Verbally and graphically describe the Marginal Profit Curve(Mπ), If a firm produces a larger quantity of a product X, then

The purchases of electric plug-in hybrid cars are on the rise in the state of Georgia. The Chevrolet Volt is selling well, despite being sold at a price that doubles that of similar gasoline powered cars made by Chevy. Other automobile makers like Ford are adding plug-in hybrids to their lines at an incredible pace. What is the reason for the rising sales of plug-in hybrids? Is this an increase in demand or an increase in quantity demanded? What will happen if the supply curve shifts to the right as a result of this popularity for electric vehicles?

To what extent do Caribbean countries today still exhibit evidence of plantation economies?

Estella decides to set up a lemonade stand on a hot summer day. Before long, Estella’s friends all decide they would like to help. The table below shows what happens to the number of glasses of lemonade Estella and her friends can make in an hour.

Instructions: Enter your answer as a whole number. If you are entering a negative number include a minus sign.

   Lemonade Stand's Labor and Production Levels

a. Complete the average product and marginal product columns in the table above.

b. How many additional glasses of lemonade can Estella produce if she has one friend help her make lemonade instead of making lemonade by herself?

      glasses

c. How many additional glasses of lemonade can Estella produce if she has four friends help her rather than having three friends help her?

      glasses

d. If Estella has four friends help her, on average how many glasses of lemonade can her and her friends make per hour?

      glasses

rev: 06_28_2018

Sahar is a lecturer of a large class of economics students. Sahar can’t stand being ill and so decides to get a flu vaccination. On the other hand, some of Sahar’s colleagues decide to skip their vaccinations because they are too busy. Do the lecturers’ decisions on whether or not to get vaccinated affect their students and if so how? Describe any market failures that arise from this situation. Describe how the government can address any of these market failures. What are some of the potential downsides to government intervention in this case?

The Australian Government monitors the behaviour of oligopolies to ensure firms are not behaving anti-competitively. One behaviour they are concerned about is collusion. Design and analyse a payoff matrix to explain collusion. Do you think rational firms would collude? Why or why not? Explain the Nash equilibrium and resulting payoffs. Can the firms do better? Does behaviour in real-life differ from the theoretical prediction? What can be used to sustain collusion in the real world?

Feel free to copy/paste the below and fill in the blanks with example numbers:

Sahar is a lecturer of a large class of economics students. Sahar can’t stand being ill and so decides to get a flu vaccination. On the other hand, some of Sahar’s colleagues decide to skip their vaccinations because they are too busy. Do the lecturers’ decisions on whether or not to get vaccinated affect their students and if so how? Describe any market failures that arise from this situation. Describe how the government can address any of these market failures. What are some of the potential downsides to government intervention in this case?

Jo was in the market for a used car when she first moved to Melbourne. She spent many hours walking around at Car City looking for one. She found that the salespeople were overly friendly and asked her lots of questions about her life, which frankly, were none of their business. Why were the salespeople doing this? How do you think this information affected the price of the car? Jo had a budget in mind and ended up paying her top price for a car. What does this mean? How does this outcome affect producer and consumer surplus? What about society as a whole?

A group of 20 developed and developing countries meet periodically to discuss world economic issues.Their meetings are called the G20 Summit in XXX city.First, read about the background of the G20, at(Links to an external site.)Links to an external site.You may need to click on "Translate". Then,find out when and where the latest G20 summit was held and what issues the leaders of these countries addressed.Summarize the issues here, and discuss the U.S.role in these issues. Use at least one news source(not Wikipedia)that discusses the results of the summit. Be sure to list any sources that you use in forming your response to this assignment.

The Australian Government monitors the behaviour of oligopolies to ensure firms are not behaving anti-competitively. One behaviour they are concerned about is collusion. Design and analyse a payoff matrix to explain collusion. Do you think rational firms would collude? Why or why not? Explain the Nash equilibrium and resulting payoffs. Can the firms do better? Does behaviour in real-life differ from the theoretical prediction? What can be used to sustain collusion in the real world?

Feel free to copy/paste the below and fill in the blanks with example numbers:

Nataliya is a fan of soy yoghurts, but recently she has noticed less soy yoghurts on supermarket shelves, with new alternative products such as almond milk yoghurt appearing in their place. What effect does the entrance of new firms have on the market for almond milk yoghurt? What effect does this have on the market for soy yoghurt? What does this tell us about the cross-price elasticity of demand for soy yoghurts? Do you think soy yoghurt and almond milk yoghurt are substitutes or complements in consumption and why? What effect do the new products have on the own-price elasticity of demand for soy yoghurts?

ESSAY [40 MARKS]

Due to COVID-19 pandemic, the consumer purchasing decision making has significantly altered to the new consumers' lifestyle surrounding and circumstances.

do you agree with the statement above and explain your answer to support your point of view with the relevant examples

2) When the price of a certain product is $40, then 25 items can be sold. When the price of the same product costs $20, then 185 items can be sold. On the other hand, when the price of this product is $40, then 200 items will be produced. But when the price of this product is $20, only 100 items will be produced.

a) Find the supply and demand functions for this product (assume for simplicity that the functions are linear).
b) Find the equilibrium price and quantity.
c) Compute the consumer and producer surplus at the equilibrium price.