Due to the pandemic of COVID-19 in the U.S., the price of U.S. crude oil contracts for May 2020 delivery has turned negative for the first time in history. For instance, West Texas Intermediate (WTI) crude oil contracts for May fell 301.97 percent to -$36.90 per barrel.
State your understanding of this phenomenon and carefully explain your arguments with economic tools and/or economic intuition, including the aspects of
1.   demand for oil by households;
2.   demand for oil by non-household demanders, such as manufacturers;
3.   market supply of oil;
4.   equilibrium price and quantity.

Question 1:Fact I:Consider the following setup that follows the standard Solow model in Country A.There are N consumers,each
endowed with one unit of available time.Consumers do not value leisure and they divide output between consumption and savings
according to the following rule:a fraction s of output is saved,and the rest is consumed.There is a representative firm that has a Cobb-
Douglas production technology of the form Y=zF(K,N),where K denotes capital,N denotes Labour,z is(Total Factor Productivity
（TFP).Initially country A had 100 units of Capital,144 units of labour and population growth rate was 0.01.Suppose you are given
the fact that in this economy depreciation d is 0.09 and at steady state,the output per-capita could be expressed as y*=(k*)05.Now,
consider the unfortunate situation where a disease took several lives,reducing the number of labour force equal to 81 units.
1.1 Describe and explain changes/effect of this disease on country A's per-capita output,and per capita capital in the steady
state,comparing these with the initial steady state that was prevailing before the disaster.(Note:you are supposed to
describe and explain changes in detail,following Solow Model.The numbers are provided to give you more details
about the economy,but you are not required to provide mathematical derivations/numbers for this question).
1.2 If you were illustrating the old and new steady state in a diagram,with per-capita capital in x-axis,describe how your
graph would change before and after the disease.Would you expect the growth rate of output per worker in country
A smaller or greater than it was before the disease?

Hello, I'm confused on part 'C' on how to graph the answer I received in part 'B'

B. A steam boiler is required as part of the design of a new plant. The types of fuel that can be used to ignite the boiler are natural gas, fuel oil, and coal. The cost of installation including all required controls is $40,000 for natural gas, $50,000 for fuel oil, and $120,000 for coal. In addition, the annual cost of fuel oil is $8,000 less than the annual cost of natural gas and $12,000 more than the annual cost of coal. The boiler is to be utilized for 20 years and interest rate is 8%. Using the most suitable approach, determine the best alternative. Is there any other consideration for the obtained result?

Present Worth of Costs:

            Natural Gas:

                        PWC: 40,000 + 8,000 (P/A, 8%, 20) + PWC(OIL)

                        PWC: 40,000 + 8,000 * 9.8181 + PWC(OIL)

                        PWC: 78,544.80 + 40,000 + PWC(OIL)

                        PWC: 118,544.80 + PWC(OIL)

            Fuel Oil:

                        PWC = 50,000 + PWC(OIL)

            Coal:

                        PWC = 120,000 – 12,000(P/A, 8%,20) + PWC(OIL)

                        PWC = 120,000 – 12,000 * 9.8181 + PWC(OIL)

                        PWC = 120,000 – 117,817.20 + PWC(OIL)

                        PWC = $2,182.80

The best alternative to ignite the boiler is coal. There are not other issues to be considered to obtain results.

C. Using Excel software or any other software package, solve the problem of Part B. Include all required command statements/programming as part of your solution.

Explain any two measures the government can use to control inflation.

Genovieve MacIntyre is an Australian resident taxpayer. Genovieve was studying nursing at Curtin University and had one year left of her degree. However, in 2018, she decided to discontinue her studies and pursue a career as a beautician. She began working as a beautician in a high-end salon in Nedlands called “Polish.”

The following information relates to the tax year ending 30 June 2020. Please discuss the income tax implications of each of the below.

