In many foreign countries a person cannot become a judge unless he or she first attended a formal college for judges, has passed a rigid set of exams or has had many years of specialized training. The United States, however, imposes no formal requirements whatsoever on a prospective federal judge; the presidential appointee need only be approved by the Senate. Would the U.S. benefit from emulating the model of other nations or has the U.S. system served the citizenry well?

Suppose that two identical firms are selling a product and that they are the only firms in the market. Total costs are Ci = 20Qi for each firm. The market demand curve is P = 80 – 0.5Q where Q = Q1 + Q2. The Cournot model describes the competition in this market. Using the above information, complete the below statements,

a.)If these two firms collude, their combined output is equal to

b.)If these two firms collude, each firm’s output is equal to

c.) If these two firms collude, the market prices is equal to

d.) If these two firms collude, their combined profit is equal to

e.) If these two firms collude, each firm’s profit is equal to

1. Which of the following is required in order for a firm to price discriminate?

a. The firm has price-setting power

b. Product re-sale is possible

c. There are multiple firms in the market

d. A firm knows everyone's willingness to sell

e. All of the above

2. Label each of the following statements as true/false.

a. Economies of scale is a source of monopoly price setting power.

b. In a monopoly market there are high barriers to entry, but in a competitive and oligopoly market there are low barriers to entry.   

c. In a competitive market and an oligopoly market firms sell differentiated products.   

d. At the long-run market equilibrium, firms in monopoly market can earn positive profit and firms in a competitive market must earn zero profit.   

e. A firm in any market will maximize profits by setting quantity such that marginal cost is equal to marginal revenue.   

f. Firms in monopoly and oligopoly markets have price-setting power.  

A marketing researcher wants to estimate the mean savings ($) realized by shoppers who showroom. Showrooming is the practice of inspecting products in retail stores and then purchasing the products online at a lower price. A random sample of 100 shoppers who recently purchased a consumer electronics item online after making a visit to a retail store yielded a mean savings of $58 and a standard deviation of $55.
a. Construct a 95% confidence interval estimate for the mean savings for all showroomers who purchased a consumer electronics item.

b. Suppose the owners of a consumer electronics retailer wants to estimate the total value of lost sales attributed to the next 1,000 showroomers that enter their retail store. How are the results in (a) useful in assisting the consumer electronics retailer in their estimation?

Our lives have been totally disrupted by COVID 19. People have been laid off, companies have been told to close and many people are working from home. In this paper I want you to discuss the impact of this crisis on supply and demand on a particular industry or product. Remember, that in microeconomics we don’t talk about an entire economy. The impact on GDP, unemployment and interest rates are macroeconomic topics, not microeconomic topics.

Choose a particular product or industry. When answering these questions, you need to conduct research to back up your opinion. Cite at least 3 articles that discuss the product or industry you have chosen.

1. Discuss the impact COVID 19 is having on demand for the product or industry you have chosen. What factors are causing demand to shift? Explain at least two of these factors. Is demand increasing or decreasing for the product?
2. Discuss the impact COVID 19 is having on supply for the product or industry you have chosen. What factors are causing supply to shift? Explain at least two of these factors. Is supply increasing or decreasing for the product?
3. Draw the demand and supply curves for this product before COVID 19. Point out equilibrium. Indicate, using labels and arrows what direction demand and supply have gone since the crisis has begun. Point out the new equilibrium. You do not have to make up numbers, but you need to accurately label demand, supply, and equilibrium, both for the original market and the current market after the impact of COVID 19 .

Briefly define, in your own words, the concepts of capitalism and socialism. Then list three pros and cons of each.

Identify what determinant changes and explain how the equilibrium price and equilibrium quantity in a purely competitive market will change given the following situations. Draw the appropriate demand and supply curves showing the change. (Each graph should have an equilibrium point before the impact as well as after; be sure to label all parts of the graphs).

a. Product: oranges – A winter storm freezes 50 % of the fruit on the trees in Florida

b. Product: avocados- A tariff is imposed on the importation of avocados from Mexico while demand remains the same.

c. Product: donuts – consumers desire for donuts decreases and the cost of flour (used to make donuts) increases

Explain in detail the shape of a perfectly competitive firm’s Total Revenue function and a monopoly's Total Revenue function. Explain why they are different.

Adam Smith coined the Diamond Water Paradox. Where something that is essential to life has little value where something that does not has great value.

1.) Explain what theory Adam Smith was using and therefore was unable to explain why the paradox existed.

Knowing what you know now about how the various industries operate, when you proceed to the next steps in your career, either as an employee or as a business person, where will you concentrate on finding your place in the economy? Please provide some analysis of why you made this particular choice, using examples , and also please provide some choices you would not make, also using examples.

12.   Is Fisher’s debt-deflation theory of depression an alternative (substitute) for or complement to Keynes’s theory? Briefly explain.

Consider the effects of inflation in an economy composed of only two people: Jake, a bean farmer, and Latasha, a rice farmer. Jake and Latasha both always consume equal amounts of rice and beans. In 2016 the price of beans was $5, and the price of rice was $3.

Suppose that in 2017 the price of beans was $10 and the price of rice was $6.

Inflation was ____________%.

Indicate whether Jake and Latasha were better off, worse off, or unaffected by the changes in prices.

Now suppose that in 2017 the price of beans was $7.50 and the price of rice was $6.

In this case, inflation was ___________%.

Indicate whether Jake and Latasha were better off, worse off, or unaffected by the changes in prices.

Now suppose that in 2017, the price of beans was $1.50 and the price of rice was $6.

In this case, inflation was_______%.

Indicate whether Jake and Latasha were better off, worse off, or unaffected by the changes in prices.

What matters more to Jake and Latasha?

a. The relative price of rice and beans

b. The overall inflation rate