Question 18

Covid-19 is arguably a black swan event that has put pressure on the demand curve for hospital services but may not increase revenue or profits for hospitals

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Question 19

In the U.S. Medicaid and Medicare are entitlement programs that are paid for via fiscal policy

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Question 20

The fundamental elements of supply and demand curves, price floors and ceilings, elasticity and inelasticity of demand, shortages and surpluses can all be expressed in discussions regarding healthcare costs, free trade and protectionism

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Discussion: Types of Tax

After considering the "Types of Tax" PPT, please propose a general set of Income, Consumption, Wealth or other taxes at Federal, state or local level with rates for each which you consider would be best for the United States at this time. Please justify your choices by citing evidence from reliable outside sources. It is understood that this is only the revenue side of government (in Intro to Econ courses, taxes is included in Micro and spending in Macro -- go figure), but obviously if taxation changes, this has an impact on the spending side, at least in terms of whether there is a surplus or deficit.

On January 1, Year 1, Jing Company purchased office equipment that cost $15,700 cash. The equipment was delivered under terms FOB shipping point, and transportation cost was $1,800. The equipment had a five-year useful life and a $6,200 expected salvage value. Assume that Jing Company earned $21,400 cash revenue and incurred $13,500 in cash expenses in Year 3. The company uses the straight-line method. The office equipment was sold on December 31, Year 3 for $10,400. What is the company’s net income (loss) for Year 3?

• ($1,620)

• $5,320

• $2,820

• $4,680

Question 5:

Assume the following demand curve: Q = 50,400 – 1,200(P). Variable costs are estimated to be $25.78. Calculate total contribution margin at the optimal price. Round your answer to the nearest dollar.

Question 6

Assume the following demand equation: Q = 797 - 19(P). Variable costs = $6. Calculate marginal revenue for the 251st unit. Round your final answer to the nearest dollar.

(When you are calculating the two prices, do not round to less than 2 decimal places. In other words, you are safe to round each price to the nearest penny.)

Answer True or False for each of the following.  

The Monetarists believe that fiscal policy results in a high level of crowding out.

Supply side economists believe that the government skews the incentive system.

The R-E economists believe that money affects real economic variables.

The Monetarists admit that wages and prices are sticky in the short run.

According to supply-siders tax cuts should go to households.

According to Milton Friedman, the Fed should increase the money supply at a constant rate each year.

According to the original supply-siders, raising taxes can raise tax revenue some of the time.

A company produces two types of solar panels per​ year: x thousand of type A and y thousand of type B. The revenue and cost​equations, in millions of​ dollars, for the year are given as follows. R(x,y)=4x+6y C(x,y)= x^2- 2xy+ 6y^2 +8x - 38y - 6

Determine how many of each type of solar panel should be produced per year to maximize profit.

Part 1-The company will achieve a maximum profit by selling ____ solar panels of type A and selling____solar panels of type B.

Part 2- The maximum Profit is $____million

Pam Jones owns a business named Sunny Renovation. Below is the account information of Sunny Renovation at 30 June 2019.

  
Required:
Using the accounting equation, prepare the balance sheet for Sunny Renovation at 30 June 2019 (please use the narrative/vertical format).

You may wish to copy the table below for use in your answer.

Cost-volume-profit analysis can be considered a more complex form of breakeven analysis. Which of the following is an example of this?

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You are given the following market supply and demand curves in the Widget industry:

Q_D = 250 – 5p

Q_S = 10p – 100

Next, assume that the government has granted a monopoly to ABC Company to produce widgets. Answer the following questions based on this information:

(a) What is the marginal cost curve for ABC Company?

(b) What is the equation for the marginal revenue curve for ABC Company?

(c) Given your answers to parts (a) & (b), what quantity should ABC Company produce to maximize profits?

(d) What price would ABC Company be charging at the profit maximizing level of output?