One of the major developments in late 20th and early 21st century is the IT revolution (emergence of computers and internet). Based on your knowledge as the word citizen (which means you don’t need to know any specific technological knowledge), describe how you think the IT Revolution did affect the cost curves of a typical company, in a sector you choose. Explain your view.

1. Given Q = 560 – 10P and TC = 6000 + 5Q for an oligopolistic firm, determine mathematically the price and output at which the firm:

a. Maximizes its total profits and calculate those profits

b. Maximizes its total revenues and calculate the profits are that price and quantity

c. Maximizes its total revenue in the presence of a $480 profit constraint (20 points)

• Reference Figure 10-6 on p. 442 •

See also Sales Maximization Model on pp. 467-468

• Part (a) is the standard MR = MC procedure.

• For part (b) you are looking for the turning point of the TR function. Note that the derivative of a function measures its rate of change and when a that derivative (the Marginal Revenue) equals 0 it is at its turning point (in this case, maximum)

• The profit constraint for the sales maximizer means that he must earn at least $480 and cannot maximize sales (he will come as close as he can given the constraint). To do this write a total profit equation (TR minus TC) and set it equal to $480

• Solve the equation by turning it into a quadratic equation and use the quadratic formula to find the quantities that satisfy the equation. Since the firm is a sales maximizer, the larger of the two will be the one chosen.

• Hint: Although the question doesn’t require that you find the profit for part (c), you can check to see if you’ve done it correctly by calculating the profit. You set it equal to $480 so it should be $480

What is the problem of a free rider, and how does it relate to public goods? Provide an example of such a problem, and make a couple suggestions on how to mitigate the free rider issue.

- A news article in 2015 noted, ‘A rising number of Greeks in rural areas are swapping goods and services in cashless transactions since the government shut down banks on June 28 for three weeks’ (Karagiannopoulos, 2015). If Greeks were able to swap goods and services for other goods and services, did it matter that currency was not available because the banks had been closed? Briefly explain

- Explain why Australia’s currency is suitable to use as a medium of exchange

8.2 Explain the game theoretic formulation of the Hobbesian and Lockean states of nature based on Axelrod’s Evolution of Cooperation. How do the states differ in the possibilities for cooperative behavior in the absence of government? How do these differences affect the social contracts that members of the societies would voluntarily enter? What does game theory tell us about the role of social contracts in promoting cooperation? You do not need to use precise notation, but you should be as verbally precise as possible.

Assume that Tibet and Nepal produce yaks and buffalo. The production possibilities are given below. All production units are in millions. Assume that before the countries specialize and trade, that Tibet is producing at Production Possibilities B and that Nepal is producing at Production Possibilities D. Further assume that they recognize the benefits of free trade and that they decide to trade 1 yaks for 33 buffalo. Determine which country is producing yaks, and which country is producing buffalo. Now, use the blank chart below to calculate the Gains from Trade for each country. The gains from trade are

Describe the role of the reserve army or unemployment according to the Marxian Economics.

Currently the world economy due to the pandemic there is a decrease in demand levels. Discuss to

what extend the capitalist system and the broader social structure needs the unemployment under

these conditions, and to what extent unemployment may be harmful for the society and the

economy. Some countries have adopted policies to combat with unemployment, or with its potential

effects. Discuss how different methods used to combat with unemployment during this pandemic

will affect the economic system.

2.) Explain how/why all (3) phases of “problem definition” are critical to the development of your survey?

b) In several sections of this course, we discussed how market structure impacts results. In particular, we looked at the level of competition (perfect competition and monopoly), and how it impacts the market. In theory, what impact does monopoly have on price, output and efficiency in the market, relative to perfect competition? Use a graph.

-Which of the following is true about general knowledge?

It is not excludable but rival in consumption.

It is both excludable and rival in consumption.

It is neither excludable nor rival in consumption.

It is excludable and not rival in consumption.

-As a result, private firms Would/Would not undertake the efficient amount of basic scientific research.

-Which of the following policies has the United States adopted in response to this problem? Check all that apply.

Subsidizing research through the National Institutes of Health

Taxing revenue from the National Science Foundation

A progressive income tax

It is often argued that this policy increases the technological capability of American producers relative to that of foreign firms.

-True or False: This argument is correct only if the knowledge provided by basic research is not rival in consumption.

Is the monetary policy reaction curve applicable only to central banks that have an explicit inflation target? Explain.

A simplified economy is specified as follows:

A. Goods market, all values C, I, G and NX values are in billions of C$:

Consumption Expenditure: C = 150 + 0.8(Y-T)Investment Expenditure: I = 1,300 - 420iGovernment Expenditure: G = 340Lump-sum Constant Taxes: T = 340Exports: 90Imports: 10

B. Money market, all M^d values are in billions of C$:

Interest Rate: i = 0.09 or 9%Money Demand: M^d = 780 - 1,900i

Note: Please keep your answers accurate to two decimal places.

a) Given the above information, solve for the following: the equilibrium Y, the money supply M, the consumption expenditure C, and the investment expenditure I.

Y = 0M = 0C = 0I = 0

Now suppose there is an impending federal election, and the government promises to use fiscal policies to stimulate the economy.

b) Find the value of the goods market multiplier.

Goods market multiplier = 0

c) Let G rise to 420. Solve for the new equilibrium Y and C.

Y = 0C = 0

d) Demonstrate how the increase in G affects the economy through the multiplier. Use three rounds of effects to demonstrate the multiplier effects. Let the first round be related to health care spending, the second round related to clothing, and the third round related to food.

Round 1 -> As the government wants to spend $1 (or $1 billion)

on health care, it demands the production of health care equipment

such as hospitals, medicine, equipment, etc. to be built and sold to

the government. So as ΔG = 1, the production ΔY =

0

. This Y is the

income to the nurses, doctors, construction workers, etc.

Round 2 -> As the nurses receive their new income of Y =

0

, theyspend

0

% of this $

0

on clothing ->

0

cents worth of clothing wouldbe produced, or ΔY =

0

-> this

0

cents would be the income of the

workers involved in making the clothing.

Round 3 -> As the clothing workers receive their new income of

Y =

0

, they spend

0

% of this

0

cents on food -> (

0

)(

0

) =

0

or

0

cents worth of food would be produced, or ΔY =

0

-> this would

be the new income to the food workers.

e) Now consider monetary policies only. Suppose the BOC wants to drop the i to 0.04 or 4%, with G still at $340. Solve for the new I and the ΔI compared to when i = 0.09. Given the multiplier, how much would you expect Y to rise by?

I = 0Change in I = 0Change in Y = 0

f) Given the changes in (e), find the equilibrium Y, the money supply M, the consumption expenditure C, and the investment expenditure I.

Y = 0M = 0C = 0I = 0

g) Complete the following statement to demonstrate how the drop in i affects the money supply, then I, then Y, then C.

As i decreases -> ΔM (Select One) -> ΔI (Select One) -> ΔY (Select One) -> ΔC (Select One)

1. Please create a meme for how you’re coping with the COVID-19. Discuss one of the following:
   1. An unethical product and which marketing standards were violated. How would you fix it?
   2. Please discuss HR practice in place at your organization. How are they doing in regards to standards for dealing with harm?