The market for apple pies in the city of Ectenia is competitive and has the following demand schedule:

Demand Schedule

Each producer in the market has a fixed cost of $6 and the following marginal cost:

Complete the following table by computing the total cost and average total cost for each quantity produced.

When he ran for President in 2000, Al Gore said that American farmland was disappearing at an "alarming" rate and that soon it would be impossible to grow enough food on the remaining land to feed the entire country, which would mean the prospect of people not having enough to eat. His proposed solution was to have the government place restrictions on converting farmland to other uses, such as subdividing lots for building new homes. Was Gore's assessment of the situation, along with his policy prescription, based upon accurate economic theory and analysis? Why or why not? (Note: For this question, we will assume that all food consumed in the USA is grown or produced here. Yes, I know we import food, but this question can be answered even with the assumption that we don't import any food.

The Federal Aviation Administration is a government agency that is in charge of air traffic control. All of the capital equipment (radar, etc.) used by air traffic controllers is purchased through appropriations from Congress. When Apple Corporation purchases new capital equipment, the decision is made by owners and managers that believe the firm can get a return on investment from the new capital because the new capital can be used to produce new and improved goods for Apple customers. Which entity is likely to have more outdated capital and capital in need of repair or replacement? Why? Explain in detail.

In the early 1970s, inflation was hitting the U.S. economy, and one of the results was that beef prices began to rise to record levels. Some of President Richard Nixon's advisers urged him to place price controls on the sale of beef cattle with the intended purpose being to hold down the price of cattle. If cattle prices were kept from rising, the advisers reasoned, then beef prices also would not rise. (The president did not follow their recommendations, but he did place overall wage and price controls on the economy for a while.) Had the president implemented this recommendation of price controls on beef cattle, would that action have resulted in lower beef prices? Why or why not?

What is three equation model in economics?

1. Many historians discussion a conservative rise during this period as some Americans focus on so-called "American ideals." What does this mean?

Ms. Smart looks out of her office window on the 38th floor of the Central Bank of Fairytale. She just finished flipping through the Fairytale’s Economic Outlook report put together by the Policy Unit division of the Central Bank. In the report, consumer spending has decreased by 2% from the previous fiscal year, and the country’s real GDP dwindled by 3% from the previous year. The GDP of Fairytale was 3.0 billion Fairytale Dollars (F$) and F$2.9 billion in 2017 and 2018 respectively. At the same time, the consumer price index increased from 111 in 2017 to 115 in 2018. Forecasts from the Statistics Fairytale show that the population will continue to grow at 2.3% for the next two decades. This creates both challenges and opportunities for Fairytale. In 2001 huge deposits of gold were discovered in the southern part of the country. This discovery attracted investments and the economy grew rapidly between 2002 and 2014. During this period, the government invested heavily in research institutes, universities, and space programs. In 2015, gold mining firms started to declare losses. This was caused by the declining gold deposit, high costs of production and many lawsuits won by an environmentalist in the Southern part of Fairytale. The Chief Economist estimated that if all prices including nominal wages are fully flexible, real GDP of Fairytale in should be F$2.81 billion, everything else equal. Fairytale’s report shows that interest rates have been decreasing and nearly zero. The interest rate for 2017 and 2018 was 4% and 2% respectively. However, the demand for money has decreased drastically. The average household debt in Fairytale has increased by 20% in the last ten months. Major commercial banks have reduced lending facilities to both households and businesses. Ms. Smart understands the economy of Fairytale very well. She belongs to the school of thought that believes in government intervention in an economy. She has a Ph.D. in Economics from the National University of Fairytale, one of the best in the world. Mr. Free became the Prime Minister of Fairytale in 2019 and appointed Ms. Smart in January of 2020. His election campaign was sponsored by the Fairytale Society of Business, an association of business owners in Fairytale. Mr. Free was a staunch critic of the previous government’s policies centred on social housing, education, and narrowing income inequality. The previous government increased minimum wage from F$9.5 in 2017 to F$11 in 2018. The Fairytale Society of Business was against the minimum wage and believed it should be closer to the average wage of F$9. During his campaigns, Mr. Free promised to reform the tax system, especially the corporate tax. 2 Ms. Smart faces a huge task of providing economic policy advice to the Prime Minister. As she looked over her office window, her eyes struck a huge billboard advertisement for a major telecommunication firm. A sentence is inscribed on the board. She starred tensely at the board, the inscribed sentence reads – with people’s ideas, you can move the world. Answer the following questions: a) Describe the economic situation of Fairytale in FIVE words! b) Based on what you have learned in this course, what wrong assumption/conclusion can be made by Ms. Smart? c) Use the aggregate demand and aggregate supply curves to explain the impact of a contractionary and expansionary fiscal policy on Fairytale’s economy. d) When is Fairytale's economy in the short run or /and long-run macroeconomic equilibrium? e) Using only two graphs, explain how an expansionary fiscal policy could be used to restore normalcy to the economy of Fairytale. f) Using economic concepts state and explain the best policy that could be used to increase the money supply in Fairytale. g) Use the concepts of lags to explain the unanticipated effect of any policy action by Ms. Smart. h) Supposing you are the Chief Economic Advisor for Ms. Smart, propose two monetary policies and two fiscal policies? i) Using economic concepts state and explain the potential issues or barriers to your proposed policy. j) Determine the real interest rate in 2018. k) What is the percentage change in the real minimum wage? l) Do you agree with the arguments of the Fairytale Society of Business on minimum wage?

