You will take on the role of the benevolent social planner. Remember the sole objective of a benevolent social planner is to maximize total surplus. Below are two lists of numbers. The top list represents the opportunity costs of a number of firms that supply an unspecified commodity. The bottom list includes the willingness to pay of a number of buyers who desire to purchase this unspecified commodity. Using these lists answer the following questions.

Sellers and their Opportunity Costs:

Trampled by Turtles 7

Dispatch 8

Valerie June 7

Daft Punk 2

JoshRitter 3

Delfonics 5

Yola 2

Los Lobos 5

Che Apalache 4

Buyers and their Willingness to Pay:

Dolly 4

Loretta 8

Crystal 10

Ernest 5

Dwight 7

Rosanne 10

Ronnie 7

Clint 5

Tracy 9

1. How many exchanges should occur? (1 point)

2. What is the total surplus of each exchange that occurs? Give the seller’s letter, the buyer’s letter, and the total surplus of this pair’s exchange. (1 point)

3. What is total surplus for the entire market? (1 point)

4. Assume that a price ceiling is imposed upon this market. No unit will be permitted to trade for a price above $4.50.

         a. What is quantity supplied at this price? (1 point)

         b. What is quantity demanded at this price? (1 point)

         c. How many exchanges occur? (1 point)

5. Assume that the government has decided to impose a $3 tax per unit, to be paid by the sellers. A seller who does not sell a unit pays no tax. Therefore, the tax is like a cost increase of $3. A seller’s cost will really be $3 above the listed opportunity cost.

         a. How many exchanges will occur? (1 point)

         b. What is the total surplus of each exchange that occurs? Give the seller’s number, the buyer’s number, and the total surplus of this pair’s exchange. (1 point)

         c. What is total surplus for the entire market? (1 point)

         d. Is there any deadweight loss? If so, what is it? (1 point)

What new opportunities do these technologies create, and what responses are needed to ensure positive economic effects, inclusivity and equal access to benefits?

This more of the AI question, please explain me in details and the major points. Please help needs to understand this!

M6_IND4. A chemical plant stores spare parts for maintenance in a large warehouse. Throughout the working day, maintenance personnel go to the warehouse to pick up supplies needed for their jobs. The warehouse receives a request for supplies, on average, every three minutes. The average request requires 2.75 minutes to fill a request. Maintenance employees are paid $21.50 per hour and warehouse employees are paid $16 per hour. The warehouse operates 8 hours per day. a) Based on the number of maintenance employees in the system, an 8 hour work day, and the given arrival and service rates. What is the system cost per day (to the nearest $) if there is only 1 warehouse employees working? b) Based on the number of maintenance employees in the system, an 8 hour work day, and the given arrival and service rates. What is the system cost per day (to the nearest $) if there are 2 warehouse employees working? c) Based on the number of maintenance employees in the system, an 8 hour work day, and the given arrival and service rates. What is the system cost per day (to the nearest $) if there are 3 warehouse employees working? d) What is the optimal number of warehouse employees to staff the warehouse?

In a particular market there are several hundred firms, all of the firms produce an identical product, and it is easy to get in and out of the market. At the current market equilibrium we observe the following for a typical firm:

P=100

MC=100

ATC=75

1. Find the firm's marginal revenue
2. Is this firm maximizing profit? Explain how you can tell.
3. Find the firm's profit.
4. What two things must be true for a competitive market to be in a long run equilibrium?
5. Is this market in a long run equilibrium? Why or why not?
6. What do you expect to happen to the price in this market? What do you expect to happen to the number of firms in this market

Monetary Policy

If demand is lower than expected, the economy would be experiencing a(an) 1.___________________ gap.

In order to close the gap using monetary policy, the Fed can (buy/sell) 2._____________ U.S. bonds through a process called 3._____________________________.

This would (increase/decrease)4. ______________ the money supply.

This change in the money supply will impact which component of aggregate expenditure? 5.____________________

This will ultimately shift (demand/supply) 6.__________________to the (right/left) 7.____________________ to close the gap.

This will result in (inflation/deflation) 8.___________________________.

Employment will (increase/decrease) 9.________________________.

If demand is higher than expected, the economy would be experiencing a(an) 10.____________________gap.

In order to close the gap using monetary policy, the Fed can (buy/sell) 11._____________ U.S. bonds through a process called 12._____________________________.

This would (increase/decrease) 13.______________ the money supply.

