8. Write a critical summary of this NY Times article “Higher Minimum Wage May Have Losers”

A competitive firm’s short run supply curve is equivalent to the portion of its marginal cost curve which lies above its average variable cost curve. Explain fully why this is the case.

B. Define economic rent. Suppose a competitive firm is able to earn economic profit due to using an especially high-quality and scarce resource. Explain (in words and/or with a graph) how in the long run owners of the scarce resource are able to capture the economic profit from firms.

1. What is the World Trade Organization (WTO? When was the WTO created and how is it related to the GATT?
2. Roughly how many countries are members of the WTO and what are the broad issues related to agriculture that are being debated in WTO negotiations?
3. Why does the world need organizations such as the World Trade Organization (WTO)? In other words, what is the role of the World Trade Organization?

how does critical thinking play a part in studies during a course

GDP increased from $16.55 trillion to $17.28 trillion. What was the growth rate of GDP?

The farmer produces 105 pounds of oranges at a total cost of $1.13 per pound. He sells all of the oranges to firm F for $1.66 per pound. Firm F produces 60 gallons of orange juice at a total cost of $3.60 per gallon (including the amount paid to the farmer for the oranges). Firm F sells 55 gallons of juice to consumers for $5.11 per gallon. There are no other firms in this simple economy. What is the value added by firm F?

The Good’n’Fresh Grocery Store has two checkout lanes and four employees. Employees are equally skilled, and all are able to either operate a register (checkers) or bag groceries (baggers). The store owner assigns one checker and one bagger to each lane. A lane with a checker and a bagger can check out 41 customers per hour. A lane with a checker only can check out 25 customers per hour.


a. In terms of customers checked out per hour, what are total output and average labor productivity for the Good’n’Fresh Grocery Store?

Instructions: Enter your response for total output as a whole number and round your response for average productivity to one decimal place.

Total output:    customers per hour.

Average productivity:    customers per hour, per worker

b.  The owner adds a third checkout lane and register. Assuming that no employees are added, what is the best way to reallocate the workers to tasks?

• Two lanes with only checkers and one lane with a checker and a bagger.

• Two lanes with a checker and bagger and one lane left empty.

Instructions: Enter your response for total output as a whole number and round your response for average productivity to one decimal place.

What are total output and average labor productivity (in terms of customers checked out per hour) now?

Total output:    customers per hour

Average productivity:    customers per hour, per worker

c. The owner adds a fourth checkout lane and register. Assuming that no employees are added, what is the best way to reallocate the workers to tasks?
     

• Two lanes with one checker and one bagger each.

• Do not use the fourth lane.

• Four lanes with checkers only.

Instructions: Enter your response for total output as a whole number and round your response for average productivity to one decimal place.

Total output:    customers per hour

Average productivity:    customers per hour

     
The owner adds a fifth checkout lane and register. Assuming that no employees are added, what is the best way to reallocate the workers to tasks?

• Two lanes with only checkers and one lane with a checker and a bagger.

• Do not use the fifth lane.

• Two lanes with one checker and one bagger at each.

Do you observe diminishing returns to capital in this example?

• No, adding all five lanes will increase output.

• Yes, adding a fourth lane will not increase output

• Yes, adding a fifth lane will not increase output.

• Yes, adding a third lane will not increase output

Many nations, including the U.S., use various tools to restrict trade. What kind of arguments can you imagine for pursuing such policies? Are these valid arguments? Please support your answer.

What are the salient features of the Kyoto protocol? To what extent can the Paris agreement on climate change benefit from the lessons learnt from the Kyoto protocol? Discuss.

Part A: List the basic steps in strategic planning. Part B: Briefly discuss the needs, benefits, and approaches of the strategic planning process for today’s MNC (Multinational Corporations

Discuss why normal profits are the status quo in a competitive market in the long run: use the competitive market response to change on demand for a commodity to illustrate aspects of your discussion.

For this Discussion, you are required to identify and review any article or journal dealing with why companies are no longer finding China a particularly attractive place today for manufacturing? Apart from the Trade War with the United States, are there any other reasons? You must give at least five reasons for your answer? How can the US take advantage of this changing economic and manufacturing environment of China to attract manufacturing back to the US? Give at least three (3) reasons for your answer.