As director of human resources you have collected data on college major and commuting time (in minutes) between home and work from 20 employees. Your sample information is given in the table below.

Employee   College Major   Commuting Time
1 English 75.0
2 Math/Physics 34.2
3 Psychology 20.8
4 Economics 59.5
5 Economics 15.1
6 Math/Physics   43.3
7 English 37.9
8 Math/Physics   62.0
9 Psychology   18.6
10 Economics   16.1
11 Psychology   51.9
12 Psychology   8.0
13 Math/Physics   34.2
14 Economics   30.1
15 Math/Physics   28.7
16 Math/Physics   42.4
17 English 18.9
18 Psychology   26.0
19 Economics   14.1
20 Economics   30.5

5. Calculate the range of Commuting Time in your sample.

-Using the rule-of-thumb discussed in the learning area, how many bins do you propose to use for grouping Commuting Time?

-Create and fill in a table with columns for (1) bin, (2) absolute frequency, and (3) relative frequency.

-Draw a histogram of the relative frequency distribution of Commuting Time in your sample. How would you characterize the shape of your histogram (e.g. uniform, symmetric, etc.)?

explain how an indifference curve with constant marginal rate of substitution (e.i. good x and good y are perfect substitutes) will lead to the consumer purchasing only good x and good y. under what practical condition would the consumer only purchasing good x good y. draw a diagram and solution   

Situation: Suppose a large portion (approximately 20%) of the United States decides that the COVID-19 epidemic is a sign of the coming apocalypse within the month (assume they are wrong). Approximately half of this group decides to spend all their wealth on doomsday preparation and charitable acts. The other half of this group decides that the world is doomed, there is no hope of fighting it and decides to party and have as much fun as possible for the next month.

1. Using words (and math if you’d like) describe the macroeconomic impacts of these groups’ actions. What will be the impact on total, consumption, and investment spending, net exports, and the price level? Will interest rates be affected? If so, how?
2. Graph the changes described in your answer to question 1. Use all appropriate graphs in your answer (AD-AS, Supply and Demand, Loanable Funds Market, Money Market, etc.).
3. Based on your answer to question 1:
a. What is the appropriate governmental policy response, if any, after a month has passed and each group is proven wrong? Defend your answer.
b. What will be the impact on total, consumption, and investment spending, net exports, and the price level? Will interest rates be affected? If so, how?
4. Graph the changes describe in your answer to question 3. Use all appropriate graphs in your answer (AD-AS, Supply and Demand, Loanable Funds Market, Money Market, etc.).

Briefly explain what a central bank is and what its most important task is. Discuss the U.S. central bank, including a brief explanation of what is involved in its decision making about the money supply and its ability to affect some goals of macroeconomic policy; including examples of some macroeconomic policy goals that would be affected. Conclude by explaining what is involved in its policies relating to the money and banking system.

1) What is the marginal propensity to consume? If MPC = 0.6, explain what happens in terms of consumption & savings if your income increases by $100.

2) What is the marginal propensity to save? How is this related to consumption and disposable income? Write the relationship among the three variables with an equation.

3) If the MPC = 0.6 and government spending decreases by $100 billion, what is the total decrease in rGDP in the short run? (how much does AD shift?)

Might a policymaker choose a steady state with more capital than in the Golden Rule steady state? With less capital than in the Golden Rule steady state? Explain your answers.

Policy Implementation Steps

Learning Objectives and Outcomes



Explain proper policy implementation steps and describe factors relating to its success.

Scenario

Two health care organizations have recently merged. The parent organization is a large medical clinic

that is HIPAA compliant. The clinic recently acquired a remote medical clinic that provides a specialty

service. The remote clinic is organized in a flat structure, but the parent organization is organized in a

hierarchical structure with many departments and medical clinics. These organizations are in the process

of aligning their operations. You are asked to make major refinements to the organization’s cell phone use

policy immediately.

Assignment Requirements

Read the scenario carefully and then research examples of cell phone policies and implementation. Write

a report citing examples of at least three successful cell phone policy implementations found in your

research. Indicate how you would analyze your organization, and then how you would identify and finalize

a cell phone use policy for the organization. In addition, provide a rationale as to what types of business

challenges would be overcome or enhanced.

1. For any economy, the "scarcity" problem simply means that the available free resources are " not enough" to produce all goods and services required to satisfy the unlimited humans wants.

True or False

2. Division of labor in some cases is used to explain why countries gain when specializing in producing fewer goods and services.

True or False

Why economies may gain when specializing in producing fewer goods and services?

Question 3 options:

	Because producing fewer products with higher scales allows for an advanced level of "division of labor".
	Because producing at a higher scale in fewer products always implies higher profits for the producers and greater consumption level for the buyers.
	Because producing at a higher scale in fewer products always allow consumers to get the products at lower prices.
	All of the above can be used to explain the gains from specialization in production.

4.Because the number of available goods and services is uncountable , countries may never gain less if they specialize endlessly in producing fewer goods and services .

True or False

What can be used to explain why countries may not always benefit from the specialization in producing fewer goods and services?

Question 5 options:

	For a given firm, producing at an extremely high scale may embrace higher average cost of production.
	For a given firm, producing at an extremely high scale should cause the total production cost to be greater than the total revenue.
	For a given country, producing fewer products at extremely high production scales should lower the country's potentials to engage in international trade.
	For a given country, producing fewer products at extremely high production scales should increase the country's potentials to engage in international trade.

Question 6

For a country X producing only two products, A and B, the production possibilities curve (PPC) can be used to show that the implicit opportunity cost of producing A should always be declining.

