Skill acquisition theory states that learning a second language is similar to learning how to drive. Explain the logic behind this statement and explain why you agree/disagree with this statement.

Please write in detail (175-225 words)

In your opinion, should the government cut its spending levels, and if so, what specific area should be cut first? Explain your reasoning. What could be the possible unintended consequences of such a cut?

This discussion covers 3 skills.

• Describe government spending at federal, state, and local levels.
• Describe how federal deficits and the national debt relate to the economy.
• Describe how automatic stabilizers respond to economic events.

Question 2 .

The current price of a non-dividend paying stock is $35. Use a two-step tree to value an American put option on the stock with a strike price of $33 that expires in 12 months. Each step is 6 months, the risk free rate is 6% per annum (continuously compounding), and the volatility is 15%. What is the option price? Show work in detail and use a tree diagram (Use 4 decimal places).

Explain the precise meaning of the statement “The heritability of height in humans is 0.85”. In your answer you should indicate what proportions of the total phenotypic variance in height observed in the population is due to genetic variance and what proportion is due to environmental variance. Explain why heritability only tells you something about the population, and can’t be applied to a single individual. For example, explain why it makes no sense to say that a heritability of 0.85 means that 85% of your height is due to your genes and 15% of your height is due to the environment you developed in.

3) Welfare analysis
a) Explain in your own words the economic meaning of consumer surplus and

producer surplus
b) Calculate the consumer and producer surpluses from parts (a) through (c) of

question 1 and show on a separate graph.
c) Now explain clearly (and show all calculations) what happens to consumer surplus

and producer surplus as a result of the change depicted in question 1, part (d).

Show graphically.
d) Is there a deadweight loss? Why or why not? (If so, calculate it). Does society gain

or lose overall? Explain why this makes sense.
e) Compared to the situation in parts (c) and (d) of this question, what are the gains or

losses to consumers and producers from the price floor of 80. Show calculations. f) Is there a deadweight loss? Why or why not? And if so, calculate it.
g) Can we say definitively whether society overall benefited or lost? Explain.

QUESTION 1 FOR REFERENCE IS BELOW BUT YOU DO NOT NEED TO ANSWER I ONLY INCLUDED IT BECAUSE IT IS NECESSARY TO COMPLETE QUESTION 3

1) Supply and demand

P = 0.5QS + 30
P = -0.4QD + 120

a) Given the above equations, produce a chart illustrating both the supply and demand schedules in increments of 5 ranging from price = 50 to price = 110.
b) Solve for the equilibrium price and quantity and show your work.
c) Graph the result, labeling the axes, the supply and demand curves, the equilibrium point, and the price and quantity amounts. Use a proper scale.

d) Redo parts (a) through (c), this time reflecting a change in the supply curve to P = 0.5QS + 7.5.
e) Give two possible explanations for what could have caused such a change.
f) Now take the new graph (from part d) and assume that the government institutes a price floor equal to P = 80. Describe in detail what would be the impact on this market.

EPIDEMIOLOGY QUESTIONS

1.) Scenario: Substance A has an associated increased health risk of 20% and the increased risk associated with substance B is 15%. When studied together, the increased risk associated with being exposed to both substance A in conjunction with substance B is 70%.

Question:   Is the health risk associated with this combination of substances synergistic? (i.e., Does it demonstrate synergy?)

2.) In at least 10-12 sentences, please explain your answer to the previous question on synergy. Be sure to support your answer with relevant information. Be sure to define basic terms and explain the relevance of your finding. Also, illustrate your answer with an appropriate mathematical example using substance A and B based on the data provided in the previous question!

3.) In at least 12-15 sentences, please explain why it is not always possible for epidemiologists to use an experimental design such as the RCT to test a hypothesis about an exposure on humans. Also as part of this, please use at least one scholarly(peer reviewed) journal article to substantiate your views.

If A a transcription factor or B a response element in a gene were mutated and not functional, how could transcriptomics by RNA-seq or cDNA microarrays be used to find which gene(s) was/were affected? Which method (RNA-seq or microarrays) is better and why? Explain your answers for both A and B in detail and be sure to address how the results of A versus B would likely differ from each other.