This change in the money supply will impact which component of aggregate expenditure? 14.____________________

This will ultimately shift (demand/supply) 15.__________________to the (right/left) 16.____________________ to close the gap.

This will result in (inflation/deflation) 17.___________________________.

Employment will (increase/decrease) 18.____________________________.

1. You have just been appointed to evaluate some of the social programs. Your mission, which you have no choice but to accept, is to reform De- mogrants and Employment Insurance (EI) because they are presently not a§ordable and rife with ine¢ ciencies. One fundamental issue that underlies the reform of demogrants and Employment Insurance (EI) is the conáicting objectives of providing adequate income protection on one hand and providing a more e¢ cient incentive structure on the other hand. Explain the nature of the disincentive e§ects that are involved with demogrant payments and the disincentive e§ects that are involved with EI. Your response should be set in the framework of the labour supply model, which means a discussion of the income e§ect and the substitution e§ects. Support your answer with help of diagrams and at the same time give an intuitive explanation of the economic behavioural mechanisms.

Please answer the following questions on the 2008 financial crisis please answer 1-2 paragraphs each.

• What was the financial situation that consumed Wall Street and the Federal government in 2008?

• Which government officials played critical roles in addressing the financial crisis, and how did they address it?

• How would you critique the ethical culture of Wall Street and those insiders on Wall Street who triggered the financial crisis?

   4. Who is to blame? Are there any good guys here?

1. What are the key factors that limit the ability of many developing countries to deploy taxation as a tool to reduce inequality and provide social security to the vulnerable groups?

1. Describe any three policy recommendations that you would offer to developing countries in order to enable them to benefit from international trade.

Russell Roberts, The Price of Everything: A Parable of Possibility and Prosperity

In chapter 10 of the story, “No Host No Problem,” Ramon accuses Ruth of “romanticizing the market” and of “romanticizing profits.” Ruth agrees but candidly replies that the market “deserves some romance.” What does she mean? (Hint: the specific tangible benefits of the invisible hand vs. short-run government policies.)

    What is the parable of the story of Ramon, Amy and Professor Ruth Lieber? In other words, what is Russell Roberts’ main thesis? In your answer, you must explain the concept of “emergent order” and describe the role that prices play in creating this emergent order, fully supported by applying supply and demand analysis.

Russell Roberts, The Price of Everything: A Parable of Possibility and Prosperity

In the story, Professor Lieber states emphatically, “no one can make a pencil.” 1) Give a detailed explanation of why this is true, and 2) why, in spite of “no one in charge,” just the right amount of pencils gets made anyway. In part 2 of your answer, you must apply the basic economic logic of supply and demand analysis to describe and explain the argument.

In the story, Ramon Fernandez initially found it repugnant and unfair that the price of a flashlight at “Big Box” would increase so dramatically after the earthquake; that is, until he met Professor Ruth Lieber.  Apply the basic economic logic of supply and demand analysis to describe and explain the economic benefits of allowing prices to rise, sometimes by a large amount, in the aftermath of a natural disaster, such as an earthquake, hurricane, or tornado.

What is the parable of the story of Ramon, Amy and Professor Ruth Lieber? In other words, what is Russell Roberts’ main thesis? In your answer, you must explain the concept of “emergent order” and describe the role that prices play in creating this emergent order, fully supported by applying supply and demand analysis.

How does globalization increase systematic risk? How might globalization decrease systematic risk? Please, a very detailed answer will be very appreciated

Background: There are 4-5 pharmaceutical companies (mainly from China, Germany, and the USA) that are researching a cure/vaccine for corona – hopefully, one of these companies will have a solution for the world shortly– in the meantime, some governments are proposing for alternative treatments medicine like CHLOROQUINE (originally used to treat Malaria)

One company finally succeeds in producing the vaccine. Describe or explain in detail the following situations. ( 15 points ) :

a) What is the new market structure this Pharma company belongs to now ? Why ?

b) List the 5 market structure characteristics for a Monopoly and explain the relation to the Corona vaccine .

c) How does Initial supply and demand look like for the new vaccine? (what about initial elasticity and price ?)

d) How happens in Long term for supply and demand if new pharmaceutical companies find a similar vaccine ? (what about long term elasticity and price under the same conditions ?)

e) Describe what happens to Economic profits in the initial phase and the long term

f) Explain how the creative destruction concept applies (from Chloroquine to Corona vaccine) . Are there any benefits to everyone from having a Monopoly?