1. Show your work for the questions below.Suppose a perfectly competitive firm has TC = 0.15q2 – 54q + 3500 and MC = 0.3q - 54.

a.If market price for this firm’s product is $96, what is its profit maximizing level of output? Show your work.

b.What is the firm’s profit at this price? Show your calculation.

2. Consider a customized t-shirt printing business. Which of the following would be variable costs (VC) and which would be fixed costs (FC)? Write VC or FC to the left of each to indicate which they would be.

Rent

Cost of ink

Cost of plain shirts

Purchase price of printing machine

3. Which of the costs (fixed, variable, or both) need to be covered for profits to be greater than or equal to zero?

Suppose when Japan opens to trade, it imports rice, a labor intensive good.

1. According to the Heckscher–Ohlin theorem, is Japan capital abundant or labor abundat? Explain.
2. What is the impact of opening trade on the real wage in Japan?
3. What is the impact of opening trade on the real rental rate on capital?
4. What does the Heckscher Ohlin model assume about labor mobility across industries? Across countries?
5. Which group (capital owners or workers) would support policies to limit free trade? Why?

RATES of GROWTH

1. Calculate and state the following for the years shown for the Canadian economy: the rates of growth (% per year) of

1. nominal GDP;        
2. real GDP;        
3. real GDP per capita.
4. Real Medium family income

(Provide the raw data for all the years and show your work at least once for each category.)

2. Plot all your results calculated in ( 1 ) above on one graph. Must use graph paper and utilize the entire page. (Use a time series graph.)

please make as per Canadian Education standard's.

Do you think that business has a responsibility to contribute positively to society whenever it can, or do you think that business should simply focus on operating as profitably as it can? Explain your answer, referring to concepts

Peter has an inheritance that promises to pay him 11 year-end amounts of $5,000 starting exactly 3 years and 3 months from today. If he earns 4.2% p.a., how much is the inheritance worth in present-day dollars?

Select one:

a. $37,910.15

b. $39,502.38

c. $42,258.17

d. $41,154.33

Consider the Cobb-Douglas production function Y = e^b0 K ^b1 L^b2 e^ui where Y, K and L denote real output, real capital input, and real labor input, respectively. The data for estimating the parameters of the production function are given in the Excel data file productionfunction.xls.

1. Perform a logarithmic transformation of the production function to linearity so that it can be estimated by OLS.
2. Compute the correlation coefficient between income lnK and lnL and comment on the potential for multicollinearity.
3. Obtain OLS estimates of the model ln Yi = b0 + b1 ln Ki + ui   i=1,2,...,24 and their t-ratios and comment on the significance of the slope coefficient. Use 5 percent level of significance. Does the estimated slope coefficient make economic sense?
4. Obtain OLS estimates of the model ln Yi = b0 + b1 ln Li + ui i=1,2,...,24 and their t-ratios and comment on the significance of the slope coefficient. Use 5 percent level of significance. Does the slope coefficient make economic sense?
5. Obtain OLS estimates of the model ln Yi = b0 + b1 ln Ki + b2 ln Li + ui i=1,2,...,24 and their t-ratios and comment on the significance of the slope coefficients. Use 5 percent level of significance. Do the slope coefficients make economic sense?
6. By comparing the results in parts (c), (d) and (e), what is the impact of multicollinearity on the signs and significance of the coefficients?

Production Function:

Labor markets are an important concept to understand in terms of how wages are determined. Identify one demand and supply factor that can impact wages in markets. Explain one of the main reasons why the large wage gap exists in the United States and provide one solution of this wage gap.

Why is there a market failure in the 401(k) market? (Hint: read chapter 8 and its description of imperfect information) Write at least 2 paragraphs.

Explain how to determine whether the law of demand holds given an input demand function and whether L and K are complements, substitutes, or unrelated inputs.

Compare and contrast the impact of a change in the price of a good on the utility-maximizing bundle of goods with the impact of a change in the price of input on the output maximizing and cost-minimizing bundles of inputs.

France's hybrid system of government. How does the hybrid system solve some of the problems France experienced with a parliamentary system?  

There are 4 ways of finding out how much people are WTP for improvements in environmental quality. One of them is “Hedonic estimation”. Explain this method by using an example?

The reasons why the housing market is of particular interest to the Reserve Bank , and the steps the Bank can take to mitigate risks that might arise from the housing market. Make sure you discuss the macroprudential policy measures that the Bank has put in place to address concerns arising from the housing market

Why Might Restaurants be Considered Safe During the Current National Pandemic?

Stephan Logan, M. Sc., Indigo Instruments, Modern Resource Management, wrote on March 10, 2000 that:

"There may be a threat to the restaurant industry (during the national pandemic) but in reality, they are the safest places other than your own kitchen."

Based on what was conveyed in the Webinar, would you agree with this statement? Why or Why Not?

Are there any variables that might cause you to disagree? Why?