An exchange between a buyer and seller occurs usually when the exchange creates both a consumer surplus and a supplier surplus. Market efficiency occurs when consumer and supplier surplus are maximized. However, in exchanges between buyers and sellers, should society be only concerned with market efficiency?

a) Describe a personal experience of when you purchased a product or service whereby you feel you maximized surplus as a consumer but the supplier surplus was not maximized.

b) The lesson notes describe both positive and negative externalities. An interesting situation occurs when there is a positive externality. This is interesting because economists state this is a result of market inefficiency or failure. Combine the lesson notes with some of your own research and your own experiences to describe when you were part of a transaction that resulted in a positive externality and why the transaction would be considered inefficient. To answer this question, a) describe the transaction, b) describe the positive externality, and c) state why, from an economist’s viewpoint, this would be considered market inefficiency.

A perfectly competitive firm has a total cost function equal to:

C(Q) = 20,000 + 450Q - 4Q² + 0.01Q³

If the market price for the firm is $142 and the firm is producing 220 units, what are their profits/losses?

Refer to the firm above.

What is the minimum market price the firm needs in order to produce in the short-run?

Suppose you are a manager of perfectly competitive firm and at your optimal / profit-maximizing Q, ATC = $20 and AVC = $15. The price in the market is P = $18 and you are producing 400 units of Q (this is your optimal / profit-maximizing level).

What is your profit / loss from producing 400 units?

Suppose you are a manager of perfectly competitive firm and at your optimal / profit-maximizing Q, ATC = $20 and AVC = $15. The price in the market is P = $18 and you are producing 400 units of Q (this is your optimal / profit-maximizing level).

What is your profit / loss if you shut down and produced nothing (Q = 0)?

Discussion - Ageism

Pre-discussion activity

Select and read 2 Canadian newspaper articles published in the last 5 years  that focus on Ageism experienced by Older Adults

Discussion posting:

Review the Discussion Rubric to see how your discussion will be graded and what is expected.

1. Identify and summarize each article in 200 words (100 words each) (include the url and complete source of information ).
2. Discuss the various aspects of the topic (agree or disagree and why) in a minimum of two sentences
3. Incorporate readings /cite with APA using your textbook as your main source of reference to support your views for all aspects of the discussion and provide a reference list that reflects the sources you used.( use other scholarly research sources minimally)
4. In a separate paragraph in a minimum 100 words discuss how your new learning from each article on Ageism in Older Age  will impact on your personal and professional life experience.

1. The daily production data of a firm are given below. The wage rate is MYR 20 per day for each labor (variable input) and it is the only variable cost incurred. Additionally, output refers to the total products and it is in hundreds of units.

a. Complete these production data. Calculate the average and marginal product per labor, the total variable cost, total cost, marginal cost, average fixed cost, average variable cost and average total cost for each level. Show your calculations.

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b. Based on your answer above, evaluate the patterns and relationship between:

1. Total product (TP) and marginal product (MP).

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2. Average product (AP) and marginal product (MP).

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3. Marginal product (MP) and marginal cost (MC).

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[Total: 25 marks]

Suppose Tom’s brother works for an airline as a union representative for the machinists working on the planes. Two years ago, there was a forced landing that severely injured five people on the flight of one of the airline’s passenger planes. While watching television at Tom’s house, he notices his brother is rather depressed. Tom asks him what is wrong. “Remember that crash of Flight 3183 to Buffalo a while back?” the brother asks. Tom shakes his head in the affirmative. “Yeah. You were worried whether or not it would be blamed on your workers for a mechanical failure.” The brother sighs. “Well, we got word today that the NTSB is going to find that one of my guys was at fault. They’re going to announce their findings by the end of the week.” Tom nods while returning his attention to the television. The next day, Tom picks up the phone to call his broker, selling all the shares he has in the airline. Using supply/demand analysis, what would we expect to happen to the share price of the airline once the NTSB announcement is made that the airline was at fault? Ethically, should Tom have reacted the way he did? Discuss.

If the central bank lowers its policy interest rate, we would expect this to:

Group of answer choices

decrease the unemployment rate

decrease aggregate demand

increase market interest rates

decrease the inflation rate

Please explain in detail and show work where applicable. Please show any formulas or calculations and explain them.

- perhaps you would Soft Peg the small coutry to a basket of Germany and France's currencies?

- please explain?

Practice # 10

You have been hired as a consultant to the central bank for a small country that, for many years, has suffered from repeated currency crises and rampant inflation. The country depends heavily on both the German and French financial and product markets. What type of exchange rate policy would have the greatest impact and reduce currency volatility between the client country and both Germany and France?

Compare and contrast the National Organization of Women (NOW) and the National Organization for the Advancement of Colored People (NAACP).

What are the core values of the Republican Party of Texas?

Explain the barriers to voting percentages in Texas.

Select a Product/Service and answer the below question.

1. Describe its Features and benefits.

2. Target Market - (Who is it intended for?)

3. Price - (What does it cost?)

4. Place - (Where can you buy it)

5. Promotion - (How can you find out more about it)

Please comment the following sentences:
i) In the Mundell-Fleming setup, the increase in pessimism from consumers and firms in

the euro area affects GDP more severely than in a scenario of absence of a monetary union.

What specific actions did the Federal Reserve take in response to the 2007-2009 financial crisis: i) Using the lender of last resort tool?
ii) Using the monetary policy tool?

The Fed sets higher interest rate at each price level. Will Inflation and Real GDP increase or decrease?

Provide Diagram.