How would comprehensive security differ from realism? Which do you think would be better? Why?

Analyze a simple model of a consumer's response to a price increase.

% change (growth rate) = (value_new - value_old) / value_old Elasticity = |% change in quantity / % change in price|

a. For the following questions, assume that the Year 2 price increases by an additional 30%.What would be the new Year 2 price after the additional price increase? Answer

b. Given the previously calculated price elasticity of demand, what quantity would the consumer purchase in Year 2 after the price increase? Answer

c. What would be the consumer's expenditure in Year 2 after the price increase? Answer

d. What is the change in the consumer's expenditure between Year 1 and Year 2 by Answer

e. Would a tax on this good be relatively more effective at raising revenue, or changing behavior? AnswerChanging BehaviorRaising RevenueBoth

A truck is purchased for $40,000. The interest rate is 14%. Consider 2 alternatives.

A1: The truck is driven for 10 years, and then sold for $6000. Routine maintenance is $600 per year. A $3000 repair occurs in year 8.

A2: The truck is driven for 5 years and then sold for $18000. Routine maintenance is $600 per year. Repairs covered by warranty.

a. Show the money flow for each alternative (use diagram similar to figure 8.5 or table of disbursements /receipts) .

      b. Compute the annual equivalent cost of the $3000 repair that occurs in year 8 of Alternative A1.

c. Calculate the annual equivalent cost of A1 (keeping the truck for 10 years)

d. Calculate the annual equivalent cost of A2 (keeping the truck for 5 years)

List GoPro's five porter forces and its value proposition. Explain each of them.

In 1995, Mexico maintained a fixed exchange rate regime relative to the US dollar. In the six months prior to the Mexican national elections in October 1995, the public debt increased by 30%.

a) Use the TB/Y diagram to explain the effects of the increase in public debt. Be specific; highlight the effect of changes in the trade balance and output.

b) Why do you think the Mexican debt increased? Use a graph.

Identify and describe the major tactics used by unions and management when collective bargaining efforts break down.

Suppose there are only two goods in the economy, apples and oranges, and the market basket used to complete the CPI is 8 apples and 4 oranges. Assume the base year is 2018 and suppose you have the following information about prices: January 1, 2018: Price for an apple= $1 Price for an orange= $1 January 1, 2019: Price for an apple= $1.02 Price for an orange= $1.08 Consider an individual receives a fixed income of $36 on January 1st, 2018 and used this to buy 24 apples and 12 oranges.

1. Suppose their income is indexed to the CPI. How much will they receive on January 1, 2019?

2. Since oranges are relatively more costly than apples on January 1, 019, the fixed income recipient may decide to consume more apples. Suppose they choose to consume 30 apples. How many oranges will they consume?

3. Are they happier with the 2018 allocation or the 2019 allocation? Explain.

The market demand curve for a pair of duopolists is given as P=50- 2Q where Q= Q₁+ Q_2. The constant per unit marginal cost is 7 for firm 1 and 5 for firm 2. Both firms also have no fixed costs. Find the equilibrium price, quantity and profit for each firm if firm 1 is the Stackelberg leader and firm 2 a follower. Now re-do the computations assuming that firm 2 is the leader and firm 1 the follower.

(a) Firm 1 is leader

Equilibrium Price:

Equilibrium Quantity for Firm 1:

Equilibrium Quantity for Firm 2:

Profit for firm 1:

Profit for firm 2:

(b) Firm 2 is leader       

Equilibrium Price:

Equilibrium Quantity for Firm 1:

Equilibrium Quantity for Firm 2:

Profit for firm 1:

Profit for firm 2:

Calculate the effective interest rate for the following nominal interest rates:

a. Interest rate of 11% per year, compounded annually

b. Interest rate of 11% per year, compounded semi-annually

c. Interest rate of 11% per year, compounded quarterly

d. Interest rate of 11% per year, compounded daily e. Interest rate of 11% per year, compounded continuously

"Discuss whether free market is necessarily efficient. Give some examples to illustrate the
limitations of government interventions in restoring the market efficiency. Some economists advocate market-based solutions, discuss its merits over command-and-control policies."
Please give 3~4 practical examples with your own word and apply micro-economic theories and concepts to these examples.

identify 3 “non – BRIC” countries you think offer the greatest opportunity for “Future”

growth and explain your selection (1-2 page responce)

Pricing and demand will be taken as exogenously determined. Your goal is to efficiently use the inputs. This starts with what might be termed the short short-run, where all inputs are fixed, but they can be reallocated to different purposes. It then moves to the short-run, where some inputs (e.g., labor) is variable, but other inputs (e.g., capital) are fixed. It concludes with the long-run, where all inputs are variable.

Part A: The ‘short short-run’

The 4-A clinic consists of four workers (Sam, Ann, Trey, and Lina) who share some or all of the following tasks: performing a medical procedure, follow-ups, and tests. The data below gives their time per task, in minutes. Assume that each can work up to six hours per day (e.g., 360 minutes) at these tasks, but no more. ‘N/A’ means that the individual isn’t qualified to perform the medical procedure.

Each patient seen will ultimately need one medical procedure, two routine follow- ups, and three routine tests.

1. Calculate the number of ‘patient-equivalents’ that can be handled during a workday. If you have 4 medical procedures, 8 follow-ups, and 12 tests, that counts as four patient-equivalents, so your answer would be 4. In solving for this, you must use whole numbers; no partial patients are allowed. Some staff may be partially idle. You are reporting the aggregate for the four workers. Your score on this question will be based on how close you are to the correct answer without going over.

Reallocating the labor:

2. If each worker is assigned to tasks so that total group output is maximized, how many ‘patient equivalents’ can be seen per day? Use whole numbers when assigning tasks. Your score on this question will be based on how close you are to the maximum possible number of patients. Setting this up in Excel to keep track of total patients and minutes used is highly recommended. You will want to use the concept of comparative advantage.

What is the difference between Capitalism, Socialism, Communism, and Trade Unionism?