Give examples and explain in detail the differences in values and behavior between developed countries, developing countries and poor countries in responding to the pandemic that is happening (covid19)

Two buyers bid in an auction for a single object. Each can bid any integer amount from $0 to $10. The two bids are made simultaneously and independently of each other. The buyers’ respective values are v1 = 5 and v2 = 10. The bidder with the higher bid wins (obtains the object) and pays the amount of his own bid. However, the bidder who does not win the auction and thus does not get the object is also obliged to pay half of his own bid. In case of a tie in the bids bidder 2 wins.

(a) Specify the best responses to pure strategies for both bidders.

(b) Identify the pure strategy NE of the game.

(c) Find all dominated strategies for each bidder.

(d) Now restrict the possible bids to $4 and $5, and identify all pure and mixed strategy NE in this game.

Please give answers of the following questions:

1. What are the strengths and limitations of using estimates of total economic value to

develop environment policy recommendations? How does your answer relate to your

worldview (anthropocentric or ecocentric)?

2. Do you think contingent valuation should be widely used as a tool for developing environmental policy recommendations? What do you think is the main strength of CV?

What do you think is its main weakness?

3. Suppose that you are asked to conduct a cost-benefit study of a proposed coal-fired

power plant. The plant will be built on the outskirts of a residential area and will emit a

certain volume of pollutants. It will require a substantial amount of water for its cooling

system. Industries in the region argue that the additional power is urgently needed, but

local residents oppose construction. How would you evaluate social and environmental

costs and weigh them against economic benefits?

4. As mentioned in the text, under U.S. law federal agencies must use cost-benefit analysis to evaluate major policy proposals. Do you agree with this requirement, in particular for environmental policies? How much weight do you believe should be given to the results of cost-benefit analyses when making policy decisions? Discuss how economic, health, and environmental criteria should be balanced in formulating regulations.

5. Suppose that the government of a developing country is considering the establishment of a national park in a scenic forested area. Local opposition arises from those who wish to use the forest land for timbering and agriculture. But the national park would draw both local and foreign visitors as tourists. Could cost-benefit analysis aid the decision on whether to establish the park? What factors would you consider, and how would you measure their economic value?

6. In what respects is “natural capital” similar to human-made capital, and in what respects does it differ? We often speak of a “return to capital,” meaning the stream of income generated by a capital investment. Can we speak of a return to natural capital? What are examples of investment in natural capital? Who is motivated to make such investments? Who would suffer if such investments were not made, or if “disinvestment” occurs due to resource depletion or environmental degradation?

7. Is the concept of optimal scale for an economy useful? If so, how would you go about

determining it? Do you think that economies such as those in the United States, Europe,

and Japan have reached optimal scale? Exceeded it? How about the economies of Latin America, Asia, and Africa? How would you relate the concept of optimal scale in the global economy to economic growth in national economies at different levels of development?

8. Distinguish the concepts of strong and weak sustainability, and give some practical examples, other than those cited in the text, for their application. Where is each concept most appropriate? Which economic policy measures are relevant to achieving sustainability?

In a few paragraphs, please describe your view of the United Nations, its role on the global arena, and your assessment about how it has been handling global crisis situations. Do you think the United Nations is still effective in meetings its purpose?

explain the process a monopolist goes through to maximize profits.