1. In addition to working at the salon, on the weekends, Genovieve provides beauty services to her oldest friend Aurora. Aurora has a busy social life and Genovieve estimates that she provides her with beauty services such as makeup and nail application every two weeks. In January 2020, Aurora gifted Genovieve two amounts. One was $2,000 in respect of Genevieve’s beauty services for many years and another amount of $1,000 which Aurora begged Genovieve to accept as a gift for being such a wonderful friend. Genovieve did not want to accept the money but eventually took the $2000 and told Aurora to give the $1,000 to a worthy charity. Aurora chose Greenpeace, as that was a charity she knew Genovieve had supported in the past.

2. As a result of her work for Aurora, Genovieve finds she has a number of friends who want beauty services performed on the weekends. She doesn’t keep detailed books and records. However, Genovieve thinks she has around 20 friends for which she regularly performs these services. She tells them to leave a small token of their appreciation and leaves a price list of “suggested prices” for various services on her coffee table that they might like to donate. Genovieve has received $10,000 in the current income year from these friends.

3. As a result of the increase in beauty procedures she is performing for her friends on the weekend Genovieve purchases an EVO 2 Deluxe Spa Table for $7,500 on 1 January 2020. This will have an effective life of 7 years.

What’s your thought on the future development of global economy in terms of the integration of countries through cross-national cooperation and agreements?

Will the global economy more integrated or disintegrated?

Will countries stress more regional integration?

Will countries try to be more self-sufficient and decrease their dependence on trade?

--Support your points with research evidence and critical thinking--

1a) This article looks at how technological advancement can impact employment (or workers). How can AI be a threat to employment? In what ways it may actually be beneficial for workers? For firms? For the economy?

b) Will robotics be a continuous problem for employment? What might be some of the costs of unemployment, to the unemployed worker and to the society as a whole, besides the worker’s loss of income?

Character and Personality for the President Barrack Obama. Perhaps harder to determine but just as important in evaluating a president are the personal qualities the person brings to the office. Historians have reached consensus on the following traits as being important to a president: intelligence, honesty, integrity, character, flexibility, adaptability, and most importantly decisiveness. What about presidential relationships (i.e., with Congress, the press, the courts, the public, etc.)? Here you should look at popularity (do not place too much emphasis on opinion polls e.g., look at Reagan and Bush, neither will be considered Great presidents; Harding was extremely popular yet consistently considered a failure).

3. A small town has only one doctor. He charges a rich person twice as much as a poor person for a similar consultation.

a) How does this pricing policy relate to the price elasticity of demand? Are resources being used efficiently? Explain.

b) Suppose now that the doctor charges everyone the maximum price they would be willing to pay. What happens to consumer surplus? Will resources the allocated efficiently in this case? Explain and illustrate your answer with a graph

Define business cycle and give indicators along each phase.

During a particularly dry summer, officials in Tucson, AZ worry that their existing water supplies are not large enough to meet residents’ basic needs and they begin to discuss measures for reducing the city’s water consumption. Residential water use consists broadly of “indoor” use (drinking, cooking, bathing, laundry, etc.) and “outdoor” use (watering grass, washing cars, filling up swimming pools, etc.). The city, being reluctant to raise water rates, wants to place a ban on outdoor water use because using water in this way seems less “essential.” As an economist, you wonder whether it might be better to increase water prices and allow residents to decide for themselves how to allocate water across different uses. To make a more formal case, you obtain data on Tucson’s water demand in each sector (indoor and outdoor) and decide to calculate the deadweight loss associated with this outdoor water ban.

You will find that demand for “indoor” water (?_??) and “outdoor” water (?_???) are given by

? = 150 − 3?_?? and ? = 20 − 0.2?_???

1. Compute the deadweight loss ($/day) associated with the ban on outdoor water use. (To find this number, you can use figure like the one shown below.)

2. What is the price ($/1,000 gal.) that Tucson should charge to bring the city’s total residential water consumption down to ?̅?