Question 6 options:

	True
	False

Question 7

For a country X producing only two products, A and B, when other things remain equal, points along the country's production possibilities curve (PPC) can be used to show which of the following?

Question 7 options:

	The opportunity cost of producing A is how many units of B should be sacrificed to increase A by one unit.
	The opportunity cost of producing A is the change in B that results from one unit change in A.
	The opportunity cost of producing one unit of A is how many units of B should be sacrificed.
	All of the above is true.

Question 8

If the US government believes that the minimum wage is too low in almost all states, what should the government consider before going forward to raise the current federal minimum wage?

Question 8 options:

	Only the social costs associated with increasing the federal minimum wage.
	Only the economic costs associated with increasing the federal minimum wage.
	All possible costs and benefits associated with increasing the federal minimum wage.
	Nothing to consider, because there are no costs associated with increasing the federal minimum wage.

ErdemS (ES) is a monopoly selling tickets for the football match of SileSpor. The demand for each ticket is P = 350 - Q. ES’s cost is $10,000 plus $50 per ticket. (i.e., C(Q)=10.000+50Q ).

a) What is the profit-maximizing price that ES will charge? How many tickets will be sold? What is ES’s profit for this match?

b) Next ES finds out that non-students (Type A) and students (Type B) have different demands:   Let P_A = 650 - 5Q_A stand for the demand function of Type A; and let P_B =350-3Q_B stand for the demand function of Type B. Suppose that ES utilizes price discrimination and asks different prices to each type.

What is the price charged to a non-student (Type A)? What is the price charged to a student (Type B)? How many of each type are on this match? What would ES’s profit be for this match?

Can you please check my answers and if I am wrong correct me.

Thank you!

A. In today's interconnected world, many central banks communicate regularly and frequently with the public about the state of the economy, the economic outlook, and the likely future course of monetary policy. Communication about the likely future course of monetary policy is known as "forward guidance.". If the central bank increases the reserve ratio, as the market has perfectly expected, which of the following will surely happen?

1. The short run economic output will be deviating from its potential output

2. The prevailing price level of goods and services in that country will fall

3. The level of potential output will be shifting to the left

4. None of the following will happen for sure

B. What actually helps to determine the slope of short-term aggregate supply curve?

1. The rate at which the level of technology increases

2. The rate at which the country’s capital stock is depreciating

3. How responsive is the actual short run level of output to the deviation of actual price level of the economy from its expected price level

4. How sensitive is the economy towards changes of nominal interest rate

C.  During a recession the economy experiences:

1. rising employment and income.

2. rising employment and falling income.

3. rising income and falling employment.

4. falling employment and income.

D. Most economists believe that in the short run

1. real and nominal variables are determined independently and that money cannot move real GDP away from its long-run trend.

2. real and nominal variables are determined independently but that money can temporarily move real GDP away from its long-run trend.

3. real and nominal variables are highly intertwined but that money cannot move real GDP away from its long- run trend.

4. real and nominal variables are highly intertwined and that money can temporarily move real GDP away from its long-run trend.

E. The Central Bank of Wiknam increases the money supply at the same time the Parliament of Wiknam passes a new investment tax credit. Which of these policies shift aggregate demand to the right?

1. both the money supply increase and the investment tax credit

2. the money supply increase but not the investment tax credit

3. the investment tax credit but not the money supply increase

4. neither the investment tax credit nor the money supply increase

F. The long-run aggregate supply curve would shift right if the government were to

1. reduce the minimum-wage.

2. make unemployment benefits more generous.

3. raise taxes on investment spending.

4. All of the above are correct.

G. Sticky nominal wages can result in

1. lower profits for firms when the price level is lower than expected.

2. a decrease in real wages when the price level is lower than expected.

3. a short-run aggregate-supply curve that is vertical.

4. a long-run aggregate-supply curve that is upward-sloping.

H. In which case can we be sure aggregate demand shifts left overall?

1. people want to save more for retirement and the Fed increases the money supply.

2. people want to save more for retirement and the Fed decreases the money supply.

3. people want to save less for retirement and the Fed increases the money supply.

4. people want to save less for retirement and the Fed decreases the money supply.

I. In the context of the aggregate-demand curve, the interest-rate effect refers to the idea that, when the price level increases,

1. the real value of money decreases; in turn, the real value of the dollar increases in foreign exchange markets, which decreases net exports.

2. the real value of money decreases; in turn, interest rates increase, which decreases net exports.

3. households increase their holdings of money; in turn, interest rates decrease, which reduces spending on investment goods.

4. households increase their holdings of money; in turn, interest rates increase, which reduces spending on investment goods.

J. Since the end of World War II, the U.S. has almost always had rising prices and an upward trend in real GDP. To explain this

1. it is only necessary that long-run aggregate supply shifts right over time.

2. it is only necessary that aggregate demand shifts right over time.

3. both aggregate demand and long-run aggregate supply must be shifting right and aggregate demand must be shifting farther.

4. None of the above cases would produce rising prices and growing real GDP over time.

How do stock market crashes relate to market failure in the financial industry?

What did the Crusaders hope to achieve outside Europe? Within Europe? How successful were they in achieving these goals?

Compare and contrast monopolistically competitive firms with competitive firms. Be sure to explain what is similar in each industry and what is different. Make sure to address how many firms are in the industry, whether the product is homogenous or differentiated, conditions of entry and exit, and both short-run and long-run economic profit. (pls explain more as I'm only in intro to Micro, thx)

What are the key criticisms of the Gini coefficient?