The market for apple pies is competitive and has the following demand schedule:

a. When P = $11, how many pies does each producer make? [Hint: Find MR. Use the profit maximization rule: MR = MC. Firms never choose the quantity such that MR < MC. Or, you can directly compute profit for each quantity.]

b. How many producers are there? How much profit does each producer earn? [Hint: To get the number of producers in the market, use the relationship between market quantity and the quantity produced by each firm. Because we assume all firms are identical, firms are producing the same quantity.]

Long-run equilibrium

c. In the long-run, there is free entry and exit process. How much profit does each producer earn in the long-run equilibrium? Why?

d. What are the market price and the number of pies each producer makes? How many pies are sold? [Hint: Use the condition for the market price in the long-run. Next, note that once the market price is determined, each seller’s quantity is determined by the above table.]

e. How many producers are operating in the long-run? Is the number of sellers larger than that in the short-run? Why?

Draw and explain the Business Model canvas from the
Zoom Application

Describe the Theory of Optimal Currency Areas; and use that theory to consider whether the United States of America is an optimal currency area. Use statistical evidence to support your conclusion.

Consider the monopolistically competitive market structure, which has some features of a perfectly competitive market and some features of a monopoly. Complete the following table by indicating whether each attribute characterizes a perfectly competitive market, a monopolistically competitive market, both, or neither. Check all that apply. Attributes Perfectly Competitive Market Monopolistically Competitive Market Many sellers Easy entry Few sellers Price equals average total cost in the long run

1. Describe the differences between the pre-WW1 gold standard and the post-WW2 Bretton Woods monetary system, explaining the relative benefits of each approach.

In non-political terms, describe the economy of the United States. What elements of capitalism and socialism exist

Assistant Project Manager Jim Rains was 26 years old, newly hired at a large commercial construction company, and was assigned to work on a $34 million dollar university classroom project in the southeast United States. Upon arriving on the job site, Jim was introduced to head superintendent Bob Moore who had been with the firm for 25 years. Bob was an exceptionally proficient organiser and was often requested by clients for the supervision of their construction projects. As the project began, things on the whole went smoothly. In fact, Jim was learning and taking on more project management responsibilities every day.

The winter and spring months brought many days of rain. Often, Bob would have to send several carpenters home because there was nothing at the construction site for them to do when it was raining. This did not sit well with the carpenters when they could only work 3 days per week (and were paid for 3 days’ work) because of rainouts. Other times, Bob would not send the carpenters home, but would have them sweep up the floors that were already under roof. This activity would normally take 2 hours with a crew of 4, but Bob would be forced to pay them for a full 8-hour day. Some days Bob, being one to hate inefficiency (and the potential loss of workers not returning to the site after being sent home), sent some of the carpenters (who would normally be just standing around and sweeping on rainy days) to his home to work. There the carpenters would work on interior framing, finish carpentry, and hang drywall in Bob's new addition. Bob figured that as long as the carpenters were just hanging around the site with little to do, they might as well earn their pay.

The third time Bob sent carpenters to his house on a rainy day; Jim decided to talk with Bob about the issue of billing the carpenter's hours to the job site construction cost. Bob was very noncommittal about the whole issue leaving Jim with the dilemma of confronting one of the company's best superintendents. After three more days of watching several carpenters go to Bob's house to work, Jim could no longer stomach the practice and told Bob that it was unethical to use company employees for personal work. Bob told Jim that if he did not send the carpenters home on rainy days, they would get paid for basically doing nothing. By sending the carpenters to his house to use their skills, he was keeping his workers motivated and satisfied instead of laying them off or having them do small, time-filling jobs.
Getting nowhere with the superintendent, Jim had some major decisions to make. Should he go to the project manager or someone in the home office? What would the company think about some new employee questioning the practices of a long-term employee?

Because Jim was new to the organization, he decided to talk with Bob one more time and asked that he discontinue billing employee hours to the construction project if they were in fact working on Bob's own house. Bob again refrained from doing anything, only commenting that the workers would soon be able to work a normal 5-day workweek because the rainy season was about to end. Jim still could not let the issue go.

a) What key ethical principles are potentially being compromised in this case based on your understanding of PMI’s code of ethics?
b) Are these ethical concerns adequate and valid reasons for Jim to decide to quit as the Project Manager? Provide a detailed justification.
c) If you were Jim, what actions would you take now that Bob again refrained from doing anything?
d) Is it right for Jim to seek advice from his close friends on how to deal with this problem? Justify your answer.

Which model would you use to advise a government on immigration policy and why? (600 words max)

In paragraph form, compare the key differences between Ricardian, Specific Factor, and Hecksher-Ohlin models.

What question(s) or economic truth(s) does each model help us understand?

What happens in each model with a permanent increase in labour?

For the long-run supply curve why can price level increase or decrease while GDP stays the same?

Maybe because the employment rate is at the maximum amount because of the demand curve so supply or demand can adjust depending on the amoubt of workers there are? (Just my guess for the answer)

Consider a country’s domestic market with demand and supply functions: Supply function: ? = 40? − 40 Demand function: ? = 200 − 20?

As the country joins the international trade, the world price for the good is given as $2. a. Is this country exporting or importing? If so, what is the size of export or import?

Now, the government decides to impose $1 tariff to protect its industry. b. Find the size of tariff revenue. Draw a graph before/after the tariff, and clearly mark regions for deadweight loss.

c. Who (among sellers and buyers) benefits from the tariff? Why?

Using the concepts of high power distance, intuitive decision-making, sheikocracy, persistence of social criteria, in the reading materials and relying on the leadership style of an organization of your choice (your employer or your own perhaps), write up an analysis on how leadership may be developed and adapted in your organization? Illustrate your arguments with concrete examples