Homework Help for Economics

Question 3 (10 Marks): Show that the equilibrium output of each firm in a Cournot Duopoly with different, but constant, marginal costs and linear demand, P = a

1.Compare the Indian civilizations north of Mexico with those in Central and South America.

2.Discuss the benefits and drawbacks for European and American societies resulting from contact and the trade that developed after 1500.

3.What motivated Europeans to establish settlements in the New World? What made it possible for them to undertake those settlements?

4.How did Spanish settlements and attitudes toward native populations in the New World differ from those of the English?

5.Discuss the economic and religious factors critical to English colonization.

When will the natural rate of unemployment and the NAIRU differ? When will they be the same?

a. They will differ in the short run because the natural rate tends to be more volatile in the the short run; they are the same in the long run.

b. They will differ in the long run because the natural rate tends to be more volatile in the the long run; they are the same in the short run.

c. They differ in the short run because the NAIRU tends to be more volatile in the short run; they are the same in the long run.

d. They differ in the long run because the NAIRU tends to be more volatile in the long run' they are the same in the short run.

Suppose that two people, Michelle and James each live alone in anisolated region. They each have the same resources available, andthey grow potatoes and raise chickens. If Michelle devotes all herresources to growing potatoes, she can raise 200 pounds of potatoesper year. If she devotes all her resources to raising chickens, shecan raise 50 chickens per year. (If she apportions some resourcesto each, then she can produce any linear combination of chickensand potatoes that lies between those extreme points. If Jamesdevotes all his resources to growing potatoes, he can raise 80pounds of potatoes per year. If he devotes all his resources toraising chickens, he can raise 40 chickens per year. (If heapportions some resources to each, then he can produce any linearcombination of chickens and potatoes that lies between thoseextreme points.)



Potatoes
Chickens

Michelle
200
50

James
80
40


•What is Michelle’s opportunity cost of producing potatoes?
•What is Michelle’s opportunity cost of producing chickens?
•What is James’ opportunity cost of producing potatoes?
•What is James’ opportunity cost of producing chickens?
•Which person has an absolute advantage in which activities?
•Which person has comparative advantage in potatoes?
•Which person has comparative advantage in chicken?
•Suppose that they are thinking of each specializing completely inthe area in which they have a comparative advantage, and thentrading at a rate of 2.5 pounds of potatoes for 1 chicken, wouldthey each be better off? Explain.
•How would you extend the above narrative to businesses, society asa whole or nations? Explain.

Given the following payoff diagram:

1) Suppose both firms interact repeatedly choosing a cooperative or not pricing action each period. Suppose that both firms have a discount factor of 1/2 and that firm 2 will choose a grim-trigger strategy. What is the discounted value of profits for Firm 1 from also choosing a grim-trigger strategy?

2) Suppose both firms interact repeatedly choosing a cooperative or not pricing action each period. Suppose that both firms have a discount factor of 1/2 and that firm 2 will choose a grim-trigger strategy. What is the discounted value of profits for Firm 1 from choosing NO cooperation forever?

3) Suppose both firms interact repeatedly choosing a cooperative or not pricing action each period. What is the threshold discount factor such that for values greater than this threshold, cooperation may be the equilibrium outcome of the game?

What effect on the price elasticity of demand for commuter rail is there likely to be from a decrease in the price of gasoline? Pls explain. no copy and paste! Need to be on your own words

12. The main reason firms may exit a market is because of:

The UAE’s ministry of happiness is an example of what?

The idea that economic output (material wealth) should not be the only measure of development

Wasted resources, that could have been invested elsewhere

The idea that women in the middle east should have higher representation in key government positions

The central idea behind HDI

Suppose Gilligan and Marianne are shipwrecked on opposite sides of an uncharted desert isle. They catch fish and pick berries to survive, using the 12 hours per day of available daylight. An economist hidden in the bushes observes the following rates of food production:

Castaway 1 Quart Berries 1 Fish

Marianne 1 hour 1 hour

Gilligan 1.5 hours 3 hours

Question 21 (4 points): Does either of our two castaways have an absolute advantage in berry picking? How about in fishing?

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Now imagine that Gilligan and Marianne meet one day and compare their production possibilities. They decide to combine their efforts, and to take advantage of specialization and trade to increase their production and consumption.

Question 22 (8 points): Calculate the opportunity costs for each of our castaways:

Opportunity Cost of:

1 Quart Berries 1 Fish

Marianne ____________ ________

Gilligan ____________ ________

Question 23 (4 points): Who has the comparative advantage in fishing? How about berry picking?

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Question 24 (4 points): How might the two castaways divide their efforts to increase production?

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How does the theory of comparative advantage relate to production possibility curves?

The theory of comparative advantage underlies the shape of the production possibility curve. As (Click to select)more and moreless and less of a good is produced, resources that have (Click to select)lessmore of a comparative advantage are brought into the production of a good, causing the production possibility curve to be bowed (Click to select)outwardinward.

a. What is the key condition for the benefit of specialization to exist?

a. Explain under what conditions it would be rational for a woman who could earn more than her husband in the labor market to specialize in housework.

a. In view of the advantages of specialization, why are families increasingly moving away from the traditional division of labor?

In view of the advantages of specialization, why are families with pre-school age children more likely to adopt the traditional division of labor

Suppose a government report about a​ country's employment situation reveals the following data​ (all values are in millions of​ people).

If the country in question is the United​ States, these data are obtained from household surveys

.

From the data​ above, it can be determined that this​ country's labor force is ? million people.

If someone could help me answer the question mark in bold it would be much apprecaited. Thanks!

Problem

Suppose that a firm produces output using the production function Q=0.5L + 1.5K, where L and K represent labor and capital inputs, respectively. Suppose that the cost of L is $10 a unit and the cost of K is $ 25 a unit.

What is the marginal cost of production? What would the market price of Q need to be per unit so that the firm could cover its ost be producing and selling this output?

What are some possible opportunity costs of going on vacation during a school week?

You are new to an organization and they are looking at their employment hiring systems and employee relationships. They are trying to determine whether to hire employees as at-will or on contract. They further need advise on how the decision on what type of employment relationship they chose might be effected by discrimination laws. What is meant by "at-will employment" and what advice would you give an organization regarding this type of employment relationship? What effect do laws prohibiting certain kinds of hiring discrimination have on at-will employment? And do discrimination laws only benefit job seekers or do companies benefit from the enforcement of discrimination laws? If so, how? Make sure to completely answer this question in your initial response based on your understanding of the content