Explain in a maximum of four sentences and in your own words, how Marginal utility per dollar can be used to derive a demand curve.

What are the components that you need to have from idea to the opportunity to create a business? Define what does it take to create business bring the product from idea to opportunity.

a. Production function can be defined as the transformation of scarce production resources into different types of goods and services meant to satisfy human wants. Given the following production function of the general form;

                y = f (x),

i.      Draw this production function showing its relationship with the Marginal and Average productivity curves.

                ii.     Clearly indicate the stages that portray the different efficient use of production resources and comment on each one of them.

                iii.    Specify which of the stages indicated in the question above is the economic stage of production and explain why?

                iv.   Define the above stages of production in terms of their elasticity of production.

                v.    Explain where diminishing returns begin?

b. The production of goods and services require the use of inputs or what is sometimes referred to as factors of production. The relationship between inputs and outputs is mathematically summarized in a production function. Given the production function below;

                y = 70 + 2x – 0.02x²

Derive the exact equations for; Marginal Physical Product MPP and Average Physical Product APP.

Wages are determined by the interaction of supply and demand in labor markets. The shortages of workers in many industries will impact the wages that both firms will need to offer, and the wage workers will receive. Explain how firms will be able to deal with the shortage of workers in a strong labor market. This assignment will require 3-5 paragraphs.

Discuss why cash flow planning is important for small businesses.

1. Income per capita is one of several measures of economic development that has been reported over the years.  Answer the following questions about income per capita and the evolution of measuring economic development.

1. If the average annual income per capita in Niger is 210,000 West African Francs and the exchange rate is 600 West African Francs per $1, then what is the annual income per capita in Niger in US dollars? Based on this calculation, is the average person living above or below the absolute poverty line in Niger? Explain your answer.
2. Define Purchasing Power Parity (PPP) in your own words.  If the PPP exchange rate in Niger is 210 West African Francs per $1, then what is the annual income per capita in Niger in US dollars?  Comparing this to your calculations from part A, are the people in Niger doing better or worse than you originally thought?
3. How did Amartya Sen revolutionize the measurement of economic development?  What are the three core values of economic development that we focus on today?

2. We discussed in detail the differences between the demographics of the population and population growth in developing countries compared to those that have already developed. Please answer the following questions with regard to population differences between developed and developing nations.

1. Describe what is meant by the dependency burden.  Compare the dependency burden in developing nations to that of developed ones and describe why the dependency burden is worse for developing countries
2. Developed countries have stricter immigration laws now compared to when they were first developing over 200 years ago.  Name at least one way in which this positively and negatively influences the growth of developing nations
3. Briefly define Population-Weighted Relative Convergence.  Is convergence happening according to this measure?

• Identify the classes of employees protected by Title VII of the Civil Rights Act.
• Why was Affirmative Action put into place?
• Do you think Title VII and Affirmative Action are still necessary? Why or why not?

How do you think balancing happens - meaning, what type of factors should be considered when the government cuts funds from one program to fund another?

As you’ve been studying the soft drink market, you’re quite convinced that consumer income is declining in the marketplace. At this same time, Frosty Cola’s production department has notified you that the costs of carbonated water and sugar have increased significantly. You have also come across the following data: Income elasticity of demand for Frosty Cola = -1.5

Using supply/demand analysis, what do you think is going on in the market for Frosty Cola right now? Illustrate and explain.

The focus of this problem is the Coase Theorem. There are several sub-parts to this problem. Please read each part carefully. In each case, the logic underlying your answer should be explicitly explained.

Consider a doctor whose ability to examine patients was disrupted by the noise of machinery operated by a confectioner (candy maker) in an adjacent building. The historic economic and legal view toward such a situation was simple: the confectioner's noise was harming the doctor and it ought to be restrained. Coase's insight was that this view completely overlooked the reciprocal nature of the problem: if we prevent the noise, we harm the confectioner. While answering the following questions, please keep this insight in mind.

Part 1

Suppose the benefit to the confectioner of continuing to make the noise is 40, while the cost of the noise to the doctor is 60. If the confectioner's only alternative to making the noise is to shut down, and the doctor cannot relocate his business, what is the efficient solution to the problem?

Part 2

If the confectioner is made liable for the damage, will he continue the production of candy? [To be liable for the damage means being required to compensate the doctor for any damage caused by the noise.]

Part 3

Suppose the law changes and now the confectioner is not liable for the damage to the doctor. How will this affect the confectioner's decision to shut down? Explain carefully.

Part 4

Suppose the data are changed. Suppose now that the benefit to the confectioner of operating is 60, and the benefit to the doctor in a noise-free environment is only 40. What is the efficient outcome in this case? Explain how the efficient outcome is reached under the two alternative allocations of the liability for damage.

Part 5

Revert to the cost and benefit assumptions of part 1. Except now the confectioner has the option of installing a soundproofing device that will completely eliminate the noise from his machines. The cost of this is 20, which means that if he installs it, his net gain from operating will fall from 40 to 20. As in part 1, the doctor will gain 60 if there is no noise (another way of saying that he will incur a cost of 60 if there is noise). What is the efficient outcome in this case? Again, explain the process by which the efficient outcome will be achieved if

a) the confectioner is liable for damage;

b) the confectioner is not liable for damage.

1. Identify five to ten policies the government uses to stabilize the economy. From this list, select two or three policies that have affected you directly. (These policies might include lower interest rates for college loans, car loans, or home loans, or perhaps a tax cut.)

2. Write a two- to three-page essay in which you summarize the arguments for and against using fiscal and monetary policies to stabilize the economy. Your essay should address the following:

• How did the policy (or policies) affect you? Were you able to do something you could not have done otherwise? Was something taken away from you? Were the results of the policy positive for you? Did you benefit from them?
• Have you or anyone you know been affected negatively by one of these policies?
• As a general rule, do you think it’s a good idea for the government to use fiscal and monetary policies to stabilize the government? Why or why not?

Which of the following values is most likely to be the elasticity of demand coefficient for insulin? Select one: a. -400.00 b. -100.00 c. -0.05 d. -1.00

reflection statement: Atleast 600 words. What are the top 2 issues you believe are facing the Human Resources Profession? Explain in detail/reasoning for your choices and what actions could be taken to work through these issues? How will you apply what you already know or what you have learned about Human Resources?

Benchmarking activity in healthcare?

Clinical practice benchmarking?

Conclusion of benchmarking in healthcare?

1. Suppose there are two firms in a market producing differentiated products. Both firms have MC=0. The demand for firm 1 and 2's products are given by:

q₁(p₁,p₂) = 5-2p₁+p₂

q₂(p₁,p₂) = 5-2p₂+p₁

a. First, suppose that the two firms compete in prices (i.e. Bertrand). Compute and graph each firm's best response functions. What is the sign of the slope of the firms' best-response functions? Are prices strategic substitutes or complements?

b. Solve for the Nash equilibrium prices and quantities when the two firms play Bertrand. Calculate the firm's profits.

c. Next, assume firms compete in quantities (i.e. Cournot). Solve for firm 1 and 2's inverse demand functions (i.e. solve the demand equations for p as a function of q).

d. Compute and graph each firm's best response functions. What is the sign of the slope of the firms' best-response functions? Are quantities strategic substitutes or complements?

e. Solve for the Nash equilibrium prices and quantities when the two firms play Cournot. Calculate the firm's profits.

f. Compare the market outcomes in parts (a) and (c). Is the equilibrium outcome more competitive under price or quantity competition?