All that is needed to solve is QUESTION 5 & its sub-parts...

Asymmetric Information and Separating Equilibrium

A population has two equal-sized members of "healthy" and "unhealthy" individuals. Members of each type have the same, identical, utility function: U = 20Y0.5 (i.e. 20 x Y raised to the 0.5 power), where Y is annual income.

Assume each individual, in either group, has disposable income (after normal expenses) of $19,000 a year. If in need of major medical care (and does not have insurance), each individual will have $15,000 in medical expenses. A "healthy" individual has a 6% probability, while an "unhealthy" individual has a 18% probability, of requiring major medical care.

Use the information above to answer the questions (1 through 5) below.

NOTE: An actuarially fair insurance premium (AFIP) is always calculated as: AFIP = (Medical expenses covered) x (Probability of occurring).

1. Calculate the AFIP of the full-coverage policy for a "healthy" individual.

2. Calculate the AFIP of the full-coverage policy for an "unhealthy" individual.  

3. Calculate the AFIP of a deductible policy for a "healthy" individual, for which the deductible is equal to $12,000.

4. Calculate the AFIP of a deductible policy for an "unhealthy" individual, for which the deductible is equal to $12,000.

5. Suppose health status ("healthy" or "unhealthy") represents asymmetric information: Each individual knows her or his health status, but insurance companies do not.  

Now, suppose an insurance company offers only two types of policies: 1) a full-coverage policy with premium equal to the most expensive (regardless of insurance type) of the two full-coverage policies.

a. In the boxes below, calculate expected utility for a "healthy" individual, for each scenario:

No Insurance:

Most Expensive Full-Coverage Policy (Option 1):

Least Expensive Deductible Policy (Option 2):

b. In the boxes below, calculate expected utility for an "unhealthy" individual, for each scenario:

No Insurance:

Most Expensive Full-Coverage Policy (Option 1):

Least Expensive Deductible Policy (Option 2):

c. Based on your answers in 5a. and 5b., which option would a representative member of each group (i.e. "healthy" and "unhealthy") choose?

d. In the box below, enter the insurance company's expected economic profit from selling the desired policy (from the individual's perspective) to a member of each group.

Expected Profit from "Healthy":

Expected Profit from "Unhealthy":

Identify the vast demand for natural resources in the East Asian realm, the types of resources that are utilized, and how the high demand has impacted the economies and histories of East Asian countries.

1. What happens to the long-run equilibrium price and quantity of cashew milk if almond milk becomes more expensive AND cashews (that are used in the production of cashew milk) less expensive?

   		Price increases and the change in quantity is ambiguous.
   		Price decreases and the change in quantity is ambiguous.
   		Quantity increases and the change in price is ambiguous.
   		Quantity decreases and the change in price is ambiguous.

QUESTION 7

1. If the price elasticity of demand is 2, what is the percentage change of price that is consistent with a decrease in quantity demanded of 40%? [Type a whole number, no gaps. If the number is positive don't put any sign, if negative put a minus in the front.]

QUESTION 8

1. If the price elasticity of demand is 0.5, what is the percentage change of quantity demanded that is caused by a 10% increase in price? [Type a whole number, no gaps. If the number is positive don't put any sign, if negative put a minus in the front.]

QUESTION 9

1. The income elasticity of demand for good X is -0.5. What can you infer about good X?

   		The demand for good X is inelastic.
   		The demand for good X is elastic.
   		Good X is a normal good.
   		Good X is an inferior good.

QUESTION 10

1. The cross price elasticity of demand for good X and good Y is -1.2 and the income elasticity of demand for good X is 0.5. What can you infer about good X?

   	a.	Good X and good Y are complements.
   	b.	Good X is a normal good.
   	c.	The demand of good X is inelastic.
   	d.	All of the above.
   	e.	(a) and (b) are correct
   	f.	(a) and (c) are correct.
   	g.	(b) and (c) are correct.