium price increases

B: equilibrium price decreases

In column II, answer with the following key:

A: equilibrium quantity increases

B: equilibrium quantity decreases

Col. I   Col. II

_____ _____ a. Consumer incomes decrease (electricity is a normal good).

____      ____ b. Taxes are increased on electrical utilities (utilities produce electricity).

____      ____c. The price of coal rises (coal is an input in producing electricity).

____      ____ d. The population grows.

____     _____ e. The price of electrical appliances increases (appliances and electricity are complements).

____     ____   f. The price of natural gas decreases (natural gas and electricity are complements).

____    _____ g. Subsidies are reduced to electric utilities.

____     _____ h. A new technology makes it cheaper to produce electricity.

____     _____ i. A negative (adverse) supply shock hits the electricity market.

____     _____ j. It is summertime, and there is a seasonal increase in the demand for electricity.

Microeconomics Assignment 1 Dua

1. In Japan each unit of labor can produce 2 computers or 4 cell phones. In Canada each unit of labor can produce 3 computers or 5 cellphones.

a) Which country has absolute advantage of trade in producing cell phones?

b) Which country has absolute advantage of trade in producing computers?

c) Which country has a comparative advantage in producing computers?

d) Which country has comparative advantage in producing cell phones?

2. Label each of the following statements as a positive or a normative statement.

a) The minimum wage ought to be abolished.

b) A little bit of inflation is worse for society than a little bit of unemployment.

c) Society should take measures to prevent people from engaging in dangerous personal behavior.

d) The inflation rate has been rising for the last two years.

e) The government should not be running a budget deficit.

f) Per capita income in the United States has gone down in 2017.

Fiscal and Monetary Policy

So now, since you've learned a bit about policy, and the difficulties associated with its implementation, your task for this discussion is perhaps the most challenging one.

In your initial post, you are to write to either the President (on fiscal policy) or to the Chair of the Federal Reserve (on monetary policy) describing a specific policy action that you believe should be taken at this moment in time (e.g., lower taxes or buy bonds) and explain why you would take the action (what is currently happening in the economy and what will this action accomplish?). Your thoughtful post (of between 200 - 400words)You can learn about the current state of our economy by consulting newspapers or news websites..

Which of the following could lead to a will contest?

Which of the following could lead to a will being contested?

Sam has established a revocable inter vivos trust and has named the trustee the beneficiary of all his life insurance policies. His will provides that all of his residuary estate will “pour over” to the trust. All the following statements concerning this arrangement are correct EXCEPT

Even if spouse #1 specifically disinherits spouse #2, spouse #2 is likely to receive a portion of spouse #1's estate.

True

False