You currently live in Waukesha earning $50,000 (salary and benefits), but would like to live in Door County. Your friend knows this and, therefore, provides an amazing opportunity for you. He has a bed and breakfast in Door County that he is willing to lease to you for $45,000/year. Expected revenue is $200,000/year. Expenses (upkeep, breakfast costs, electricity, etc.) would be $100,000 year. You would need to quit your existing Waukesha job to move to Door County to run this bed & breakfast full-time.

In what situations should you accept your friend's offer and in what situations should you decline this amazing opportunity?

You majored in Chemistry in college. If you move to Door County you would not be using your degree any longer. You are indifferent if you use your Chemistry degree or not. However, your tuition to attain that degree was $115,000 over four years. Should this impact your decision to accept your friend's offer? If so, why? If not, why not?

What is the “union advantage”? What are its major benefits?

21. (This question refers to the MRU video 'Entry, Exit, and Supply Curves: Increasing Costs'.) Why wasn't the industry supply curve that Professor Tabarrok created in the video smooth like most of the ones we normally draw?

a. Because different firms entered the industry at different prices

b. Because different firms faced different demand curves

c. Because different firms had different marginal cost curves

d. Because the units of production were not divisible

22. (This question refers to the MRU video 'Entry, Exit, and Supply Curves: Constant Costs'.) When graphing an entire market alongside a representative firm, what feature is common to both?

a. The quantity produced

b. The marginal cost curve

c. The market price

d. The demand curve

23. (This question refers to the MRU video 'Introduction to the Competitive Firm'.) How is the price that a competitive firm faces determined?

a. By the market

b. By the firm's competitors

c. By the firm

d. By the buyers

24. (This question refers to the MRU video 'Introduction to the Competitive Firm'.) At the market price, a particular perfectly competitive firm can sell _______; at any price higher than the market price, a particular perfectly competitive firm can sell _______.

a. as much as it wants to; nothing

b. the market quantity; as much as it wants to

c. the market quantity; nothing

d. as much as it wants to; the market quantity

25. (This question refers to the MRU video 'Entry, Exit, and Supply Curves: Constant Costs'.) The _______ supply curve for goods in a constant-cost industry is going to be _______.

a. long-run; upward-sloping

b. long-run; flat

c. short-run; flat

d. short-run; downward-sloping

Prepare solutions for the different hypothetical market structure scenarios in Table 2 using the information below.

Demand: p=550-50YT, YT=y1+y2
Firm 1 Cost Function: C1=50y1
Firm 2 Cost Function: C2=50y2

Q) The missing value in cell (v_f) of Table 2 is:

Q) The missing value in cell (v_j) of Table 2 is:

Q) In table 2 the sum of Consumers' Surplus, Producers' Surplus and Deadweight Loss should be:

a)Always equal to 2,500.

b)Equal to 2,500 under Bertrand's price competition, and higher than 2,500 in other cases.

c)Equal to 2,500 under Bertrand's price competition, and lower than 2,500 in other cases.

d)Always equal to 5,000

e)Equal to 5,000 under Bertrand's price competition, and higher than 5,000 in other cases.

f)Equal to 5,000 under Bertrand's price competition, and lower than 5,000 in other cases.

A- Using the appropriate graph and explanation, discuss what is meant by the Liquidity Trap.

B- What is the relationship of the Liquidity Trap to the degree of effectiveness of the various economic policies?

describe china's political economy, and its evolution over time.

describe russia's politcal party system, and its development over time.

Would you rather purchase a used car that costs $1050 up-front and will cost $300/year to run or a used car that costs $1300 up-front and will cost $250/year to run? Assume that you will own the car for 5 years and your discount rate is 5%

In the competitive market for sunglasses, the inverse demand is p= 35- (q/2) and the consumer surplus in equilibrium is 344. What must be the price? (Round off answers to 2 decimal places). (I set the elasticity = -1 and got a price of 17.5 as the equilibrium price, but that is the wrong answer).

Explain in words why it makes sense to “discount” future benefits relative to benefits today.

Describe how neoclassical and institutional economists approach the study of consumption. How do these approaches differ? What do you think are the advantages of each approach?
Economists inevitably approach their studies with certain assumptions about, among other things, human nature. What kinds of assumptions about who we (humans) are and what we fundamentally desire have you seen so far in this course? Do you agree with these assumptions or disagree, and why?

4. A firm has the following production function:y = L 1/3 K 1/2 .
2
(a) Does this production function exhibit increasing, decreasing, or
constant returns to scale? Prove.
(b) Suppose in the short run, capital is fixed at K = 100. Assuming
that the output and factor prices are p, w, and r respectively, find
firm’s factor demand for labor. What will the effects be when w,
r, and p increase? Explain your results intuitively.
(c) Now, suppose the government decides to impose a payroll tax of
$t per worker employed. What will the effect be on L ∗ ? Why?
(d) Alternatively, if the government decides to impose a lum-sum tax
of $T, what will the effect be on L ∗ ? Why?

Question No (3) ((minimum 1200 word)

As we all know that today's data on unemployment becomes more comprehensive. Today, the hot issue in this regard is unemployment and inactivity among youth. Recent evidence suggests that the unemployment rate among this group is relatively high compare to the adult population across all countries. What are the main factors behind that? Why do youths decide to be inactive?

Please help me, i'd really appreciate it!

1. Graph MC, AVC, and ATC for a firm with the costs indicated by the table to the right. Assuming Perfect Competition, what will happen in the short run if price is $12? What will happen in the long run?
2. What will happen in the short run if price is $25? What will happen in the long run? What is the Long Run equilibrium price?
3. indicated by the table to the right. Assuming Perfect Competition, what will happen in the short run if price is $12? What will happen in the long run?
4. What will happen in the short run if price is $25? What will happen in the long run? What is the Long Run equilibrium price?

Suppose in the short run a perfectly competitive firm has the total cost function: TC(Q)=675 + 3q2 where q is the firm's quantity of output. If the market price is P=240, how much profit will this firm earn if it maximizes its profit?

b) how much profit will this firm make?

c) Given your answer to b), what will happen to the market price as we move from the short run

to the long run?

d) What is the break-even price for this market?