economies of scale Here is the Production Function for working out how it determines the pattern of costs.

Imagine that a Denny’s (Diner) has 10 units of “capital” and the output of breakfasts depends on the number of workers as shown. This is the short run and the fixed capital corresponds to the kitchen and seating area.

Assume that each unit of labor costs $10 (the wage for a breakfast shift) and that fixed cost is $5.  Also assume that there are no ingredient costs or electricity costs (just to make it ea

sier).

Derive the cost curves:   MC  AVC  and ATC.     Then sketch them (its best to draw and then submit a pdf or jpeg)

Hint: You don’t have enough detail to do MC for each unit of output, so you need to find it for the increments shown in the table (for example MC for the first 10 breakfasts is $10 or $1 per breakfast in that range so put $1 as MC per unit there) So you are finding MC per unit for units in each range based on the info given.  

Fill in columns for MC  AVC and ATC  and graph those cost curves.

Part 2

Show how    AVC and   MC   are flipped mirror images of  AP and MP for the Denny’s Data   

In other words, put the AP and MP diagrams above the cost curves with the labor quantities that correspond to the output quantities lined up to match!!

The discussion forum this week involves Business Method Patents. First, in your view, what should the standard be for a business method patent? Second, please include a discussion of whether you think that Amazon should be able to patent the One-Click method of ordering goods AND whether you think Facebook should be able to patent a process that “dynamically provides a news feed about a user of a social network.” (Note: This question is adapted from p. 684 of the textbook.)

A contract provision that prohibits recovery of damages is called an exculpatory clause.

Select one:

True

False

A liquidated damages provision in a contract specifies the amount is to be paid in the event of a future default or breach of contract.

Select one:

True

False

Nominal damages are awarded when the nonbreaching party's damages are very low.

Select one:

True

False

An award of damages for a breach of contract can elevate the non-breaching party to a better position than he or she would have been in if the contract had not been breached.

Select one:

True

False

Punitive damages are commonly awarded in breach of contract cases.

Select one:

True

False

Analysis/Competing Arguments (pro/con) of federalism?

300 words

Suppose a public referendum is being held on whether or not to levy a tax on cigarettes. Currently, the supply of cigarettes is given by Qs = -100 + 20P. You estimate the demand for cigarettes to be Qd = 200 - 5P.You are asked to evaluate the likely effects of a tax on cigarettes equal to $1 per pack of cigarettes. Specifically, you are to file a report which predicts by how much this will reduce the amount of cigarettes sold. You are also asked to estimate the proportion of the tax that will be paid by the cigarette companies (sellers), and the proportion of the tax that will be paid by the smokers (consumers) of cigarettes.To do this, you will first need to calculate the current price and quantity of cigarettes sold.a) (6 points) What is the equilibrium price and quantity of cigarettes? Next you know from your economics class that you will need to know the price elasticity of demand and the price elasticity of supply of cigarettes. (Note: for parts b-e, please leave your answers in the form of a fraction.)b) (6 points) What is the price elasticity of demand for cigarettes at the equilibrium price?c) (6 points) What is the price elasticity of supply of cigarettes at the equilibrium price?Using your answers to b) and c), you are now able to determine what proportion of the tax will be paid by buyers, and what proportion of the tax will be paid by sellers.d) (6 points) What proportion of the tax will be paid by sellers?e) (6 points) What price will buyers pay after the tax is imposed?f) (6 points) What quantity of cigarettes will be sold after the tax??Finally, a new proposal suggests that the tax should be levied on the cigarette companies instead of the smokers.g) (6 points) From what you have learned in this class, how should you respond to this proposal?

During the 1950s, the United States imported wool from Great Britain, exporting wheat, while Great Britain imported wheat from the United States, exporting wool. In 1957 Hungarian-American economist Bela Balassa compared the production of wool and wheat in the United States and Great Britain. For both of these products, Balassa found that the United States could produce a larger amount of output than Great Britain. Some American politicians used this result to argue that there was no gain to the United States from continuing to import wool from Great Britain. Were the American politicians correct? Explain whether or not gains from free trade exist when one of the trading countries has the absolute
advantage in producing both goods. Explain why or why not gains from trade would exist in this case and what determines whether gains from trade exist

1) (Determinants of elasticity of demand)

Which of these is an example of a product that could be considered to have inelastic demand?

Group of answer choices

-A flower arrangement where there are many to choose from of equal quality

-You need to upgrade your computer in the next 6 months

-Utility bill for water service

-Purchasing a new home

------------------

2)

Pulling some information from a demand curve graph we get the following data points:

How would you classify the elasticity of demand for this demand curve data?

Group of answer choices

-Perfectly Elastic

-Inelastic

-Perfectly Inelastic

-Unit Elastic

-Elastic

DEVELOP AND DRAW CONCLUSIONS ON LIMITATIONS THAT MAY EXIST WHEN DOING OPERATION AND SUPPLY CHAIN MANAGEMENT PROJECT WORK WITH A PARTNER .

PLEASE EXPLAIN YOUR ANSWERS.ANSWERS SHOULD BE BASED ON ASSUMPTION.I DO NOT WANT ANY SHORT ANSWERS.

THANK YOU.HELP ME SOLVE FOR MY ASSIGNMENT

Use the following data to work Problems 1 to 4:

The following events have occurred in the history of the United States:

• A deep recession hits the world economy.
• The world oil price rises sharply.
• U.S. businesses expect future profits to fall

Explain the separate effects of each event on U.S. real GDP and the price level, starting from a position of long-run equilibrium

Use the following data to work Problems 1 to 4:

The following events have occurred in the history of the United States:

• A deep recession hits the world economy.
• The world oil price rises sharply.
• U.S. businesses expect future profits to fall

Explain the combined effects of these events on U.S. real GDP and the price level, starting from a position of long-run equilibrium

Please explain About ORACLE about their Marketing solution

How do monetary financial institutions create liquidity, pool risk, lower the cost of borrowing, and lower the cost of monitoring borrowers?

Short Essay Question​ - GDP​ (10 pts)  

​Note: This question on the test will be graded manually.

One of the key macroeconomic variables that you have studied in this course is gross domestic product

​(GDP).

This macroeconomic variable has been in the economic news headlines frequently here in the US and around the world during this current global​ COVID-19 pandemic. As data are collected and early estimates of GDP​ released, we do not yet know the full extent to which the​ COVID-19 pandemic has affected the US economy. ​ However, early reports provide some evidence that GDP in the US and around the world has​ been, and will continue to​ be, greatly affected.

One approach to measuring GDP is to divide it into four major categories of​ expenditures: consumption,​ investment, government expenditures and net exports. Briefly explain how the​ COVID-19 pandemic has affected 3 of the 4 categories of expenditures of GDP. Comment on the direction and magnitude of the impact to each of the three types of expenditure you discuss. Label each part as​ a, b and c.