In the short run a firm can produce 11 units of output by employing 2 units (hours) of labour and 15 units of output employing 3 units of labour. Suppose the hourly wage rate is $10. What is the marginal cost of producing the 14th unit of output? Clearly show all steps of your work.

PLEASE ANSWER C&D ONLY . THE REST HAS ALREADY BEEN ANSWERED.

Say the marginal tax rate is 20 percent and that government expenditures do not change with output. Say also that the economy is at potential output and that the deficit is $450 billion.
   
a. What is the size of the cyclical deficit?

Answer = $0

  b. What is the size of the structural deficit?
  
Answer = $450 billion.
  
c. How would your answers to a and b change if the deficit was still $450 billion but output was $200 billion below potential?

    Instructions: Round your answers to the nearest whole dollar amount. Leave no cell blank. You must enter "0" for the answer to grade correctly.
  
    Cyclical deficit is $ __________billion.
  
    Structural deficit is $ ________ billion.
   
d. How would your answers to a and b change if the deficit was still $450 billion but output was $350 billion above potential?

    Instructions: Round your answers to the nearest whole dollar amount. Leave no cell blank. You must enter "0" for the answer to grade correctly.

    Cyclical surplus is _________ $ billion.
   
    Structural deficit is ___________$ billion.

What's your opinion of the economy now?

1. DISTINGUISH BETWEEN ECONOMIES OF SCALE AND DISECONOMIES OF SCALE
2. TRUE OR FALSE. A PRODUCER CAN OPERATE IN THE SITUATION IN WHICH PRICE IS LESS THAN AVERAGE VARIABLE COST.
3. WHAT FOUR BASIC CONDITIONS CHARACTERIZE A COMPETITIVE MARKET?
4. WHAT IS ECONOMIC PROFIT? CAN A FIRM IN A COMPETITIVE INDUSTRY EARN ECONOMIC PROFIT?

1. Is the gas market a perfectly competitive market? Why or Why not?
2. What is the cause of these high prices? Are oil companies to blame? Is the government to blame? Should we enact price controls on the market?
3. What can we do to combat the high prices

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)

In a model of dynamic increasing returns, illustrate a and briefly explain using words. In this scenario, France protects its cotton industry with a temporary blockade, but after the blockade ends the protection is not enough for France to retain an advantage in cotton production, and once UK cotton is no longer blockaded, that the UK will recover its initial advantage. Be sure to draw and label any necessary learning curves (UK and France), and any relevant points on the curves.

1A-) Using the graph, explain what is meant by the Yield Curve and the forms it takes?

2A-) By checking at it, do you think that this curve can be used as a future indicator for the performance of the economy?

1. Suppose that the economy is originally in a steady state of capital. Illustrate graphically the effect on capital per worker when the savings rate decreases.
2. Suppose that the economy is originally in a steady state of capital. Illustrate graphically the effect on capital per worker when the population growth rate increases.

draw a industry graph that shows the adjustment to long run equilibrium. label the price.

How has Americans' healthcare started a divide between political parties?

Government intervene market by using a system called supply management and one of the ways is to impose a price floor. Explain why the actual loss caused by the price floor may be even larger than the deadweight loss.

The countries of both Sub-Saharan Africa and the Middle East and North Africa (MENA) are characterized by patron-client political systems.

(a) What aspects of their respective histories and present realities have led to the pervasiveness of these systems?

(b) What are some of the differences in the way these patron-client relations are exercised in oil- exporting and non-oil-exporting countries in MENA?

(c) How does this “clientelism” relate to the phenomenon of failed states in Sub-Saharan Africa?