Consider the market for automobiles, suppose that the income level of consumers increases and at the same time the price of steel (an input to automobile production) falls. If you have no other infrmation, what can you day about the following:

a Change in demand of automobiles

b Change in supply of automobiles

c With the shift in demand and supply curve, how would that change the original equilibrium quantity and price

d Total costs of a firm producing automobiles

e Total revenue of a firm producing automobiles

Suppose that a monopolist has a constant average total cost of production and marginal cost of production equal to $6, and has a demand for its product represented as

1. Calculate the total and marginal revenue for each quantity produced and sold
2. Find the profit-maximizing (optimal) quantity produced and sold and the price/unit.
3. Calculate the profit or loss at the optimal quantity of production and sales.

All Clean is the only company selling all-in-one washer–dryer machines. The price of a machine is P, while Q is the quantity of machines sold per quarter. The following equations describe the market for All Clean's machines: Demand: P = 600 – 5Q ♦ Marginal Revenue: MR = 600 – 10Q Total Cost: TC = 2000 + 60Q + 2.5Q2 ♦ Marginal Cost: MC = 60 + 5Q _____________________________________________________ What is All Clean's profit at the profit-maximizing quantity?

Assume a monopolist faces a market demand curve ?=50−1/2? and has the short run total cost function C=640+20Q. What is the profit-maximizing level of output? What are profits? Graph the marginal revenue, marginal cost, and demand curves, and show the area that represents deadweight loss on the graph. In the question above, what would price and output be if the firm priced at socially efficient (competitive) levels? What is the magnitude of the deadweight loss caused by monopoly pricing?

Alex, who is single, conducts an activity in 2019 that is classified as a hobby. The activity produces the following revenues and expenses.

Without regard to this hobby, Alex's AGI is $42,000.

Determine the amount of gross income that Alex must report and the amount of expenses he is permitted to deduct. Assume Alex itemizes his deductions.

Reportable income: $
Deductible expenses: $

Alex, who is single, conducts an activity in 2019 that is appropriately classified as a hobby. The activity produces the following revenues and expenses: Revenue - $18,000, Property Taxes - $3,000, Materials and supplies - $4,500, Utilities - $2,000, Advertising - $5,000, Insurance - $750, Depreciation - $4,000. Without regard to this activity, Alex's AGI is $42,000. Determine the amount of income Alex must report and the amount of the expenses he is permitted to deduct. Assume Alex itemizes his deductions. Reportable income: $ ________ . Deductible expenses: $ _______.

1.

On July 31, ALOE Inc. received $5,000 cash from a customer who previously purchased ALOE's products on account. What entry should ALOE Inc. record at the time it receives cash?

A) Debit Cash, $5,000; credit Service Revenue, $5,000.

B) Debit Accounts Receivable, $5,000; credit Cash, $5,000.

C) Debit Cash, $5,000; credit Accounts Receivable, $5,000.

D) Debit Cash, $5,000; credit Accounts Payable, $5,000.

When the government places a tax on a good and all else is held constant, which of the following would most likely happen?
   The price the buyer pays for the good decreases, assuming the good does not have a horizontal demand curve.
   The price and quantity adjust back to the competitive market equilibrium point.
   The overall consumption of the good decreases, assuming the good does not have a vertical demand curve.
   The supply curve shifts to the right.
   The government receives no tax revenue if the tax is more than 20%.

Python Programming Question

Bicycle shop. A bicycle shop sells bikes and helmets. Some people already own helmets, so on average the shop sells three helmets for every five bicycles. Helmets cost $50 and bikes cost $250. Write a program that prompts for the number of bikes that the shop expects to sell over the next month and outputs the total amount of expected revenue.

You should not be using eval() at all; use int() or float() instead when called for.