What are the stahes in the policy process and may you explain them. POLS. PUBLIC POLICY BOOK SIXTH EDITION BY KRAFT FURLONG

Newsprint (the paper used for newspapers) is produced in a perfectly competitive, constant cost, market. Each identical firm has total cost equal to TC = 32+ 20q + 0.5q2, where q is the amount of output produced by each firm. What is the quantity produced by each firm in the long-run? What is the long-run price?

Poor economics and its role in the global economy?

12. Suppose the economy is in long-run equilibrium. If there is an increase in consumer spending due to a tax rebate at the same time that a natural disaster adversely affects the availability of production inputs within the country, then in the short-run we would expect
A. the price level will rise, and real GDP might rise, fall, or stay the same.
B. the price level will fall, and real GDP might rise, fall, or stay the same.
C. real GDP will fall and the price level might rise, fall, or stay the same.
D. real GDP will rise and the price level might rise, fall, or stay the same.
E. the price level might rise, fall or stay the same and real GDP might rise, fall, or stay the same.
13. Suppose the economy is in long-run equilibrium. If there is a significant consumption (sales) tax increase at the same time that major new sources of oil are discovered in the country, then in the short-run we would expect
A. real GDP will fall and the price level might rise, fall, or stay the same.
B. real GDP will rise and the price level might rise, fall, or stay the same.
C. the price level might rise, fall or stay the same and real GDP might rise, fall, or stay the same.
D. the price level will rise, and real GDP might rise, fall, or stay the same.
E. the price level will fall, and real GDP might rise, fall, or stay the same.
14. Suppose the economy is in long-run equilibrium. If there is an expansion of government spending at the same time that a significant increase in immigration of skilled workers reduces production costs, then in the short-run we would expect
A. real GDP will fall and the price level might rise, fall, or stay the same.
B. real GDP will rise and the price level might rise, fall, or stay the same.
C. the price level will fall, and real GDP might rise, fall, or stay the same.
D. the price level will rise, and real GDP might rise, fall, or stay the same.
E. Either A or C will occur.

Minnesota Wave Rentals incurs a marginal cost of $48 per day of providing a WaveRunner to a tourist. Minnesota Wave Rentals has daily fixed costs of $8,000. The daily demand curve facing Minnesota Wave Rentals is P = 240 – 0.10*Q, with Q representing the number of WaveRunners rented, and P representing the price-to-rent rate charged to tourists.

Show your explanations and math in the spaces below (typed), or if you use Excel, please state your results in the spaces below, and refer to your uploaded Excel file.

a)What is the profit-maximizing price to rent a WaveRunner? How many WaveRunners will Minnesota Wave Rentals rent per day? What are Minnesota Wave Rentals’ daily total revenues, total costs, and total profits?

b) If Minnesota Wave Rentals’ marginal cost increases to $60 per day due to a tax on each personal watercraft rental to support state tourism advertising, what would be the profit-maximizing price to rent and quantity rented?

c) If, instead, Minnesota Wave Rentals’ fixed costs change, to $10,000 per day, due to higher dock fees all over Minnesota, what would be the profit-maximizing price to rent and quantity rented?

d) Use marginal analysis to explain the difference in how Minnesota Wave Rentals should respond to increased marginal cost vs. increased fixed cost.

Consider the following production function: f(x,y)=x+y^0.5. If the input prices of x and y are wx and wy respectively, then find out the combination of x and y that minimizes cost in order to produce output level q. Also find the cost function.

Provide an example of scarcity problem that affects an individual consumer.
Which economics principles govern the situation you described?

Comment on the description of the Lorenz Curve? Is this okay? Which type of tax system are you in favor of and why? (progressive, proportional (flat), or regressive) Which is the best and why?

For a firm A which is operating under Pure Competition; Under Total Revenue-Total Cost Approach;

1. Fill in the table above by calculating the Total fixed cost Average total cost, Marginal cost total revenue and the profit/loss for each level of output. Assume the price of the product P= $40.                                                                                                   
2. Indicate the level of Output where Profit is Maximized?                                        

3. What is the Maximum Profit for Firm A?                                                            

What are some advantages and disadvantages of the United States national debts? Distinguish between foreign and domestic debts.

a) Taking the perspective of banks, explain the reasons why the lockdown Recession (Covid-19 crisis) is different to the Great Recession (2008-09 crisis)? Discuss by presenting five differenes

b) What is the role that banks can play in supporting the economy and eventual recovery. Discuss by presenting five policies that banks can implement to help economic operators

c) What will be the lessons that businesses will learn from the Lockdown Recession? What are the suggested ways business might change in their day-to-day operations, especially when they interact with their customers? Explain.

the following three concepts and provide a definition and brief explanation of their importance in microeconomic analysis.

1. Economies of Scope vs. Economies of Scale;
2. Transitivity Assumption of preference orderings;
3. Short-run Expansion Path.

Explain why the goal of criminal law is NOT 100% prevention

Briefly explain the concept of "risk aversion". How does this potentially change our calculations within the Rational Criminal Model (RCM)?